The global molecular biology enzymes, kits and reagents market is expected to grow at a significant CAGR during the forecast period (2024-2031). The rise in R&D investment in Asia, particularly China, and the fourth straight year of R&D spending increases in North America point to a period of stability, security, and healthy competitiveness across industries. According to the annual study published by R&D magazine, an Advantage Business Marketing publication, global R&D investment increased by 3.6% in 2019 to a total of $2.3 trillion in purchasing power parity (PPP) values for the more than 110 countries with significant R&D investments (more than $100 million). As a result, greater research and development efforts in the life science industry are boosting the market growth.
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The increasing prevalence of genetic, infectious, and chronic disorders is primarily responsible for market growth. Infectious disease, cancer, and congenital anomalies are all areas where PCR-based testing are increasingly being utilised to guide patient therapy. According to the World Health Organization, cancer is the second biggest cause of death globally, accounting for 9.6 million deaths in 2018. PCR methods are commonly utilised for tumour profiling and bacterial infection identification. The market segment for extensive applications of PCR in the field of molecular biology is predicted to develop faster during the forecast period.
Owing to the rising frequency of genetic and chronic illnesses, such as cancer, and favourable government efforts, the molecular biology enzymes, kits, and reagents market leads the North American region. According to the American Cancer Society, there were roughly 1,735,350 new cancer cases identified in the US in 2018, with approximately 609,640 fatalities. Furthermore, the market is likely to be driven by an increasing geriatric population, as well as increased R&D activities in the region, over the forecast period.
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Market Coverage
- Segment Covered
- Regions Covered- Globally
Competitive Landscape: Agilent Technologies, Inc., F.Hoffmann-La Roche Ltd., Illumina, Inc., Lucigen Corp, Merck KGaA, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Molecular Biology Enzymes, Kits and Reagents Market by Segment
By Products
- Enzymes
- Kits and Reagents
By Application
- Polymerase Chain Reaction
- Sequencing
- Epigenetics
- Other Applications
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