Biochemical reagents are extensively used in range of applications in the life sciences industry, including in research.
Biochemical reagents are extensively used in range of applications in the life sciences industry, including in research. A wide assortment of analytical and organic reagents are used in biological research. Advancements in methods, materials, and technologies in clinical biochemistry technology are propelling the strides in the biochemical reagents market.
Growing demand for high purity biochemical reagents for life science research is anticipated to extend the revenue potential of the biochemical reagents market. The global biochemical reagents market is projected to clock CAGR of 10.2% during the forecast period of 2017 - 2022. By the end of this period, the revenues are projected to climb to US$23.1 Bn from US$14.2 Bn in 2017.
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Sales of Chromatography Reagents to Generate Massive Revenues in Biochemical Reagents Market
Some of the key products in the biochemical reagents market are PCR reagent kits, cell and tissue culture reagents, electrophoresis reagents, and chromatography reagents.
Of these, chromatography reagents are expected to account for a major share of the global biochemical reagents market during the forecast period. The popularity stems from the growing demand for high quality reagents, notably for HPLC detection reagents. The market opportunities in the segment are estimated to rise substantially year-over-year. The segment is projected to contribute 39.6% by the end of the forecast period amounting to US$9.1 Bn in revenue. The growing demand for cell-viability kits and reagents, mycoplasma kits and reagents, biological buffers, biochemical reagents for antibiotics, and biological detergents is bolstering the growth prospects for players in the biochemical reagents market.
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Advancements in Assay Technologies to Boost Market
Broadly, end users in the biochemical reagents market comprise diagnostic centers, academics and research, hospitals, pharma and biotech companies, and contract research organizations (CROs).
A number of chemical approaches have emerged that exploit the specific reactivity of modified nucleotides in RNA for their detection. This has opened a new frontier in the biochemical reagents market. In this regard, reactivity of unmodified nucleotides has been extensively studied.
The increased penetration of contract research organizations (CROs) for customers in developed economies has boosted the revenue prospects in the biochemical reagents market.
Over the past few years, the demand for PCR reagents has risen. Advancements in instrumentation to amplify specific segments of DNA are poised to open up new opportunities in the biochemical reagents market to cater to the requirements of customers in clinical settings and biochemical research. Strides being made by biopharmaceutical and pharmaceutical industries in emerging economies have fueled new avenues in the biochemical reagents market.
The prevalence of chronic diseases notably cardiovascular diseases and the growing burden of cancer have spurred the revenue sales in the biochemical reagents market. Drug development activities have also risen in recent years. The growing number of propriety formulations in peptides, proteins, lipids, carbohydrates, and histology products have opened new avenues for commercialization of products by leading manufacturers in the biochemical reagents market. Furthermore, the demand for targeted next-generation sequencing (NGS) assays for hematology-oncology has opened lucrative frontiers for steady revenue generation in the next few years.
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North America and Europe Lucrative Markets
Some of the key regional markets are Latin America, Europe, the Middle East and Africa (MEA), North America, Asia Pacific except Japan (APEJ), and Japan. Of these, North America held a major share of the global market in 2017, and is projected to retain its lead until the end of the forecast period.
Europe is another lucrative region in the biochemical reagents market. The Europe market is anticipated to reach US$6.5 bn by 2022-end. The revenue sales of Japan market are also growing significantly, and the study on the biochemical reagents market has estimated the valuation of the country market to advance at CAGR of 9.7% during the forecast period.
Some of the key players in the market are Waters Corporation, Agilent Technologies, Inc., Abbott Laboratories, Merck & Co., Inc., and Beckton, Dickinson & Company.
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