Global biotechnology reagents market is expected to reach USD 94.6 billion in 2021, growing at a CAGR of 9.0% during 2016 and 2021.
Sarasota, FL -- (SBWIRE) -- 12/14/2017 -- The reagent can be a compound, substance or mixture, used for testing the presence of another compound or substance in the solution by chemical reaction. Reagents can be organic or inorganic depends on the composition. Grignard reagent Fenton's reagent and Collins reagent are the examples of organic reagents. Biotechnology reagents are used to detect other compound or substance present in the biological solutions. Biotechnology reagents are utilized in the field of bioscience, diagnosis, research, and education.
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The increase in R&D expenditure by biotechnology firms witness the growth biotechnology reagent market. Biotechnology reagents are used in basic research, therapeutics, biomedical and commercialization and constant product development by the food and beverage. Pharmaceuticals and agro-biotech trigger the demand for biotechnology reagent market. Conventional techniques such as combinatorial chemistry, DNA chips, high through put screening and proteomics likely contribute to the splendid growth of biotechnology reagent market. However, the high cost of biopharmaceutical products and huge research and development expenditure hinder the growth of biotechnology reagent market. Widespread environment applications and untapped opportunities are likely to open new market avenues in the near future.
The biotechnology reagent market can be segmented on the basis of technology, application, end-user and region. Technology segment includes chromatography, electrophoresis, PCR, mass spectrometry, flow cytometry, expression, and transfection. Tissue culture and chromatography reagents are expected to exhibit strong growth in the estimated period due to numerous inventions in biotechnology industries. Applications of biotechnology reagents can be segmented into DNA & RNA analysis, protein purification, drug testing, and gene expression. Protein purification followed by drug testing and gene expression hold the highest share in 2014 due to immense 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 potential segment due to high demand for R&D section.
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The biotechnology reagents market has been classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. With the largest shares in total consumption, biotechnology reagent market was dominated by North America in 2014. This region is expected to be the fastest-growing market in near future owing to the development of new products, government support, advanced healthcare sector and large investments for biotechnology reagents. This growth was mainly supported by U.S. due to successfully completion of human genome project and increased use of reagents in molecular biology. Moreover, biotechnology reagents market in Asia Pacific is likely to witness high growth during the forecast period because of the rise in R&D sector.
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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