Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Biotechnology Reagents & Kits Market Size, Share & Trends Analysis Report By Kit Type (Detection Kits, Isolation Kits), By Technology, By Tested Parameters, By Micro-organisms, By Purpose, By End-use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global biotechnology reagents & kits market is poised for significant growth, with a projected market size reaching USD 1,377.2 billion by the year 2030. Expanding at an impressive Compound Annual Growth Rate (CAGR) of 10.9% from 2023 to 2030, this market's drive is attributed to several key factors including the introduction of cutting-edge products, rising biotechnology sector investments, and a heightened demand for synthetic biology.
Groundbreaking Developments in Diagnostics to Propel Market Growth
A rise in research and development expenditure within the life sciences and biotechnology realms is set to notably propel the market forward. This comes as a result of substantial progress made toward new drug treatments, biologically controlled processing methods, genetically-modified foods, and novel material production. Moreover, molecular diagnostic advancements have spurred a greater adoption of reagents & kits in the marketplace.
Segment Dominance and Regional Market Overview
In terms of technology, cell culture has maintained the largest revenue share due to a diverse product array offered by key market entities and the expansion of cell biology studies. Additionally, the growth of virus segment utilization in cell and gene therapies has been catalyzed by recent global health challenges, thereby further impacting the market positively. North America maintains its dominant position in revenue share, with the United States as a significant market influencer, thanks to its robust research infrastructure and concentration of key industry players. The Asia Pacific region is poised for the fastest market growth rate from 2023 to 2030, a result of healthcare infrastructure improvements, entry of major biotech corporations, and a surge in R&D activities.
Innovations in Kits Capture Market Attention
Detection kits have captured a notable market share in 2022, driven largely by the pandemic's impact, with amplification kits anticipated to witness considerable growth due to their expanded applications in LAMP technology and PCR.
Noteworthy Trends in End-use Sectors
- The development of Point-of-Care (POC) testing technologies is driving growth for on-site testing applications.
- On-site DNA testing services are expanding, covering a wide spectrum from paternity to forensic analysis.
- The healthcare sector dominates as the principal end-user segment, due to the high penetration and usage rate of reagents & kits in medical applications.
The market for biotechnology reagents & kits stands at the cusp of a transformative period with a sustained growth trajectory forecasted through the end of the decade. The latest insights and data gleaned from this market can serve as a critical resource for stakeholders within the biotechnology sector. For a comprehensive understanding of market dynamics, key trends, and future forecasts, the full report of the global biotechnology reagents & kits market offers an in-depth analysis of the industry's significant advancements and the impact of technological innovations on the market's growth.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $595.3 Billion |
| Forecasted Market Value (USD) by 2030 | $1377.2 Billion |
| Compound Annual Growth Rate | 10.9% |
| Regions Covered | Global |
Companies Mentioned
- Thermos Fisher Scientific
- QIAGEN
- New England Biolabs
- Illumina, Inc.
- Agilent Technologies, Inc.
- Bio Rad Laboratories
- F. Hoffman-La Roche Ltd.
- Merck KGaA
- Promega Corp.
- Takara Bio, Inc.
- LGC Ltd.
- Toyobo Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/kk7k9z
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