According to a new market research report "Molecular Biology Enzymes and Kits & Reagents Market by Product (Kits & Reagents, Enzymes), Application (PCR, Sequencing, Cloning, Epigenetics), End User (Academic & Research Institutes, Hospitals & Diagnostic Centers), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the global market is projected to reach USD 13.60 Billion by 2022 from USD 6.52 Billion in 2017, at a CAGR of 15.8% during the forecast period.
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Browse 88 Market Data Tables and 33 Figures spread through 174 Pages and in-depth TOC on "Molecular Biology Enzymes and Kits & Reagents Market"
The key factors driving the growth of this market include increased research activities and R&D investments in the life science industry, rising number of genome projects, technological advancements in the life science industry, and rising incidence of infectious diseases and genetic disorders. However, the privacy concerns related to genetic information and limited reimbursements for genetic testing may hinder the growth of this market to a certain extent.
By product, the kits & reagents segment to account for the largest share of the market in 2017
On the basis of product, the Molecular Biology Enzymes and Kits & Reagents Market is segmented into enzymes and kits & reagents.
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In 2017, kits & reagents segment is expected to account for the largest share of the global market. The large share of this segment can be primarily attributed to the requirement of repeat purchase of these single-use products and increasing drug research in the pharmaceutical industry.
The enzymes market is further subsegmented into polymerases, ligases, restriction endonucleases, reverse transcriptases, phosphatases, proteases & proteinases, and other enzymes. In 2017, the polymerases enzymes segment is expected to account for the largest share of the enzymes market.
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By application, the polymerase chain reaction (PCR) segment to hold the largest market share in 2017
Based on application, the market is segmented into polymerase chain reaction (PCR), sequencing, cloning, epigenetics, restriction digestion, synthetic biology, and other applications (mutagenesis, in vitro transcription, and molecular labeling & detection). The polymerase chain reaction (PCR) segment is expected to command the largest share of the Molecular Biology Enzymes and Kits & Reagents Market in 2017.
The large share of this segment can be attributed to the low cost of PCR equipment, use of PCR equipment by the majority of the end users, and increasing use of PCR for molecular diagnostic assays in hospitals and clinics.
By end user, academic & research institutes to hold the largest market share in 2017
Based on end user, the market is segmented into academic & research institutes, hospitals & diagnostic centers, pharmaceutical & biotechnology companies, and other end users (contract research organizations (CROs), food & beverage companies, and forensic agencies). The academic & research institutes segment is expected to command the largest share of the Molecular Biology Enzymes and Kits & Reagents Market in 2017.
The large share of this segment can be attributed to the increasing research activities backed by funding from government and private organizations.
North America to dominate the market in 2017
In 2017, North America is expected to account for the largest share of the Molecular Biology Enzymes and Kits & Reagents Market, followed by Europe, Asia Pacific (APAC), and the Rest of the World (Latin America and the Middle East & Africa). Factors such as increasing research funding for genomics research, rising number of pharmaceutical and biotechnology companies, favorable reimbursement scenario for molecular diagnostics, and growing prevalence of target indications are contributing to the large share of North America.
The Molecular Biology Enzymes and Kits & Reagents Market in several APAC countries, particularly, China, Japan, and India, are expected to witness high growth during the forecast period. This can be attributed to the increasing government interest in biomedical and biotechnology industries, outsourcing of clinical research activities to China, involvement of industry players in the Japanese market, growing pharmaceutical industry in India backed by government initiatives to drive market growth, and initiatives by non-profit organizations.
The key players in the global Molecular Biology Enzymes and Kits & Reagents Market are Thermo Fisher (US), Merck (Germany), Illumina (US), QIAGEN (Netherlands), New England Biolabs (US), Promega (US), Agilent (US), Roche (Switzerland), Takara Bio (Japan), Bio Basic (Canada), Jena Bioscience (Germany), and Molecular Biology Resources (US).
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