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Biotechnology reagents and kits are consumables used in medical research ranging from DNA sequencing and analysis, monoclonal antibody production, drug discovery & development to diagnosing genetic disorders and agricultural genetic engineering. They include consumables such as reagents like buffers, nucleotides, primers, solvents and solvent systems, calibration products and antibodies used for carrying biochemical reactions. The global biotechnology reagents and kits market also includes kits for conducting PCR, gene expression analysis, sequencing, protein purification and more. Biotechnology reagents and kits have enabled the development of new drugs, diagnostic tests and genetically modified crops which are an integral part of biomanufacturing and biopharmaceutical research.
The global Biotechnology Reagents and Kits Market is estimated to be valued at US$ 718.8 Mn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. The global market for biotechnology reagents and kits is majorly driven by increasing research expenditure on drug discovery and development by large biotechnology and pharmaceutical companies across the world. Advancements in technologies such as polymerase chain reaction (PCR), gene expression profiling and next generation sequencing are also fueling the demand for reagents and consumables used in these techniques.
Market key trends:
The increasing applications of functional genomic tools such as gene editing and stem cell research for chronic disease modeling and precision medicine is a major trend that is expected to boost the biotechnology reagents and kits market growth over the forecast period. CRISPR-Cas9 genome editing technology is gaining widespread acceptance as an invaluable research tool and its applications are extending from basic research to preclinical research, driving demand for CRISPR reagents and kits. In addition, biomanufacturing of recombinant proteins for development of therapeutic proteins is expected to propel the market for protein expression, purification and analysis reagents and kits.
Porter’s Analysis
Threat of new entrants: The biotechnology reagents and kits market requires high capital investments for R&D which deter many new players to enter the market. However, biotech startup culture is thriving and new entrants are developing novel solutions.
Bargaining power of buyers: The buyers have moderate bargaining power due to the availability of alternative solutions and established market players. However, customized products attract buyers.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to high dependency of companies on raw materials. Companies try to establish long term relations to reduce procurement costs.
Threat of new substitutes: Potential alternatives include generic bio-similar products. However, presence of IP protection keeps substitutes at low threat level in the market.
Competitive rivalry: Intense competition exists among established players to gain higher market share by expanding their product portfolios and geographical reach through collaborations.
Key Takeaways
The global Biotechnology Reagents and Kits market is expected to witness high growth.
Regional Analysis: North America dominates the market currently due to presence of majority of key players and considerable R&D investments in biotechnology sector in the region. However, Asia Pacific is expected to witness highest growth over the forecast period owing to increasing healthcare expenditure, rising disposable income, growing awareness regarding advanced therapies and presence of contract research organizations in the region.
Key players operating in the Biotechnology Reagents and Kits market include Medtronic Plc, Hill-Rom Holdings, Inc. (Welch Allyn), iRythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc. These players are focused on new product development and launches, collaborations and geographic expansion strategies to strengthen their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
