The biotechnology reagents and kits market includes a wide variety of enzymes, kits, buffers, nucleotides and other vital products that are used in various biotechnological applications such as proteomics, molecular diagnostics, genetics research, cell culture technology and more. These reagents and kits aid in conducting various tests such as protein detection, quantification and DNA or RNA-based assays to analyze several biological samples. They help accelerate the process of drug discovery, develop diagnostics techniques and aid in clinical research.
The Global Biotechnology Reagents and Kits Market is estimated to be valued at US$ 827.93 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Biotechnology Reagents and Kits 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. The increasing investments in R&D activities of biotechnology and pharmaceutical companies and rising demand for disease diagnosis are fueling the growth of the market.
The growing demand in the market is attributed to factors such as increasing applications of biotechnology reagents and kits in proteomic and genomic research activities and rising demand for biologics. Increasing government and private funding for cell-based research is also expected to contribute to market growth.
Globally, the Biotechnology Reagents and Kits Market Demand is expanding due to increasing focus on healthcare expenditures, growing for disease diagnosis and detection, and rising investments in R&D activities by pharmaceutical and biotechnology companies. The presence of favorable government funding for cell-based research and clinical trials is also fueling the biotechnology reagents and kits market growth worldwide.
Market key trends
One of the key trends gaining traction in the biotechnology reagents and kits market is the increasing adoption of cloud computing. Companies operating in the market are focusing on integrating advanced cloud technologies into their products to improve accessibility, reduce costs, and enhance workflow efficiencies for end-users such as researchers. Cloud computing enables on-demand network access to a shared pool of configurable IT resources that can be accessed through the Internet. This allows for remote sharing and analysis of large and complex datasets.
Porter’s Analysis
Threat of new entrants: Low entry barriers due to increasing availability of low-cost raw materials and technology. However, established players have economies of scale and brand loyalty advantage.
Bargaining power of buyers: Moderate bargaining power of large buyers due to availability of substitutes. But buyers prefer quality suppliers for consistency in product performance.
Bargaining power of suppliers: Moderate due to availability of substitute raw materials. Suppliers could switch to other industry buyers.
Threat of new substitutes: High threat due to continuous innovation and new product launches by established as well as new players in the market.
Competitive rivalry: High owing to presence of numerous global and regional players competing on basis of product quality, reliability and pricing.
Geographical Regions
North America region accounts for the largest share of the Biotechnology Reagents and Kits Market Regional currently owing to presence of major players and availability of latest technologies and infrastructure to support research activities in the region. The region is expected to continue its dominance during the forecast period.
Asia Pacific region is expected to witness fastest growth during the forecast period attributed to expanding biotechnology and pharmaceutical industry, improving healthcare infrastructure and increasing investments by government and private players in the region especially in China and India. Rising disease prevalence and growing med-tech adoption is fueling the demand for biotechnology reagents and kits in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Priya Pandey
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