Global Biochemical Reagents Market Size

Biochemical Reagents Market Analysis

The biochemical reagents market is projected to register a CAGR of 9.1% during the forecast period.

During the COVID-19 pandemic, there is a rising demand for biochemical reagents, which in turn will push the growth of the biochemical reagents market during the study period. COVID-19 is a type of infectious disease, and the infection rate of the disease has been rising exponentially across the world. The rising number of COVID-19 cases is increasing the demand for tests and several types of research that will require reagents, hence propelling the studied market towards growth. In July 2020, Diazyme partnered with Maccura Biotechnology USA to launch a Food and Drug Administration Emergency Use Authorization (FDA EUA) approved SARS-CoV-2 RT-PCR diagnostics test. Moreover, in April 2021, Labcorp launched Pixel by Labcorp's COVID-19 PCR Test Home Collection Kit for small businesses, this is aimed at providing fast, convenient, and reliable testing for end users. Furthermore, due to the wide use of various agents in vaccine research and development, the market under study is expected to show growth during the forecast period

The growth of the global biochemical reagents market can be attributed to factors, such as a rising focus on R&D, widening the application of biochemical reagents in the life science and healthcare sectors, technological advancements, and increasing demand for diagnostics and imaging across the world, owing to the growing risks of chronic diseases. For Instance, In February 2021, Hangzhou SciwindBiosciences Co. Ltd (Sciwind), a clinical-stage fast-growing biopharmaceutical company, received USD 37 Million Series B financing from LYFE Capital to accelerate research and development of innovative biologics in the therapeutic area of chronic metabolic and immunological diseases. According to the International Diabetes Federation(IDF), in 2021, the number of adults with diabetes in Mexico was 14.1 million, and it is expected to reach 21.2 million by 2045. The rising number of diabetes cases will lead to the rise in research to develop novel treatments for such chronic diseases, thereby leading to market growth through the adoption of biochemical reagents in research. The development of advanced analytical technologies, such as polymerase chain sequencing, next-generation sequencing, and biochips are driving the growth of the global biochemical reagents market.

Also, innovative product launches are expected to drive the growth of the market. In December 2021 Sino Biological Inc launched a panel of research reagents for the newly identified Omicron variant of the SARS-CoV-2 virus, which raised concerns around the world.

Thus the above-mentioned factors are expected to drive the growth of the market during the forecast period.