Molecular Biology Enzymes Market - Emerging Trends & Global Future Forecasts


Posted April 19, 2022 by mmvaidya

Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
 
Overview:

This study involved four major activities in estimating the current size of the molecular biology enzymes and kits & reagents market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.

COVID-19 impact on the molecular biology enzymes and kits & reagents market

Coronavirus disease 2019 (COVID‐19) is an acute respiratory infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS‐CoV‐2). Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. Researchers have been finding diagnostic methods and treatments to deal with this pandemic. PCR tests have been considered the “gold standard” for diagnosing COVID-19 owing to their accuracy and reliability in detecting genetic materials from the virus in the host’s body.

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DRIVER: Growing number of genome projects

Gene mutations play an important role in the etiology and the development of diseases/disorders, such as immune system disorders, metabolic diseases, cancer, and in-born genetic disorders. As a result, detailed knowledge of the human genome can significantly help researchers understand the etiology of specific diseases and develop treatment plans. The rising number of genome projects across the globe, coupled with reducing genetic analysis costs, helps advance research in various domains, such as disease treatment, personalized medicine, and microbial genetics. These processes require the use of various molecular biology enzymes and reagents and are thus expected to drive the molecular biology enzymes and kits & reagents market.

RESTRAINTS: Limited reimbursements for genetic testing

Reimbursement policies, however, are inflexible for genetic tests. Most health insurance services in the US do not cover the cost of genetic testing unless prescribed by a physician. The coverage and reimbursement are solely dependent on the policy of the provider. For instance, Medicare covers genetic testing for people with a cancer diagnosis who qualify for coverage of genetic testing for an inherited mutation under Medicare. Such concerns are restraining market growth across the globe.

OPPORTUNITY: R&D investments offer significant opportunities for the market

In the last two decades, genomics has evolved as a scientific research discipline. Fuelled by grants and funds from government institutions, the genomics market has witnessed significant changes on the technological front. R&D investments have presented potential growth opportunities for the molecular biology enzymes and kits & reagents market. China is one of the largest investors in R&D globally; the country is expected to overtake the US in R&D spending by 2023 (Source: Council on Foreign Relations or CFR). This has prompted many companies to expand their operations and R&D activities in China. The country’s R&D spending climbed from 10.3% to USD 378 billion (2.44 trillion Chinese yuan) in 2020.

Revenue Growth Dynamics:

The global molecular biology enzymes and kits & reagents market is projected to USD 29.7 billion by 2026 from USD 15.3 billion in 2021, at a CAGR of 14.2% during the forecast period.

The Asia Pacific region is the fastest-growing region of the molecular biology enzymes and kits & reagents market in 2020.

The market in the APAC is expected to grow at the highest rate during the forecast period. Growth in the APAC market is driven by increasing government interest in the biomedical & biotechnology industries, the presence of bio-clusters in India and China, and the growing outsourcing of clinical research activities to Asian countries.

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Key Players:

The global molecular biology enzymes and kits & reagents market is highly consolidated. Key players in the molecular biology enzymes and kits & reagents market include 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), Molecular Biology Resources (US), Bio-Rad Laboratories, Inc. (US).
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Issued By Makarand Vaidya
Country United States
Categories Biotech
Tags molecular biology enzymes , molecular biology enzymes market
Last Updated April 19, 2022