Molecular Biology Enzymes and Kits & Reagents Market size is estimated to reach $21.04bn by 2025 and is poised to grow at a CAGR of 16.37% during the forecast period 2020-2025. Molecular biological enzymes are natural proteins produced by living organisms and are highly selective biochemical catalysts. Molecular biological reagents are chemicals used in molecular biological reactions to optimize the workflow. Molecular biology enzymes, kits, and reagents are widely used for research, drug discovery, diagnostic testing. The fast-growing pharmaceutical and biotechnology industries are set to create significant opportunities for the development of molecular biology enzymes, kits, and reagents over the forecast period (2020-2025). The North American region accounted for highest revenue share in the year 2019 and is set to continue its growth over the forecast period 2020-2025.
By Applications- Segment Analysis
The global Molecular Biology Enzymes and Kits & Reagents market based on the Application type has Polymerase chain reaction (PCR), Sequencing, Cloning, Epigenetics, Restriction Digestion, and Synthetic Biology. Based on application, the Polymerase chain reaction had the largest market share in 2019 and is set to continue its growth over the forecast period 2020-2025. This is owing to the increasing demand for molecular diagnostics and the detection of various diseases. Furthermore, the rise in funding for the manufacturers of PCR equipment is also driving the segment over the forecast period 2020-2025. The sequencing segment is projected to grow at the highest rate over the forecast period 2020-2025, primarily owing to increasing DNA sequencing with increasing genomic research, rapid technological development, and reduced sequencing costs.
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By Product – Segment Analysis
Based on Product, the market is classified into Kits & Reagents, Enzymes. The Kits and reagents segment was dominant in terms of revenue in 2019. The low cost of kits and reagents and their reuse in everyday processes are the main factors driving this market. This segment is also set to grow at the fastest pace over the forecast period (2020-2025). The cost of producing reagents is significantly low, which further helps manufacturers to develop advanced products, which are also considered to be a leading factor driving the segment.
By Geography – Segment Analysis
North America has dominated the market in 2019, and is estimated to grow over the forecast period 2020-2025. This is owing to the adoption of advanced technology and increasing funding for genomic research. In addition, expanding pharmaceutical companies in the US and increasing prevalence of the conditions involving molecular diagnostics are the factors projected to increase the market share over the forecast period (2020-2025). In addition, the Asia-Pacific market is projected to have the highest revenue growth in upcoming years. The increase in the geriatric population and increasing R&D investments is a major factor that is projected to contribute to the growth of the market over the forecast period 2020-2025.
Drivers – Molecular Biology Enzymes and Kits & Reagents Market
Increasing Funds in Research and Development
Increasing R&D investment in the public and private sectors, as well as growth in R&D activities, are the main factors that are projected to contribute to the growth of the global market for molecular biology enzymes, kits and reagents over the forecast period 2020-2025. In addition, the increase in the incidence of chronic diseases and genetic disorders is another factor that is projected to support market growth over the forecast period 2020-2025.
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Challenges – Molecular Biology Enzymes and Kits & Reagents Market
Lack of Reimbursement
The main challenge of this market is the lack of reimbursement for genetic testing which is projected to negatively impact the global market over the forecast period 2020-2025. The lack of high end technology to store genetic information is another factor which is likely to hinder the market growth over the forecast period 2020-2025.
Molecular Biology Enzymes and Kits & Reagents Market Industry outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Molecular Biology Enzymes and Kits & Reagents Market. Key companies of this market include Thermo Fisher, Merck, Illumina, QIAGEN, New England Biolabs, Promega, Agilent, Roche, Takara Bio, Bio Basic, Jena Bioscience, and Molecular Biology Resources.
In August 2020, Thermo Fisher Scientific Confirms Offer to Acquire QIAGEN Shares.
In April 2020, New England Bio labs Introduce 100% Recyclable Packaging for Cold Chain Shipping in Partnership with TemperPack.
Geographically, The North American region accounted for highest revenue share in the year 2019 and is set to continue its growth over the forecast period 2020-2025 owing to high adoption of technology and increase in funding. The increased research activities and R&D investments in the life science industry are one of the many factors driving the market over the forecast period 2020-2025 (2020-2025).
The lack of reimbursement for genetic testing is projected to have a negative impact on the global Molecular Biology Enzymes and Kits & Reagents market over the forecast period 2020-2025.
Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Molecular Biology Enzymes and Kits & Reagents Market report.
Related Reports :
A. Synthetic Biology Market
B. DNA Diagnostics Market
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