Molecular Biology Enzymes, Kits, and Reagents Market to hit US$ 41104.71 Million, Globally, by 2028 at 17.8% CAGR: The Insight Partners – Digital…

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 2028; it is expected to grow at a CAGR of 17.8% from 2021 to 2028.

According The Insight Partners study on Molecular Biology Enzymes, Kits, and Reagents Market Forecast to 2028 COVID-19 Impact and Global Analysis by Product, Application, End User, The growth of the market is attributed to a few key driving factors such as healthy funding for genomics, declining cost of sequencing procedures, and increasing prevalence of chronic diseases. However, the dearth of skilled professionals hinders the market growth.

Biological enzymes play a prominent role in encouraging chemical reactions in biological systems. Molecular biology enzymes are recommended for the preparation of laboratory samples. These reagents are also utilized during various processes such as polymerase chain reaction (PCR), DNA sequencing, and cell analysis.

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Market Insights

Healthy Funding for Genomics Drives Market Growth

Genome sequencing was restricted to the research facilities, a few years back. However, it has now became one of the common techniques in clinical practices. Over the next few years, the healthcare sector is expected to generate genomic data of over 60 million patients. The growing implementation of genomic sequencing into healthcare systems is supported by substantial government investments, totaling over US$ 4 billion in at least 14 countries. The UK has announced the worlds largest genome project as part of 200 million publicprivate collaboration between charitable organizations and pharmaceutical companies. The country has already developed the worlds largest genome database through the 100,000 Genomes Project. Led by Innovate UK, a part of UK Research and Innovation, the project was initiated to support researchers and industries through funds to combine data and real-world evidence obtained from UK health services as well as to create new products and services for more efficient and early disease diagnosis.

In November 2018, Stilla Technologies, France, announced the completion of a Series A financing round, gathering US$ 18.3 million (EUR 16 million) in funds; the round was led by Illumina Ventures. The company plans to use these funds to commercialization of its Naica digital PCR system and development of clinical applications. Further, in June 2020, Base Genomics, an epigenetics company based in Oxford, England, closed a seed funding round of US$ 11 million (GBP 9 million). In August 2018, Nebula Genomics, a company based in Boston, Massachusetts, along with 10 leading venture capital firms, raised US$ 4.3 million in seed funding. as a part of partnership with Veritas Genetics, a genome sequencing company. The company aims to use these funds to create a trustworthy, secure, and decentralized marketplace for genomic data. In March 2018, SynbiCITE (UK) received grants worth ~US$ 17.6 million (GBP 13 million) and private investments worth US$ 318.5 million (GBP 234 million). The company is made for increasing synbio applications in the UK. The SynbiCITE has supported the synbio at national level for the increase of gene synthesis applications.

In April 2020, MedGenome, a genetic diagnostics, research, and data company headquartered in Bengaluru, India, raised US$ 55 million (~INR 419 crore) in a new round of funding, led by LeapFrog Investments, a global impact investment firm. MedGenome also claims to have built the largest database of South Asian genetic variants in genetic diagnostics in India and research partnerships. It has conducted over 200,000 genomic tests to date by obtaining samples from more than 550 hospitals and 6,000 clinicians across India.

The Molecular Biology Enzymes, Kits, and Reagents Market, by region, is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM).

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Based on product, the molecular biology enzymes, kits, and reagents market is bifurcated into enzymes and kits & reagents. The market, by enzymes, is further segmented into polymerases, ligases, reverse transcriptases, phosphatases, proteases and proteinases, restriction endonuclease, and other. The kits & reagent segment held a larger market share in 2020, and the same segment is estimated to register a higher CAGR during the forecast period.

The molecular biology enzymes, kits, and reagents market, based on application, is segmented into epigenetics, sequencing, synthetic biology, polymerase chain reaction, and other. In 2020, the sequencing segment held the largest market share. However, the polymerase chain reaction segment is estimated to register the highest CAGR during the forecast period.

In terms of end user, the molecular biology enzymes, kits, and reagents market is segmented into biotechnological and pharmaceutical companies, hospitals and diagnostic centers, and academic and research institutes. The biotechnological and pharmaceutical companies segment held the largest share of the market in 2020, and the same segment is estimated to register the highest CAGR during the forecast period.

Molecular Biology Enzymes, Kits, and Reagents Market : Competitive Landscape and Key Developments

THERMO FISHER SCIENTIFIC INC,Illumina, Inc.,Qiagen,Agilent Technologies, Inc.,F. HOFFMANN-LA ROCHE LTD,Merck KGAA, Jena Bioscience GmbH,Bioline Technologies,Promega Corporation, Rockland Immunochemicals

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Molecular Biology Enzymes, Kits, and Reagents Market to hit US$ 41104.71 Million, Globally, by 2028 at 17.8% CAGR: The Insight Partners - Digital...