Biochemical Reagents Market - Growth, Trends, and Forecast (2019 - 2024)
The growth of the global biochemical reagents market can be attributed to factors, such as a rising focus on R&D, widening the application of biochemical reagents in the life science and healthcare sectors, technological advancements, and increasing demand for diagnostics and imaging across the world, owing to the growing risks of chronic diseases. The development of advanced analytical technologies, such as polymerase chain sequencing, next-generation sequencing, and biochips are driving the growth of the global biochemical reagents market.
Scope of the Report
Biochemical reagents can be defined as chemical agents extracted from any biological system for biological research. The production of biochemical reagents is done by three basic procedures, namely chemical synthesis, isolation and purification of the chemical substance from the organisms, and fermentation. The production of biochemical reagents involves the maintenance of multiple parameters, such as density, melting point, refractive index, content, optical rotation, freezing point, bioactivity, spectral characteristics, and moisture.
Key Market Trends
Chromatography Segment Captures the Largest Market Share and is Expected to Retain its Dominance over the Forecast Period
The oscillations in the pharmaceutical and biopharmaceutical industries across the world directly affects the demand for chromatography reagents, owing to a wide application spectrum, such as for drug delivery, separation of chemical and biomolecules, diagnostics, and protein purification. In addition, the rise in the number of chronic diseases is leading to increased AIDS and cancer research and the discovery of new viruses and bacteria. Hence, companies are emphasizing on the development of newer molecular entities (NMEs), in order to fight these diseases. In turn, these companies have increased their R&D spending on pharmaceuticals. Moreover, the speedy adoption of technologically advanced therapeutic solutions, such as monoclonal antibodies, are gaining importance, owing to a rise in the burden of chronic diseases, which directly boosts the adoption of chromatography reagents. Thus, considering all these factors, chromatography agents are expected to retain their dominance over the forecast period.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America dominated the global biochemical reagents market, with the United States being the major contributor to the market. The presence of major market players and huge pharmaceutical and biopharmaceutical industries, coupled with the rising investments in the country for the adoption of advanced technologies, are expected to boost the regional growth of the market over the forecast period. The investments in R&D of various simpler technologies for biopharmaceutical industries are also expected to propel the market growth in the region.
The presence of major market players, such as Abbott Laboratories, Agilent Technologies Inc., Beckton Dickinson and Company, Bio-Rad Laboratories, and Johnson and Johnson, is expected to increase the overall market competition. The increasing innovation and rise in investments for various public and private organizations are expected to intensify the industry rivalry across the world.
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