The report highlights trends prevailing in the market, and the factors driving and hindering the market growth.
According to our new research study on “Molecular Biology Enzymes, Kits, and Reagents Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, and End User,” the market is expected to reach US$ 41,104.71 million by 2028 from US$ 10,987.17 million in 2020; it is estimated to grow at a CAGR of 17.8% from 2021 to 2028. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The growth of the molecular biology enzymes, kits, and reagents market is attributed to a few key driving factors such as healthy funding for genomics, declining cost of sequencing procedures, and increasing prevalence of chronic diseases. However, the dearth of skilled professionals hinders the market growth.
Biological enzymes play a prominent role in encouraging chemical reactions in biological systems. Molecular biology enzymes are recommended for the preparation of laboratory samples. These reagents are also utilized during various processes such as polymerase chain reaction (PCR), DNA sequencing, and cell analysis. The growth of the market is attributed to a few key driving factors such as healthy funding for genomics, declining cost of sequencing procedures, and increasing prevalence of chronic diseases. However, the dearth of skilled professionals hinders the market growth.
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Molecular Biology Enzymes, Kits, and Reagents Market: Competition Landscape and Key Developments
THERMO FISHER SCIENTIFIC INC; Illumina, Inc.; Qiagen; Agilent Technologies, Inc.; F. HOFFMANN-LA ROCHE LTD; Merck KGAA; Jena Bioscience GmbH; Bioline Technologies; Promega Corporation; and Rockland Immunochemicals Inc are among the leading companies operating in the molecular biology enzymes, kits, and reagents market.
The molecular biology enzymes, kits, and reagents market is witnessing substantial growth amid COVID-19 pandemic. The majority of the healthcare research organizations, market players, and academic centers are actively engaged in the research and development activities to develop new vaccines and therapeutic platforms for novel coronavirus that causes COVID-19. This extensive rise in research and development activities is expected to boost the demand for molecular biology kits and reagents, which, in turn, would drive the growth of the molecular biology enzymes, kits, and reagents market in coming years.
Healthy Funding for Genomics Drives Market Growth
Genome sequencing was restricted to the research facilities, a few years back. However, it has now became one of the common techniques in clinical practices. Over the next few years, the healthcare sector is expected to generate genomic data of over 60 million patients. The growing implementation of genomic sequencing into healthcare systems is supported by substantial government investments, totaling over US$ 4 billion in at least 14 countries. The UK has announced the world’s largest genome project as part of 200 million public–private collaboration between charitable organizations and pharmaceutical companies. The country has already developed the world’s largest genome database through the 100,000 Genomes Project. Led by Innovate UK, a part of UK Research and Innovation, the project was initiated to support researchers and industries through funds to combine data and real-world evidence obtained from UK health services as well as to create new products and services for more efficient and early disease diagnosis.
In November 2018, Stilla Technologies, France, announced the completion of a Series A financing round, gathering US$ 18.3 million (EUR 16 million) in funds; the round was led by Illumina Ventures. The company plans to use these funds to commercialization of its Naica digital PCR system and development of clinical applications. Further, in June 2020, Base Genomics, an epigenetics company based in Oxford, England, closed a seed funding round of US$ 11 million (GBP 9 million). In August 2018, Nebula Genomics, a company based in Boston, Massachusetts, along with 10 leading venture capital firms, raised US$ 4.3 million in seed funding. as a part of partnership with Veritas Genetics, a genome sequencing company. The company aims to use these funds to create a trustworthy, secure, and decentralized marketplace for genomic data. In March 2018, SynbiCITE (UK) received grants worth ~US$ 17.6 million (GBP 13 million) and private investments worth US$ 318.5 million (GBP 234 million). The company is made for increasing synbio applications in the UK. The SynbiCITE has supported the synbio at national level for the increase of gene synthesis applications.
Molecular Biology Enzymes, Kits, and Reagents Market: Segmental Overview
Based on product, the molecular biology enzymes, kits, and reagents market is bifurcated into enzymes and kits & reagents. The market, by enzymes, is further segmented into polymerases, ligases, reverse transcriptases, phosphatases, proteases and proteinases, restriction endonuclease, and other. The kits & reagent segment held a larger market share in 2020, and the same segment is estimated to register a higher CAGR during the forecast period. Increasing research and development activities coupled with growing number of product launches drive the market growth for this segment. Moreover, rising utilization of genome sequencing technologies are estimated to propel the demand for reagents & kits, which would ultimately boost the market growth for the reagents & kits segment by 2028.
The molecular biology enzymes, kits, and reagents market is witnessing substantial growth amid COVID-19 pandemic. The majority of the healthcare research organizations, market players, and academic centers are actively engaged in the research and development activities to develop new vaccines and therapeutic platforms for novel coronavirus that causes COVID-19. This extensive rise in research and development activities is expected to boost the demand for molecular biology kits and reagents, which, in turn, would drive the growth of the molecular biology enzymes, kits, and reagents market in coming years.
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Molecular Biology Enzymes, Kits, and Reagents Market – by End User
- Biotechnological and Pharmaceutical Companies
- Hospitals and Diagnostic Centres
- Academic and Research Institutes
Molecular Biology Enzymes, Kits, and Reagents Market – by Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America and Central America (SCAM)
- Brazil
- Argentina
- Rest of SCAM
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