The market for Biotechnology Reagents is expected to reach $81.2 billion by the end of 2021 growing at a CAGR of around 7.4% from 2016 to 2021. Biotechnology reagent is a chemical substance that is added to the system in order to bring about a chemical reaction. The biotechnology reagents are mainly used in the field of research, diagnosis, genetics, education and commercial applications. The market is growing at a great pace due to large number of companies investing in the manufacturing segment of reagents. The market is further growing because of advancement in the techniques of production leading to a rise in the manufacturing capacity.
North America is considered to have the largest market share due to faster approvals for the newly invented reagents. The Global Biotechnology Reagents Market is segmented on the basis of Type (DNA Sequencing reagents, Flow Cytometry reagents, Immunoassay reagents, Hematology reagents, PCR reagents, Chromatography reagents, Cell & Tissue Culture reagents, Protein Synthesis reagents, Electrophoresis reagents and Mass Spectrometry reagents.
Huge investments by private players in research & development, stem cell research on a rise, rise in the number of market players and increase in the use reagents in commercial and research fields are some of the factors augmenting the market growth.
Advancement in technology of automated instrumentation will lead to a fall in demand of reagents and lack of skilled personnel to handle the reagents are hampering the growth of the market.
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