Electrophoresis Reagents Market size is estimated to be valued at $ 979 million in 2019 and is anticipated to grow at a CAGR of 5.1% during the forecast period 2020-2025. The Electrophoresis Reagents Market growth rate is attributed to the increasing occurrence of cancer, infectious diseases, and genetic disorders among the highly increasing geriatric population. Electrophoresis is a system utilized for partition of DNA, RNA and Protein in light of their size and charge. The development of this market is significantly determined by the expanding research exercises in the fields of proteomics and genomics, changing administrative necessities in the pharmaceutical part, and the developing need to reduce healthcare expenses. The expanding appropriation of electrophoresis systems in biotechnology and pharmaceutical industry is relied upon to help the income development of electrophoresis reagents market. Moreover, with the increasing applications of Next Generation Sequencing (NGS) and the rise in the number of laboratories for forensic, clinical and research studies is anticipated to contributed to the market growth.
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By Techniques – Segment Analysis
Gel Electrophoresis segment held the largest share in the market over Electrophoresis Reagents types owing to the low operating and instrument cost. Furthermore, gel type is anticipated to witness a market growth in the forecast period 2020-2025. This is owing to its increasing applications for Electrophoresis Reagents in both pharmaceutical and biopharmaceutical laboratories is lavishing the market demands. According to a report published by the World Health Organization (WHO) in 2018, it is estimated that approximately 422 million people worldwide have diabetes, particularly in low-and middle-income countries, and each year about 1.6 million deaths are owing to diabetes. Moreover, both the incidence and prevalence of diabetes have been steadily increasing over the past few decades. Owing to these factors the Gel type segment is set to grow during the forecast period 2020-2025.
End Users- Segment Analysis
Based on End Users, pharmaceutical & biotechnological companies segment held the major share of the market in terms of revenue and is estimated to grow with a CAGR of 5.8%. This is owing to increase in the R&D spending, ongoing investments, and funding from public as well as private sectors and the rising number of research studies in the field of biotechnology, drug discovery and life sciences among others. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), 2016, companies invested an estimated US$ 58.8 billion in research and development in 2015, which was the majority of all biopharmaceutical R&D spending in the U.S.
By Geography – Segment Analysis
North America dominated the Electrophoresis Reagents Market with a share of 33.1% in 2019. The application of Electrophoresis Reagents has grown rapidly over the last few years can be attributed to the facts like rising incidences of infectious and chronic diseases such as cancer and genetic disorders owing to which there is a growing incidence in research projects involving genes, biomolecules and proteins coupled with drug development which continues to expand its market. However, Asia-Pacific region is anticipated to be the fastest growing CAGR during the forecast period 2020-2025. This is owing to the Electrophoresis Reagents market in the emerging economies like China, Japan and India, there has been an increasing number of academic and research institutions, technological advancements, pharmaceutical, and biotechnology companies thereby increasing the consumer health awareness. This growth is also majorly attributed to the rapidly improving healthcare infrastructure and low labor costs in the above emerging economies.
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Drivers – Electrophoresis Reagents Market
With increasing adoption of electrophoresis techniques in biotechnology and pharmaceutical industry, it is set to grow during the forecast period 2020-2025. Increasing funding in the R&D activities related to genomics and proteomics is set to contribute revenue growth of the electrophoresis reagents market, with the increasing focus on personalized medicine and new drug discovery, pharmaceutical companies are focused on development of drugs which act directly at the molecular level by making use of genomic studies coupled with rising incidence rate of infectious diseases, cancer and genetic disorders is anticipated to increase research funding from the local governments from various countries as well as private funding from pharmaceutical and biotechnology companies for development of efficient biologics for treatment of these diseases which is to bolster the demand for electrophoresis reagents over the forecast period 2020-2025.
Challenges – Electrophoresis Reagents Market
The major challenge for the market is the lack of technical knowledge and production of low quality of reagents which eventually lead to product recalls which is to hamper growth of the electrophoresis reagents market. The poor compliance with stringent government regulations to validate the reagents and its process is estimated to hamper growth of the global Electrophoresis Reagents market. Proper understanding and testing of the Electrophoresis Reagents system according to international regulatory standards is important for both the validation and monitoring of the system prior to distribution and sales is the major problem for some of the regions in Asia-Pacific.
Electrophoresis Reagents Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Electrophoresis Reagents Market. In 2019, Electrophoresis Reagents Market share is fragmented by the top ten players present in the market. Electrophoresis Reagents Market top 10 companies are Thermo Fisher Scientific, SEBIA, Bio-Rad Laboratories Inc., GENERAL ELECTRIC COMPANY, Randox Laboratories Ltd., ELITechGroup, Expedeon Ltd., Biological Industries, Promega Corporation, Hoefer Inc. (Harvard Bioscience), EUROCLONE S.p.A. and others.
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