According to a new report published by KD Market Insights, titled, “Biotechnology Reagents and Kits Market Insights, Trends, Opportunity & Forecast, 2023–2032,” the global biotechnology reagents and kits market size is anticipated to witness moderate growth during the forecast period i.e., 2023-2032. the increasing demand for customized medicine and focused treatment plans, developing incidence of chronic diseases and the want for extra powerful and specific treatment options, Technological improvements inside the area of biotechnology and growing cognizance on genomics research and personalized remedy which are the major factors augmenting the growth of the global biotechnology reagents and kits market. The global biotechnology reagents and kits market is anticipated to grow at a high CAGR of 9.2% from 2023 to 2032. The market's revenue surged to $402 billion in 2022, and it is expected to further accelerate, reaching a notable $969.5 billion by 2032.
The increasing demand for customized medicine and focused treatment plans, are further expected to create ample growth opportunities for the global biotechnology reagents and kits market during the forecast period i.e., 2023-2032. Moreover, the developing incidence of chronic diseases and the want for extra potent and specific treatment options, has propelled market expansion. Technological improvements inside the expanse of biotechnology, is expected to contribute towards the market growth during the period.
The North America region accounted for the largest share in the global biotechnology reagents and kits market in 2022. The region is further projected to continue dominating in the market during the forecast period. This can be attributed to the presence of major pharmaceutical and biotechnology companies.
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According to micro-organisms type, the virus segment accounted for the largest market share in the biotechnology reagents and kits market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
The global biotechnology reagents and kits market is segmented into kit type, micro-organisms, tested parameters, technology, end-users and region. Based on kit type, the market is bifurcated into amplifications kits, isolation kits, purification kits, detection kits, and others. Based on micro-organisms, it is classified into virus, bacteria, fungi, and parasites. Based on tested parameters, it is classified into RNA, DNA, enzymes, proteins, and others. Based on technology, it is classified into PCR, cell culture, lamp, chromatography, sequencing, flow cytometry, electrophoresis, and others. Based on end user, it is classified into healthcare, food & agriculture, natural resources & environment, industrial processing, others.
The global biotechnology reagents and kits market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).
Key Insights of Biotechnology Reagents And Kits Market
· On the basis of micro-organisms type, the virus segment accounted for the largest market share in the biotechnology reagents and kits market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
· On the basis of region, North America accounted for the largest share in the global biotechnology reagents and kits market in 2022. The region is further projected to continue dominating in the market during the forecast period.
· On the basis of region, Asia-Pacific is estimated to account for the second largest share in the market during the forecast period.
Some of the major biotechnology reagents and kits companies profiled in the report include Thermo Fisher Scientific, QIAGEN, New England Biolabs, Illumina, Agilent Technologies, Bio-Rad Laboratories, F. Hoffmann-La Roche, Merck KGaA, Promega Corp., Takara Bio, Inc., LGC Ltd., Toyobo Co. Ltd.
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