The molecular biology enzymes, kits, and reagents market was valued at US$ 10,987.17 million in 2020 and it is projected to reach US$ 41,104.71 million by 2027; it is expected to grow at a CAGR of 17.8% from 2021 to 2027.
Molecular biology enzymes kits & reagents are majorly used for cloning, RNA analysis, DNA sequencing, protein analysis, DNA isolation, RNA extraction and polymerase chain reaction (PCR). Growing application of molecular biology enzymes and kits & reagents for diagnostic tests, molecular tests, genetic analysis and help in drug discovery and development are propelling the growth in the market. Increasing genetic and infectious diseases are influencing demand for molecular biology enzymes and kits & reagents Market for diagnosis of diseases. For instance, in 2016, as per estimates of National Cancer Institutes, around 15.5 million cases of cancer were diagnosed in the United State thus, rising prevalence of Chronic diseases is increasing demand for molecular biology enzymes kits & reagents for regular check-up and severity of disease. In additional, favourable reimbursement scenario for molecular diagnostics & treatment genetic diseases is expected to drive the market growth. For instance, the Centres for Medicare & Medicaid Services (CMS) offer different reimbursement policies for diagnosis of and treatment of various diseases.
Asia pacific is expected to fastest growing market for the molecular biology enzymes and kits & reagents
This significant growth is attributed to, various government institute of India, China, Japan actively involved in biomedical and biotechnology research is expected to propelling the market growth. Furthermore, growing clinical research activities in India is expected to drive the market for research & development. For instance, The Indian Society for Clinical Research (ISCR) actively involved in clinical research activities is rising demand for molecular biology enzymes. Various non-profit organization funded for biotechnological research is expected fuel the growth of market. For instance, Department of Biotechnology of India (DBT) provides funding to expand and strengthen institutional research capacity for innovation in biotechnology sectors. Rising the number of biomedical and biotechnology industries in China and India is expected to drive the market growth. For instance, as per the estimates of the India Brand Equity Foundation, the biopharmaceutical industry of India was worth USD 11 million in 2016 and is expected to reach USD 11.6 billion by 2017.
Report : Molecular Biology Enzymes and Kits & Reagents Market - By Product (Kits & Reagents, Enzymes), By Application (PCR, Sequencing, Cloning Epigenetics, Restriction Digestion, Synthetic Biology, Other Applications), By End-User (Academic & Research Institutes, Pharmaceutical & Biotechnology companies, Hospitals & Diagnostic Centres, Other End Users) and By Region (North America, Europe, Middle East and Africa, Latin America) — Industry Analysis, opportunity and Forecast 2020 To 2027