The global biochemical reagents market is projected to be positively impacted by mushrooming research and development activities, increasing awareness among patients, and surging prevalence of cancer and neurological, cardiovascular, and infectious diseases. The market could fuel its growth in quick time with the development of technologies such as deoxyribonucleic acid (DNA) biochips and sequencing and polymerase chain sequencing (PCR). These technologies greatly rely on sensitive biochemical reagents.
The biochemical reagents market in North America could be strengthened by the medical biotechnology sector prospering on the back of the early-phase diagnosis and treatment of diseases. Other factors such as promising government policies related to healthcare infrastructure and high per capita expenditure for healthcare are expected to fortify the growth of the market.
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As stated by Transparency Market Research (TMR), the global biochemical reagents market is prophesied to be worth a US$23.1 bn by the completion of 2024, growing at a 10.2% CAGR. The market was worth a US$14.2 bn in 2017.
Global Biochemical Reagents Market: Major Insights
The international biochemical reagents market is predicted to grow at a fast pace owing to applications in important sections of the life sciences and healthcare sectors. Biochemical reagents could also be engaged in the monitoring, treatment, and diagnosis of disorders and diseases. In pharmaceutical, biotechnology, and medicine research, biochemical reagents could be used in association with detection and imaging technologies. The rising demand for mycoplasma kits and reagents, cell-viability kits and reagents, biological detergents, biological buffers, and biochemical reagents for antibiotics is prognosticated to set the tone for a significant growth in the market.
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The international biochemical reagents market is anticipated to witness a segregation according to product, where key segments could be polymerase chain reaction (PCR) reagent kits, cell and tissue culture reagents, electrophoresis reagents, chromatography reagents, and others. The report foresees the market to testify the lead secured by chromatography reagents in terms of revenue. As studied by the analysts, chromatography reagents are expected to clutch a paramount share in the market. By the end of 2024, chromatography reagents could account for a US$9.1 bn revenue.
With respect to end user, the segmentation of the international biochemical reagents market is forecasted to include hospitals, diagnostic centers, academics and research, pharma and biotech companies, and contract research organizations (CROs).
Geographically, Europe, North America, the Middle East and Africa (MEA), Asia Pacific except Japan (APEJ), Japan, and Latin America are envisioned to be important segments of the international biochemical reagents market. If the leading region is concerned, North America could well be a strong candidate with a US$9.1 bn envisaged to be earned by 2024 end. Europe could be another region with a decent growth expected to be showcased by the concluding forecast year at a 9.4% CAGR.
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Global Biochemical Reagents Market: Vendor Landscape
The worldwide biochemical reagents market is foretold to include significant players such as Beckton, Dickinson & Company, Merck & Co., Inc., Abbott Laboratories, Agilent Technologies, Inc., Waters Corporation, Siemens Healthineers, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Roche Holding AG, and Johnson & Johnson.
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