The Biochemical Reagents Market is Expected to Display a Steady Growth of 9% due to Increasing Demand for Diagnostics and Screening| UnivDatos Market Insights

NOIDA, India, March 6, 2023 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the biochemical reagents market was valued at  USD 14 billion in 2021 and is expected to grow at a CAGR of around 9% from 2022-2028. The analysis has been segmented into Product Type (Polymerase Chain Reaction Reagent Kits, Cell and Tissue Culture Reagents, Electrophoresis Reagents, Chromatography Reagents, and Others); End-User (Biotechnology Companies, Pharmaceutical Companies, Contract Research Organizations, Contract Development and Manufacturing Organizations (CDMO), and Others); and Region/Country

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The biochemical reagents market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the biochemical reagents market. The biochemical reagents market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the biochemical reagents market at the global and regional levels.

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Market Overview

Biochemical reagents are used to perform chemical reactions controlled by biomolecules in living organisms and to study elements and compounds. These biochemical reagents may include some essential molecules such as peptides, proteins, lipids, vitamins, carbohydrates, amino acids, nucleotides, and others. Further, biochemical reagents include inorganic and organic chemicals that have applications in life science. Detergents, salts, and other tiny molecules that have biological effects or are necessary for biological assays could therefore be these reagents. In recent years, the demand for these reagents has risen due to the leading market players' increased focus on research and development in the industry. These major players are concentrating on expanding the use of biochemical tools in the healthcare and life science industries. For instance, in 2021, Sino Biological Inc launched a panel of research reagents for the newly identified Omicron variant of the SARS-CoV-2 virus.

The biochemical reagents market is expected to grow at a steady rate of around 9% owing to technological advancement coupled with the increasing demand for diagnostics and screening. Also, the increasing prevalence of infectious diseases, which require early diagnosis is creating the opportunity for the biotechnology industry players to produce effective reagents to carry out various diagnostic tests. Moreover, the launching of new diagnostic tests and assays is contributing to the growth of the biochemical reagents market. For instance, in April 2019, Roche launched the Ventana HER2 Dual ISH DNA Probe Cocktail assay for the detection of the HER2 biomarker in breast and gastric cancer patients to determine the eligibility for the targeted drug trastuzumab (Herceptin).

Some of the major players operating in the market include Thermo Fisher Scientific Inc.; Abbott; Agilent Technologies, Inc.; BD; Bio-Rad Laboratories, Inc.; Merck KGaA; Waters Corporation; Siemens Healthineers Private Limited; F. Hoffmann-La Roche Ltd; Beckman Coulter, Inc.

COVID-19 Impact

The rising number of COVID-19 cases is increasing the demand for tests and several types of research that will require reagents, hence propelling the studied market toward growth. During the COVID-19 pandemic, there is a rising demand for biochemical reagents, which in turn will push the growth of the biochemical reagents market during the study period.

The global biochemical reagents market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on product type, the market is segmented into polymerase chain reaction reagent kits, cell and tissue culture reagents, electrophoresis reagents, chromatography reagents, and others. The polymerase chain reaction reagent kits category is to witness significant CAGR during the forecast period. These reagents are used in the diagnosis of chronic diseases because of the surging chronic diseases such as cancer, immune system disorders, and metabolic disorders which will boost the growth of this segment. For instance, according to the data published by the American Cancer Society (ACS), in January 2020, around 1.8 million new cancer cases were diagnosed.
• Based on end-user, the biochemical reagents market has been classified into biotechnology companies, pharmaceutical companies, contract research organizations, contract development and manufacturing organizations (CDMO), and others. The pharmaceutical companies' category is to witness higher adoption of biochemical reagents during the forecast period. This is mainly due to additional funding & investment for research from government agencies and non-profit organizations. For instance, as per India Brand Equity Foundation (IBEF), in May 2020, the Department of Biotechnology received Rs. 2,581 crores (USD 343.56 million) in the Union Budget 2022–23 for the development of fundamental infrastructure, genetic engineering, technologies and bioinformatics, agricultural biotechnology, and training qualified professionals.

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Biochemical Reagents Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World

North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the availability of many biopharmaceutical companies coupled with the increased investment in the biotechnology and healthcare sector has led to this growth in the region. Also, increasing investment in manufacturing companies and academic and research institutions for the development of gene synthesis-based products like precision medicine, diagnostic products for various types of diseases, and other treatments. 

The major players targeting the market include.

• Thermo Fisher Scientific Inc.
• Abbott
• Agilent Technologies, Inc.
• BD
• Bio-Rad Laboratories, Inc.
• Merck KGaA
• Waters Corporation
• Siemens Healthineers Private Limited
• F. Hoffmann-La Roche Ltd
• Beckman Coulter, Inc.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the biochemical reagents market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the biochemical reagents market?

• Which factors are influencing the biochemical reagents market over the forecast period?

• What are the global challenges, threats, and risks in the biochemical reagents market?

• Which factors are propelling and restraining the biochemical reagents market?

• What are the demanding global regions of the biochemical reagents market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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Biochemical Reagents Market Report Coverage

About UnivDatos Market Insights

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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