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The biotechnology reagents and kits are essential components used in molecular testing, drug discovery and development, cell and gene therapy research, and diagnostic applications. They are used in various applications such as polymerase chain reaction (PCR), next-generation sequencing (NGS), Western blotting, and electrophoresis. The growing prevalence of chronic and infectious diseases has significantly boosted the demand for accurate and quick diagnostic tests, thereby driving the need for biotechnology reagents and kits. The global Biotechnology Reagents and Kits Market is estimated to be valued at US$ 718.8 Mn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising demand for diagnostic applications is one of the major trends propelling the growth of the biotechnology reagents and kits market. Biotechnology reagents and kits play a vital role in disease diagnosis through various techniques such as PCR and NGS. Growing prevalence of infectious diseases including COVID-19, HIV, hepatitis, and several types of cancer has increased the demand for reliable and quick diagnostic tests. According to the UN, infectious diseases accounted for around 26% of total global deaths in 2016. Furthermore, increasing adoption of personalized medicine is also contributing to the growth of the market. Biotechnology reagents and kits are extensively used in developing personalized diagnostics and therapies according to an individual’s genetic makeup.
SWOT Analysis
Strength: Biotechnology reagents and kits have wide range of applications in drug discovery, molecular diagnostics which drives their demand. Their use simplify biochemical processes and provide accurate results at low cost.
Weakness: High dependency on skilled labor and stringent regulations add to production costs. Technical complexities also require specialized training.
Opportunity: Biomarker identification, personalized medicine and genomic research areas offer new opportunities. Growing biotechnology industry and investments in R&D will boost market demand over the forecast period.
Threats: Presence of alternative technologies and intense competition can threaten market share of existing players. Stringent quality standards also require continuous innovations.
Key Takeaways
The global biotechnology reagents and kits market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America dominates currently due to presence of leading life science research organisations, biotech companies and government support for R&D in the region. Asia Pacific region is expected to witness fastest growth due to increasing translational research activities and growing biotechnology industry in countries like China and India.
Key players: Key players operating in the biotechnology reagents and kits market are Medtronic Plc, Hill-Rom Holdings, Inc. (Welch Allyn), iRythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., L’Oreal Group, Dexcom, Inc., GENTAG, Inc., Abbott Laboratories, Koninklijke Philips N.V. and other prominent players. They are focusing on new product launches, acquisitions and regulatory approvals to strengthen their market position and expand their regional presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
