There is a rise in the prevalence of genetic disorders in the recent past, which in turn has driven the adoption of molecular diagnostics.
Key processes of molecular diagnostics such as epigenetics and polymerase chain reaction (PCR) require molecular biology enzymes, kits & reagents. With mounting incidences of genetic disorders on the back of the growing geriatric population, demand for these enzymes and kits & reagents is expected to register a significant rise shortly.
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Several technological advancements have been made by manufacturers of molecular biology enzymes, kits & reagents, who are continuously focused on the development of advanced products to increase their product portfolio. These advanced products facilitate research processes with the provision of greater precision and enhanced efficiency. A great example of this is the launch of the SMART Digest Kit by Thermo Fisher Scientific, Inc., specially designed for proteomic and biopharmaceutical applications.
SMART Digest Kit enables the generation of high-quality data while curtailing the time required for sample preparation. Demand for molecular biology enzymes, kits & reagents is also expected to be propelled by heavy investments being made in research & development activities by pharmaceutical and biotechnology industries, along with the provision of reimbursements for molecular diagnostics.
Genetic data of an individual is considered to be highly confidential and sharing is strictly prohibited and governed by relevant regulatory bodies. Genome sequencing has aided in the identification & treatment of a wide variety of ailments.
However, there is a lack of effective tools required for securing the genetic information of individuals, which is stored in cloud databases. This further creates threats of data theft. This absence of high-end technology for storing genetic information will negatively impact the adoption of molecular biology enzymes, kits & reagents.
A recently published report of Future Market Insights has slated a spectacular expansion for the global molecular biology enzymes, kits & reagents market between the assessment period 2022 and 2032. Worldwide sales of molecular biology enzymes, kits & reagents are likely to bring in approximately USD 48,476.41 Mn in revenues by 2032-end.
North America held the largest revenue share of the global molecular biology enzymes, kits & reagents market in 2022, and is further anticipated to dominate the market through the assessment period. Factors contributing to the market expansion in North America include a robust rise in research activities related to genomics, the growing pharmaceutical sector in the region, and numerous awareness activities being undertaken by government and private institutions. However, regulatory norms associated with human cloning are likely to constrain market expansion in North America.
Based on product type, kits & reagents will continue to be the leading revenue contributor to the market. Repeated utilization of kits & reagents in processes of genomics, coupled with their low costs has spurred their sales in the biotechnology and pharmaceutical sector. Manufacturers are enabled to make advancements in kits & reagents on the back of their cost-effective production and growing adoption of molecular diagnostics.
Revenues from the application of molecular biology enzymes, kits & reagents in sequencing are expected to remain the largest, on account of the high implementation of sequencing-based medical treatment by hospitals in developed as well as developing nations. In addition, sequencing seeks widespread adoption in the diagnosis and treatment of cancer by bioinformatics. Revenues from this application segment are likely to account for nearly 30% market share by 2032-end. Pharmaceutical and biotechnology companies are anticipated to remain the largest end-users of molecular biology enzymes, kits & reagents.
Leading players in the global market for molecular biology enzymes, kits & reagents are implementing strategies such as manufacturing capacity and geographic expansion. New product launches are also a key strategy adopted by the market players to enhance their share in this highly competitive market. Key companies profiled by the report that are actively underpinning the growth of the market include Jena Bioscience GmbH, Takara Bio Inc., Roche Holdings, Inc., Illumina, Inc., Thermo Fisher Scientific Inc., Promega Corporation, KRISHGEN BioSystems, Agilent Technologies, Inc., Qiagen N.V., and Merck & Co Company.
A segmentation analysis offered in the report propounds forecasts on the global molecular biology enzymes, kits & reagents market. Categorizing the market in terms of application, end-user, product type, and region. Analysis of the Y-o-Y growth comparison, the market share comparison, and the revenue comparison coupled with relevant market numbers is offered in this chapter. The global market for molecular biology enzymes, kits & reagents has been regionally divided into Japan, the Middle East & Africa, Europe, and Asia-Pacific excluding Japan, North America, and Latin America.
The key companies continuously focus on developing advanced products to increase their product portfolio.
Thermo Fisher Scientific Inc., Promega Corporation, and KRISHGEN BioSystems are some of the major players in the market.
North America is expected to dominate the market by accelerating global market growth.
The market is segmented based on end-users into pharmaceutical and biotechnology companies, hospitals and diagnostic centers, and academic and research institutes.
Based on product type, kits & reagents will continue to be the leading revenue contributor.
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Molecular Biology Enzymes, Kits & Reagents Market
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