Nucleic Acid Extraction Instruments & Reagents Market: Increasing Emphasis on Preventing Spread of Harmful Diseases to Fuel Market Growth
Nucleic Acid Extraction Instruments & Reagents Market: Introduction
According to the report, the global nucleic acid extraction instruments & reagents market was valued at US$ 2.4 Bn in 2019. It is projected to expand at a considerable CAGR from 2020 to 2030. The expansion of the nucleic acid extraction instruments & reagents market can be attributed to the rising prevalence of chronic and infectious diseases, increasing number of patients suffering from COVID-19, rise in awareness and acceptance of personalized medicine and companion diagnostics, and increasing geriatric population. In terms of revenue, North America was a major market for nucleic acid extraction instruments & reagents in 2019. The growth of the market in the region can be attributed to an increase in the demand for biopharmaceuticals such as vaccines, proteins, antibodies, plasma, enzymes, biologics, and peptides for the treatment of cancer, neurological diseases, and chronic kidney diseases. Moreover, rise in the prevalence of lifestyle diseases, increase in healthcare spending, and strong economy are estimated to contribute to North America’s dominance of the global nucleic acid extraction instruments & reagents market during the forecast period. These factors are likely to augment the market in North America during the forecast period.
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Strategic Acquisitions & Collaborations among Key Market Players
Leading players, such as QIAGEN and Thermo Fisher Scientific, focus on enhancing market presence by adopting inorganic growth strategies. This, in turn, enables them to cater to a rise in the demand and consolidate their position in the global nucleic acid extraction instruments & reagents market. In November 2020, QIAGEN entered into a strategic collaboration with BioNTech SE to develop and commercialize a tissue-based companion diagnostic. The test covers a panel of Human papillomavirus (HPV) genotypes, paired with investigational treatment BNT113, to identify patients whose cancers are caused by human papillomavirus (HPV) infections.
In September 2020, Thermo Fisher Scientific announced a collaboration of Thermo Fisher Precision Medicine Science Center (PMSC) with the University of Nebraska Medical Center and AstraZeneca for the development of novel solutions for unmet needs in clinical biomarker characterization and discovery.
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Extraction Kits, Reagents, & Consumables Dominated Global Market
In terms of type, the extraction kits, reagents, & consumables segment is projected to account for a major share of the global nucleic acid extraction instruments & reagents market during the forecast period. Nucleic acid extraction kits are commonly used in the clinical microbiology laboratory. These test kits provide essential requirements for nucleic acid extraction. This is likely to drive the segment during the forecast period. Higher usage of nucleic acid extraction kits, reagents, & consumables further boost the segment.
Nucleic Acid Extraction Instruments & Reagents Market: Prominent Regions
The global nucleic acid extraction instruments & reagents market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global nucleic acid extraction instruments & reagents market in 2019. The U.S. was a major market for nucleic acid extraction instruments & reagents in the region in 2019. Major share held by the country can be attributable to a large number of patients suffering from chronic and lifestyle diseases, increase in the demand for healthcare products, favorable reimbursement policies, and high per capita healthcare spending in the country. According to the Centers for Medicare & Medicaid Services, per capita healthcare spending of the U.S. was US$ 11,172 in 2018, which is much higher than other countries.
The nucleic acid extraction instruments & reagents market in Asia Pacific is likely to expand at a high CAGR from 2020 to 2030 driven by developing countries such as China and India. Increase in population in the large markets of China and India, rise in average life expectancy, and emergence of a new consumptive middle class with higher demands for healthcare are key factors driving more discoveries of newer products, thereby boosting the demand for pharmaceutical and diagnostic products.
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Focus on Strategic Acquisitions and Partnerships by Key Players to Propel Global Market
The global nucleic acid extraction instruments & reagents market is fragmented in terms of the number of players. Key players operating in the global nucleic acid extraction instruments & reagents market are Thermo Fisher Scientific, Inc., Agilent Technologies, Bio-Rad Laboratories, Inc., Merck KGaA, Danaher Corporation, F. Hoffmann-La Roche Ltd., Illumina, Inc., Takara Bio, Inc., Promega Corporation, and QIAGEN.
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