Molecular Biology Enzymes Market - Global Growth Opportunities for the Leading Companies

Posted July 8, 2022 by vmack2187

Thermo Fisher (US) and Illumina (US) are some of the leading companies operating in the global Molecular Biology Enzymes and Kits & Reagents Market.
Major Growth Driving Factors:

Growth in the molecular biology enzymes market is driven by factors such as 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 genetic disorders.

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.

Global Leading Companies:

The global molecular biology enzymes 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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Growth Strategies Adopted by Them:

The key players in this market are increasingly focusing on strategic expansions, partnerships, and product approvals to expand their manufacturing capabilities and increase market presence.

Thermo Fisher Scientific offers a complete and integrated portfolio of solutions and services for laboratory research and analysis, healthcare, and clinical science. The Biosciences segment offers reagents, instruments, and consumables for molecular biology; protein biology; and cell imaging and analysis. These products are primarily used in agriculture, forensics, diagnostics product development, and toxicology research. The company operates in countries across North America, Europe, Asia, and Latin America.

Illumina is a molecular diagnostics company that develops, manufactures, and markets integrated systems for the analysis of genetic variations and biological functions. The company caters to a broad range of academic, government, pharmaceutical, biotechnology, and other leading genomic research centers by offering products for the research, clinical, and applied markets. As of January 16, 2020, the company had 799 US patents and 617 pending US patent applications along with 61 allowed applications not issued as a patent. Illumina has corporate offices in China, Japan, Singapore, the UK, Latin America, Australia, New Zealand, and the Netherlands.

End Users:

The academic & research institutes segment accounted for the largest share in 2020

Based on end users, the molecular biology enzymes 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). In 2020, the academic & research institutes segment accounted for the largest share of 36.3% of the molecular biology enzymes and kits & reagents market. The large market share of this segment is due to the increase in funding for life science research from governments and non-profit organizations.

Geographical Growth Dynamics:

North America was the largest regional market for molecular biology enzymes in 2020.

Geographically, the molecular biology enzymes markets is segmented into North America, Europe, Asia Pacific, RoW. In 2020, North America accounted for the largest share of the molecular biology enzymes and kits & reagents market, followed by Europe & Asia Pacific. The large share of North America in the global market can be attributed to the increasing research funds in translational and clinical research, the growing number of pharmaceutical and biotechnology companies, favourable reimbursement scenario for molecular diagnostics, and the growing investments in research projects in Canada.

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Issued By Makarand Vaidya
Country United States
Categories Biotech , Industry , News
Tags molecular biology , molecular biology enzymes , molecular biology enzymes market , molecular biology research
Last Updated July 8, 2022