Advancements in Molecular Diagnostics will Fuel Extraction Kits Market to reach US$ 2.39 Bn in 2032

The global extraction kits market is projected to reach a value of US$ 2.39 Bn in 2032, with the market growing at a strong CAGR of 7.0% from 2022 to 2032. Scaling up from a value of US$ 1.15 Bn in 2021, the target market will likely reach an estimated US$ 1.21 Bn in 2022.

 The increasing innovation in molecular diagnostic techniques which leads to the detection of numerous diseases spearheads the growth of the extraction kits market during the forecast period.

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The market for extraction kits is also assisted by increasing investment and funding by government bodies and other organizations for research and development activities in molecular diagnostics. A surge in the funding for life science research and greater investments in molecular diagnostics will aid the growth in the extraction kits market. For instance, as per a report by UNESCO, Germany expended about US$ 4.0 Bn in 2021 to bolster R&D activities in the country which will likely have a positive impact on the target market.

Moreover, an upsurge in the number of research and development activities that focus on developing the fastest vaccines to combat various infectious diseases will further prompt growth in the target market. In addition to this, several other initiatives like the EMBO, and Young Investigator Program assists with the establishment of laboratories by life scientists. All similar research initiatives will support the leading market players to develop their businesses in emerging economies, attract lucrative opportunities, and invite overall target market growth during the forecast period.

"Increasing funding in life sciences and investment for molecular diagnostics will generate growth opportunities for the global extraction kits market over the forecast period," says an FMI analyst.  

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Key Takeaways:

Dearth of expert personnel and strict regulatory measures may stymie the market growth.
The U.S's extraction kits market is predicted to present notable growth during 2022-2032.
The extraction kits market in Germany will register a CAGR of 8.3% during the forecast period.
China's extraction kits market will grow at a CAGR of 9.7% during 2022-2032.
The DNA extraction kits segment accounted for 49.7% of the market share and will grow at 7.4% CAGR during the assessment period.
On the basis of application, the disease diagnosis segment will account for 36.0% revenue share.

Competitive Landscape 

Bio Rad Laboratories Inc., Thermo Fisher Scientific, Promega Corporation, Agilent Technologies, Bioneer Corporation, PerkinElmer Inc., LGC Biosearch Technologies, Qiagen, General Biosystems, Takara Bio Inc., Roche Life Science, GeneReach Biotechnology Corporation., Merck Millipore, BioFire Defense LLC, Akonni Biosystems, Inc, and Primerdesign Ltd., among others are some of the major players in the extraction kits market profiled in the full version of the report.

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Key market participants are concentrating on increasing their sales in emerging economies. These enterprises are keen on new product releases and strategic collaboration to improve their revenue.

Key Market Segments Covered in Extraction Kits Industry Research:

By Product:

DNA Extraction Kits
Sequence-specific DNA
Cell-free DNA (cfDNA)
Tissue DNA Extraction Kits
RNA extraction Kits
Total RNA
Purified RNAs
Viral RNA
Sequence-specific RNA
Total nucleic acid (RNA + DNA)

By Application:

Disease Diagnosis
Drug Discovery
Cancer Research
cDNA Library
Others

By End User:

Hospitals
Academic and Research Institutions
Pharmaceutical and Biotechnology Companies
Clinical Research Organisations
Diagnostic Laboratories
Forensic Labs

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By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
The Middle East and Africa (MEA)

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.