Market Size of Global Biotechnology Reagents Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.40 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Biotechnology Reagents Market Analysis
The biotechnology reagents market is expected to register a CAGR of nearly 7.4% over the forecast period (2022-2027).
In the context of COVID-19, government organizations in various countries, research institutes, and many biotech and pharmaceutical firms are focusing on effective and rapid technologies for the fast diagnosis of COVID-19 and developing vaccines/new therapeutics to overcome the current situation. Hence, there is a huge demand for biotechnology reagents during the COVID-19 pandemic, which, in turn, is driving the market growth. For instance, in March 2020, the German Federal Ministry of Education and Research (BMBF) committed EUR 145 million of immediate funding to the Coalition for Epidemic Preparedness Innovations (CEPI) to support the development of a vaccine against COVID-19. The development of numerous diagnostic tests for COVID-19 has further driven market growth. Thus, the growing demand for the diagnosis of COVID-19 and research and development activity for the vaccines of COVID-19 boosted the demand for reagents. Hence, the respective market has a significant impact of COVID-19 on it.
Certain factors driving the market growth include high research & development expenditure by biotechnology companies, increasing interest in stem cell research, and a rise in the number of biotechnology firms. As per a May 2020 update by the India Brand Equity Foundation (IBEF), in the Union Budget 2022-23, the Department of Biotechnology was allotted INR 2,581 crores (USD 343.56 million) for developing basic infrastructure, genetic engineering, technologies, and bioinformatics, agriculture biotechnology, and training skilled professionals. This is anticipated to boost the number of research and development activities for biotechnology reagents which would fuel the market growth during the forecast period.
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 to identify new therapies. For instance, according to the International Society of Stem Cell Research, in May 2022, Cell therapy company TreeFrog Therapeutics launched The Stem Cell SpaceShot Grant, a USD 100,000 research funding in the field of stem cell biology and regenerative medicine. It's open to PhD-level scientists and Ph.D. students conducting research in stem cell biology, biophysics, gene editing, cell therapy, and bioproduction engineering. Huge investments are made in the field of stem cell research by reagents, as reagents help in the assessment of stem cells which play a major role in the identification of their characteristics. Several companies in the market specialize only in the development of reagents, which can be useful for cell-line experiments and related discoveries.
However, the high cost of reagents, coupled with stringent government regulations for approval of reagents, is the major factor restraining the biotechnology reagents market.
