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$94.6 Bn expected for Global Biotechnology Reagents Market at 9.0% CAGR by 2022
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Reagents are compound, substance or mixture, used for analysis of other compound or substance by chemical reaction. Reagents are either organic or inorganic depending on the composition. Grignard reagent Fenton's reagent and Collins reagent are the examples of organic reagents. Biotechnology reagents are used to identify compound or substance in the biological solutions. Biotechnology reagents are used in the field of bioscience, diagnosis, research, and education.
Escalating R&D expenditure by biotechnology firms triggers the growth of biotechnology reagent market. Prevailing techniques such as combinatorial chemistry, DNA chips, high-throughput screening, and proteomics exhibit potential growth of the market. Biotechnology reagents are used in basic research, therapeutics, biomedical and in commercialization. Constant product development by the food and beverage, pharmaceuticals and agro-biotech likely contribute to the splendid growth of biotechnology reagent market. Though, rising cost of biopharmaceutical products and huge research and development expenses impede the growth of biotechnology reagent market. A wide range of environment applications and unexploited opportunities are likely to open new market avenues in the near future.
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The biotechnology reagent market can be categorized on the basis of technology, application, end-user and region. Technology segment includes chromatography, electrophoresis, PCR, mass spectrometry, flow cytometry, expression, and transfection. Chromatography reagents and tissue culture reagents are anticipated to witness dynamic growth in the predicted period owing to several inventions in biotechnology industries. Applications of biotechnology reagents can be classified into DNA & RNA analysis, protein purification, drug testing, and gene expression. Protein purification followed by drug testing and gene expression witnessing the unprecedented boom in recent times due to massive demand from life science stream for developing new products. The end users for biotechnology reagents include biotech companies, pharmaceuticals, research institutes and diagnostic centers among others. Biotech companies emerged as largest segment due to increased demand for R&D section.
The biotechnology reagents market has been classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2014, among the total market share, North America held the largest shares. North America dominates the biotechnology reagents market due to inventions of new products, government initiatives, sophisticated healthcare sector and large investments for biotechnology reagents. U.S. emerged as a fastest growing market due to success in completion of human genome project and amplified use of reagents in molecular biology. Furthermore, Asia Pacific is also anticipated to impact positively on the growth of this market owing to rise in R&D sector.
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Some of the key players for the biotechnology reagents market include Abbott, Beckman Coulter, Agilent Technologies Inc., Water Corporation, Bio-Rad, Roche, Sigma-Aldrich, Life Technologies, Betcon Dickinson and Thermo Fisher Scientific among others.
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