Biochemical Reagents Market: Driver and Industry Growth

Meticulous Research®-a leading global market research company, published a research report titled, 'Biochemical Reagents Market by Type (PCR, Chromatography, Cell & Tissue Culture, Flow Cytometry, Electrophoresis, Immunoassay) End User (Pharmaceutical & Biotechnology, CRO, Diagnostic Laboratories, Food Companies, Academic) - Global Forecast to 2031.'

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According to this latest publication from Meticulous Research®, the global biochemical reagents market is projected to reach $39.61 billion by 2031 at a CAGR of 6.4%. The growth of this market can be attributed to various factors, such as the growing demand for biochemical reagents in the pharmaceutical industry, the rising prevalence of chronic diseases, the continuous expansion of the pharmaceutical and biotechnology sector, the increasing utilization of biochemical reagents among forensic and agriculture companies, and the rising number of diagnostic and pathology laboratories. However, concerns about reagent cross-contamination restrain the market's growth.

Furthermore, advancements in biochemistry techniques and a rising demand for biochemical reagents for diagnostics are expected to offer market growth opportunities. However, the short shelf life of biochemical reagents is a major challenge to the market's growth.

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Key Players

The key players operating in the global biochemical reagents market are Waters Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Bio-Rad Laboratories (U.S.), Agilent Technologies, Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), Merck KGaA (U.S.), Siemens Healthineers AG (Germany), QIAGEN N.V. (Germany), Becton, Dickinson and Company (U.S.), Johnson & Johnson (U.S.), and Abbot Laboratories (U.S.).

Biochemical Reagents Market: Future Outlook

The global biochemical reagents market is segmented by Type (PCR Reagents, Chromatography Reagents, Cell & Tissue Culture Reagents, Flow Cytometry Reagents, Electrophoresis Reagents, Immunoassay Reagents, Other Reagents), End User (Pharmaceutical & Biotechnology Companies, CROs & CDMOs, Hospitals, Diagnostic Laboratories, Food & Beverage Companies, Academic & Research Institutes, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.

Among all the types studied in this report, in 2024 the chromatography reagents segment is expected to account for the largest share of the biochemical reagents market. The reliability of chromatography techniques, coupled with their broad applicability to diverse analytes, renders them suitable for application across various industries such as pharmaceuticals, food and beverage, and environmental testing. This versatility drives the demand for chromatography in different markets, subsequently leading to an increased demand for chromatography reagents.

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Among all end users studied in this report, in 2024, the pharmaceutical & biotechnology segment is expected to account for the largest share of the biochemical reagents market. The large market share of this segment is attributed to the growing number of research laboratories, increased investments in R&D, and rising funding for pharmaceutical research. The rising demand for new drugs and therapies is driving an increase in funding for research laboratories, consequently creating a higher demand for biochemical reagents. For instance, NIH funding has witnessed a significant increase from USD 33 billion in 2015 to USD 42 billion in 2021 for research purposes (Source: Congressional Research Service).

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America), and the Middle East & Africa.

Among all regions studied in this report, in 2024, North America is expected to account for the largest share of the biochemical reagents market. North America's major market share is attributed to the presence of key players, well-established laboratories, and substantial spending on R&D by pharmaceutical and biotechnology companies.

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

This release was published on openPR.