Molecular Biology Enzymes, Reagents And Kits Market Size, Share & Trends Analysis Report By Product, By Application (Restriction Digestion, Sequencing, Cloning), By End-use, By Region, And Segment Forecasts, 2020 - 2027
Molecular Biology Enzymes, Reagents And Kits Market Growth & Trends
The global molecular biology enzymes, reagents and kits market size is expected to reach USD 29.3 billion by 2027, expanding at a CAGR of 11.0%, according to a new report by Grand View Research, Inc. The molecular biology field holds great potential to advance the medical treatments based on increasing scientific knowledge of cellular processes coupled with improving access to proteomics and genomics data. Personal genome sequencing is also expected to gain traction in the development of tailored diagnostics for each patient. A confluence of these factors drives the demand for molecular biology enzymes, reagents, and kits in the expansion of advanced personalized treatments.
Market players are engaged in constant product launches to enhance the efficiency of existing techniques and generate molecular information more easily, rapidly, and accurately. For instance, in June 2020, PCR Biosystems introduced a 4x RT-qPCR kit, qPCRBIO Probe 1-Step Virus Detect, designed for high-throughput, ultra-sensitive detection of viral RNA sequences, such as coronavirus. This new kit is proven to offer successful research in diagnostic projects.
Besides, synthetic biology is a rapidly advancing biotechnology field, which applies robust, innovative methods for drug manufacturing, cell therapies, and clinical diagnostics. Funding initiatives in this field expand its applications, which boost the usage of molecular biology products in these applications. As per SynBioBeta data, 37 synthetic biology companies raised USD 1.2 billion in the second quarter and 65 synthetic biology firms received USD 1.9 million funding in the first quarter of 2019.
Molecular Biology Enzymes, Reagents And Kits Market Report Highlights
Kits and reagents dominated the market in terms of revenue share in 2019 due to the availability of reagents and kits at low cost and their repetitive use in routine laboratory workflows
The presence of numerous domestic and international manufacturers offering kits and reagents coupled with the low cost incurred in the manufacturing of reagents are factors driving the market
The completion of the Human Genome Project and a decline in the sequencing cost have broadened the use of sequencing technology in the molecular biology industry
Next-generation Sequencing (NGS) is increasingly being employed for the determination of variants in rare and genetic diseases as well as molecular diagnosis of genetic disorders
These factors contribute to an extensive application of molecular products in NGS technology, thus resulting in a larger share for sequencing in 2019
Pharma and biotech is the highest revenue-generating end-use segment in 2019 and is expected to witness the fastest CAGR during the forecast period
This is due to the wide implementation of PCR and NGS for the development of companion diagnostics and diagnostic tests, especially for the assessment of infectious diseases
In the Asia Pacific, the is projected to witness the fastest growth rate during the forecast period with China as the fastest growing pharmaceutical market globally
Expansion of the pharmaceutical industry along with an increase in the investments from global pharmaceutical firms is expected to boost the market growth in China
In November 2019, AstraZeneca launched an R&D center and AI innovation center in Shanghai. This initiative is expected to drive the usage of molecular biology products in the pharma sector in China
Major players, such as Thermo Fisher, Roche, Illumina, QIAGEN, and Bio-Rad, have undertaken several strategic initiatives to reinforce their market share
For instance, in May 2020, Roche acquired Stratos Genomics that allowed Roche to advance the development of its nanopore sequencer using Sequencing by Expansion (SBX), the unique chemistry technology of the Stratos Genomics.
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