The global biotechnology reagents market is expected to witness a CAGR of 7.4% during the forecast period of 2018-2023, and is expected to be valued at USD 87.2 billion by the end of 2022. Owing to a large number of companies investing in the manufacturing of reagents, the demand for these reagents is growing at a robust pace.
Stem cells are now being considered as a treatment option for regenerative and for lifesaving therapies. Research on the ethically sourced adult stem cells has been garnering popularity since 2010. The drug manufacturing companies have initiated stem cell research and several players in the pharmaceutical industry are using these cells to test the toxicity of drugs, which helps them identify new therapies. These researchers and pharmaceutical companies are studying stem cells for basic research, toxicity test, drug discovery, and future applications. A wide range of reagents, such as stem cell culture media, laboratory reagents, etc., are necessary to meet the stem cell culture needs. With the booming stem cell research, it is anticipated that the demand for biotechnology reagents will grow over the forecast period.
The other factors that also drive the market are - exponential rise of the biotechnology industry across the globe, significant investments by private players in R&D, and rise in the number of market players.
The reagents used for life science research usually involve high costs. Hence, availability of the services that require reagents in the developing regions is often limited by the high costs associated with reagents. To counter this issue, various measures are being undertaken, such as manufacturing of low-cost reagents. Local development of reagents may become a time-consuming process, as most of the reagents manufactured by the local companies may result in low-quality reagents. Therefore, high costs act as a barrier for the market studied.
Stringent government regulations for the approval of reagents are expected to lead to a fall in the demand for reagents and lack of skilled personnel to handle the reagents, thus hampering the growth of the market studied.
North America dominates the global biotechnology reagents market and incurs the highest expenditure for global R&D. The United States accounted for the largest share of 73%, in 2016. The North American segment is on a rise, because of the ongoing research in biological sciences, considerable investments by various biotechnology companies, and the consistently increasing utilization of biotechnology reagents in the market. Due to the ongoing research and outsourcing activities in the field of life science, Asia-Pacific also has lucrative opportunities for growth over the forecast period.
Major Players: GE Healthcare, Siemens Healthcare, Abbott, Waters Corp., Beckman Coulter, Roche, Lonza, EMD Biosciences, Bio Rad Laboratories, Sigma Aldrich, and Olympus Biotech, among others
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