The global molecular biology kits and reagents and enzymes market was valued at $4,928.3 million in 2015 and it is expected to grow at a CAGR of 17.2% during 2016 - 2022.
The molecular biology kits and reagents and enzymes market is growing due to increasing geriatric population, increasing prevalence of infectious diseases, and growing cases with genetic disorders. In addition, increasing healthcare expenditure resulting in improvement in research activities is further driving the market growth.
Based on product, kits and reagents accounted for the largest market in the global market in 2015, and it is expected to witness 17.7% CAGR during 2016 – 2022. Among the various applications, sequencing segment is expected to witness the fastest growth during the forecast period.
Whereas, among and user user hospital segment is expected to witness the fastest growth during the forecast period.
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Geographically, North America has been globally the largest market of molecular biology kits and reagents and enzymes, owing to the improvement in research and development activities and increasing cases with genetic disorders in the region. Furthermore, increase in number of pharmaceutical and biotechnology companies are also driving the market growth in this region.
However, the molecular biology kits and reagents and enzymes market is expected to witness fastest growth in Asia-Pacific, with a CAGR of 17.8% during the forecast period. The high growth is attributed to increasing awareness about molecular biology kits and reagents and enzymes and increasing cases with molecular diagnostics in the region.
Molecular biology kits and reagents and enzymes helps in detecting specific sequences in DNA or RNA. In addition, they help in detection of infectious diseases, genetic disease screening, human leukocyte antigen typing, extraction and purification of nucleic acid and detection of amplified nucleic acid.
However, the high cost of molecular biology kits and reagents and enzymes as well the privacy issues related to genetic information act as the key restraints in the growth of the market. High cost of these kits and reagents and enzymes limits the affordability of the users, and hampering the growth of the market.
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Some of the competitors in the global molecular biology kits & reagents and enzymes market are Thermo Fisher Scientific, Inc., Merck KGAA, Qiagen N.V., Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd, Becton, Dickinson and Company, Promega Corporation, New England Biolabs, Inc., Illumina, Inc. and Takara Bio Inc.
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