Global Biotechnology Reagents Market 2019-2023
About this market
Increasing stem cell and biomedical research to drive growth in the market. Stem cells are used in drug development to provide personalized medicine. Biotechnology reagents are used as biomarkers in stem cell research for visualization of cell and tissue lines. Technavio’s analysts have predicted that the biotechnology reagents market will register a CAGR of close to 9% by 2023.
High usage of biotechnology reagents in diagnostic and therapeutic applications
Advances in technologies such as cell culture, recombinant DNA, and biotherapeutics, and emerging neurosciences and proteomics disciplines facilitates the production of several vital human therapeutic agents, thereby boosting the reagent demand.
High cost of biotechnology reagents
Manufacturing and usage of biotechnology reagents for life science research involves high cost.
For the detailed list of factors that will drive and challenge the growth of the biotechnology reagents market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Agilent Technologies and BD the competitive environment is quite intense. Factors such as the rising stem cell and biomedical research and the high usage of biotechnology reagents in diagnostic and therapeutic applications, will provide considerable growth opportunities to biotechnology reagents manufactures. Agilent Technologies, BD, Bio-Rad Laboratories, GENERAL ELECTRIC, Merck KGaA, and Thermo Fisher Scientific are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Biotechnology Reagents Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the rising stem cell and biomedical research.”
According to the report, one of the major drivers for this market is the high usage of biotechnology reagents in diagnostic and therapeutic applications.
Further, the report states that one of the major factors hindering the growth of this market is the high cost of biotechnology reagents.
Thermo Fisher Scientific
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