Biotechnology Reagents and Kits Market is Anticipated to Witness High Growth Owing to Rising Adoption in Drug Discovery

The biotechnology reagents and kits market comprises laboratory reagents and consumables products that are used for biotechnology applications such as molecular biology, cell biology, immunology, microbiology, and neurobiology. These products have applications in gene synthesis, DNA sequencing, polymerase chain reaction, protein engineering, and sample preparation for next-generation sequencing. Biotechnology reagents and kits help accelerate drug discovery, translational research, and biomarker development by reducing research time and cost. Growth of this market is owing to the high adoption of biotechnology reagents in drug discovery, rising demand for good laboratory practice-compliant products from biopharmaceutical manufacturers, and increased funding for life science research.

Key players operating in the biotechnology reagents and kits market are Thermo Fisher Scientific, Inc., QIAGEN, New England Biolabs, Illumina, Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Merck KGaA, Promega Corporation, Takara Bio Inc. Thermo Fisher Scientific and QIAGEN dominate the market with their broad portfolios of life science research tools.

In terms of opportunities, biobanking industry is creating Biotechnology Reagents and Kits Market Demand for standardized and assays. Biobanks require reagents and kits to process, store and analyze biospecimens for developing disease models and biomedical research. The Asia Pacific region is expected to witness highest growth owing to increasing government funding for life science research, rising healthcare expenditure, and growing number of contract research and manufacturing organizations in countries such as China and India. Leading market players are expanding their presence in emerging markets through partnerships and acquisitions.

Rising R&D investments in drug discovery and diagnostics is a key factor driving the biotechnology reagents and kits market. Pharmaceutical and biotechnology companies are increasing their R&D expenditures to accelerate drug development and tap new therapeutic areas. Growing translational and clinical research activities worldwide aimed at developing effective clinical applications of basic research discoveries is also fueling the demand for these products.

One of the key challenges faced by market players is development of standardized reagents and assays. Since research workflows and protocols differ across organizations, it becomes difficult for vendors to develop universal products without customization. High capital requirements and optimization needs for customized solutions restrain small companies from entering this market. Storage and handling challenges of temperature-sensitive products also hinder market growth to some extent.

The diagnostic segment dominated the global biotechnology reagents and kits market in 2020 and is expected to continue its dominance during the forecast period. Diagnostic segment's dominance is attributed to the increasing prevalence of various infectious and chronic diseases such as HIV/AIDS, cancer, and cardiovascular diseases that require diagnostic procedures for early detection. Increasing healthcare spending and government initiatives to spread awareness about early diagnosis is also boosting the growth of the diagnostic segment.

The global biotechnology reagents and kits market is highly fragmented based on product types. The life science segment dominated the global biotechnology reagents and kits market in 2020. Life sciences segment dominance is owing to wide applications of biotechnology reagents and kits in drug discovery and development, stem cell research, cellular science and others. Rising number of biotechnology and pharmaceutical companies is further driving the demand for biotechnology reagents and kits in life science applications.

The North America region dominated the Biotechnology Reagents and Kits Market Regional with highest market share in 2020 owing to presence of developed healthcare infrastructure, adoption of advanced diagnostic techniques and increasing funding for biotechnology R&D in the region. However, Asia Pacific region is expected to witness highest CAGR over the forecast period owing to rapidly developing healthcare infrastructure, rising incidences of chronic diseases and growing investments by key market players in countries like China and India. Moreover, improving reimbursement scenario for diagnostic tests in several Asia Pacific countries is also augmenting the regional market growth.

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