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Biotechnology Market Size In 2024 : Share, Trends,

The Biotechnology Reagents Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Biotechnology Reagents Global Market Report 2024, The biotechnology reagents market size has grown strongly in recent years. It will grow from $78.82 billion in 2023 to $86.17 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to rise in biopharmaceutical development, genomics and proteomics research expansion, drug discovery and development, increasing life sciences research funding, global focus on precision medicine..

The biotechnology reagents market size is expected to see strong growth in the next few years. It will grow to $124.95 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to single-cell analysis techniques, expansion of synthetic biology, rising importance of glycomics, expansion of cell culture applications, biobanking and biorepository growth, global response to health crises.. Major trends in the forecast period include rapid advancements in biotechnology research, technological advances in flow cytometry, focus on stem cell research, demand for crispr-cas9 reagents, customized and specialty reagents, focus on quality control and standardization..

The rising demand for polymerase chain reaction (PCR) is expected to propel the growth of the biotechnology reagents market going forward. Polymerase chain reaction (PCR) refers to the molecular technique that is used to amplify smaller segments of DNA into large segments used to diagnose certain infectious diseases and study genetic changes. For polymerase chain reaction (PCR), biotechnology reagents are used to maintain a stable pH during the PCR process to ensure proper DNA synthesis function, which can later be used for various genomic studies and diagnosis purposes. For instance, in July 2021, Weqaya UAE, a UAE-based national agency for awareness and reassurance under the supervision of the National Crisis & Emergency, conducted more than 60 million RT-PCR tests across the emirates due to its capabilities in detecting infections in a shorter period of time. The UAE health officials increased the number of tests per day from an average of 10,000 by the end of March 2020 to 120,000 in November and more than 270,000 in July 2021 as part of measures to combat the pandemic. Therefore, the rising demand for polymerase chain reaction (PCR) is driving the growth of the biotechnology reagents market.

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The biotechnology reagents market covered in this report is segmented –

1) By Type: Life Science Reagents, Analytical Reagents,Other Reagents

2) By Applications: Protein synthesis and purification, Gene expression, DNA and RNA analysis, Drug testing

3) By End-Users: Biotech companies, Research institutes, Pharmaceuticals, Diagnostic centers, Academic Institute, Other End-Users

Technological advancement is the key trend that is gaining popularity in the biotechnology reagent market. Major companies are focused on developing innovative products based on new technologies to strengthen their position in the biotechnology reagent market. For instance, in April 2022, CN BIO Innovations, a UK-based company operating in single and multi-organ micro-physiological systems and innovative lab technologies, introduced the PhysioMimix in-a-box reagent kit for non-alcoholic steatohepatitis (NASH) and severe non-alcoholic fatty liver disease (NAFLD) that can be used in Organs-on-chips system to provide researchers with in-house capabilities to study mechanics and physiological responses of disease concerning drug efficacy and safety toxicology, which facilitates more accurate and cost-effective drug development.

The biotechnology reagents market report table of contents includes: