According to our new research study on “Molecular Biology Enzymes, Kits & 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$ 15,715.48 million in 2022; it is estimated to grow at a CAGR of 17.8% from 2022 to 2028.
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. Rising investments in the life science industry are prominently driving the growth of the molecular biology enzymes, kits, and reagents market.
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Market leaders operating in the market have undertaken various organic growth strategies in the molecular biology enzymes, kits, and reagents market. The molecular biology enzymes, kits, and reagents market majorly consists of the players such 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. amongst others. Several organic approaches, such as product launches, and expansion in the molecular biology enzymes, kits, and reagents market, have resulted in the positive growth of the market. Product launches help the company to strengthen its product offering and the customer base, which allows the company to hold a strong position in the market. Similarly, utilizing expansion activities, it is easy to venture into untapped economies and use the opportunities being offered.
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.
Below is the list of the growth strategies done by the players operating in the molecular biology enzymes, kits, and reagents market:
- In April 2021 Promega Corporation announced the opening of Kornberg Center, the biotech company’s newly constructed research and development facility on its Fitchburg, WI campus. The facility will support core product and technology development in life science research, cellular and molecular biology, genetic identity, clinical diagnostic and scientific applications and training.
- In Mar-2021 the partnership of Illumina Inc. and R-Pharm announced registration of secure IVD sequencing platforms in Russia. The new launch of product is expected to boost expansion of sequencing-based clinical diagnostics in Russia.
- In April 2021 Agilent Technologies announced investment of US$ 24 million in Molecular Assemblies, Inc. to extend commercialization of Enzymatic DNA Synthesis in international market.
- In Nov- 2020 Thermo Fisher Scientific, and the Biopharmaceutical Analysis Training Laboratory (BATL) at Northeastern University, entered into a collaborative agreement to advance analytical capabilities and drive innovation across the biopharmaceutical industry in areas including monoclonal antibodies, personalized medicine, and gene and cell therapies.
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.