Rising demand for agarose resin can be largely attributed to vaccine purification and the biotherapeutics sector. Moreover, agarose resins are used in downstream processes in the manufacturing of oncological, rheumatological, and a number of other protein-based drugs. Growing demand for protein-based drugs across the globe is set to bolster the stance of the agarose resin market over the coming decade.
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Talking about the current COVID-19 crisis, demand for vaccines is high with a spike in cases and related deaths across the globe. Rapid vaccine trials in India and other countries is set to create the need for vaccine purification, which is set to cascade the effect to the downstream raw material, i.e. agarose resin. Prices of agarose resins declined by nearly twofold in Q2 of FY2019, and has spiked back to the same price level in FY2020, owing to rapid rise in demand. In sort, the COVID-19 outbreak is set to provide positive growth to the agarose resin market in short-term forecast period.
As per Fact.MR, the global agarose resin market is forecast to witness rapid growth at a CAGR of around 10% over the forecast period of 2023-2030.
Key Takeaways from Global Agarose Resin Market Study
- The global agarose resin market is anticipated to create a value opportunity of around US$ 0.7 Bn during the forecast period, adding 2.6X value as compared to 2023.
- High investments in R&D in the field of biotherapeutics and vaccine purification are set to bolster the agarose resin market by 2025.
- North America will accounts for more than one-third share of the global agarose resin by the end of 2030 in terms of value.
- Antibody purification is the most promising segment, and is projected to gain more than 65% over the period.
- Europe is set to hold more than a quarter of the global agarose resin market by 2030 in terms of volume, and account for more than 200 thousand litres of agarose resin demand, to supply rapidly growing protein purification and immunoprecipitation across the region.
- East Asia and South Asia & Oceania agarose resin markets are set to grow at a rapid pace, together accounting for a little less than two-fifth of demand by 2030.
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“The COVID-19 pandemic set to provide a short-term boost to growth of the agarose resins market,” says a Fact.MR analyst.
Higher Sunk Costs in Market Set to Hinder New Entrants
The agarose resin market is highly consolidated in nature, with key players such as Agarose Beads Technologies, Cube Biotech, Purolite, Bio rad Laboratories, GE Healthcare, Bio Works Technologies holding a major market share. Though the market is highly consolidated, high sunk costs are observed for new entrants, as the market is not perfectly competitive and lies in monopolistic areas carrying strong production protocols and stringent protection of formulation of agarose resins. Therefore, to get a hand on technology related to agarose resins, new entrants should leverage contract manufacturing or can opt for investing in R&D.
More Valuable Insights on Agarose Resin Market
Fact.MR, in its new offering, presents an unbiased analysis of the global agarose resin market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2023-2030. The study divulges essential insights on the agarose resin market on the basis of concentration (2% to 4%, 4% to 6%, 6% to 8%, and more than 8%), application (protein purification, antibody purification, immunoprecipitation, and others), and end use (biopharma companies, clinical research laboratories, and academic & research institutes), across five major regions.
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