Northbrook, IL -- (SBWIRE) -- 06/08/2021 -- According to the new market research report "Molecular Biology Enzymes and Kits & Reagents Market by Product (Kit, Reagent, Enzyme), Application (PCR, Sequencing, Epigenetic, Synthetic Biology), End user (Research Institutes, Pharma & Biotech Company, Hospitals) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to USD 29.7 billion by 2026 from USD 15.3 billion in 2021, at a CAGR of 14.2% during the forecast period.

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The Growth in the molecular biology enzymes and kits & reagents market is driven by factors such as increased research activities and R&D investments in the life science industry, rising number of genome projects, technological advancements in the life science industry, and rising incidence of genetic disorders.

The kits & reagents segment accounted for the largest share of the product segment in the molecular biology enzymes and kits & reagents market in 2020.

Based on products, the molecular biology enzymes and kits & reagents market is segmented into enzymes and kits & reagents. The kits & reagents segment accounted for the largest share of 85.9% of the global molecular biology enzymes and kits & reagents market in 2020. The large share of this segment can primarily be attributed to the repeat purchase of these single-use products. This segment is also expected to grow at the highest rate owing to its wide applications by pharmaceutical & biotechnology companies.

The polymerase chain reaction (PCR) segment accounted for the largest share of the application segment in the molecular biology enzymes and kits & reagents market in 2020

Based on applications, the global molecular biology enzymes and kits & reagents market is segmented into polymerase chain reaction (PCR), sequencing, cloning, epigenetics, restriction digestion, synthetic biology, and other applications (mutagenesis, in vitro transcription, and molecular labeling & detection). The polymerase chain reaction (PCR) segment accounted for the largest share of 28.3% of the molecular biology enzymes and kits & reagents market in 2020, mainly due to the low cost of PCR equipment, the extensive use of PCR equipment by a majority of end users, and the increasing use of PCR for molecular diagnostic assays in hospitals and clinics.

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The market in the APAC is expected to grow at the highest rate during the forecast period. Growth in the APAC market is driven by increasing government interest in the biomedical & biotechnology industries, the presence of bio-clusters in India and China, and the growing outsourcing of clinical research activities to Asian countries.

The global molecular biology enzymes and kits & reagents market is highly consolidated. Key players in the molecular biology enzymes and kits & reagents market include Thermo Fisher (US), Merck (Germany), Illumina (US), QIAGEN (Netherlands), New England Biolabs (US), Promega (US), Agilent (US), Roche (Switzerland), Takara Bio (Japan), Bio Basic (Canada), Jena Bioscience (Germany), Molecular Biology Resources (US), Bio-Rad Laboratories, Inc. (US).