Biochemical Reagents Market: Current Analysis and Forecast (2022-2028)

Report Description

The global biochemical reagents market is expected to grow at a significant rate of around 9% during the forecast period. Chemicals that are found in biological systems and can be used in life science studies are called biochemical reagents. They might be biological molecules or chemical compounds. For biochemical, molecular, and cellular biology research, a variety of reagents, including buffers, detergents, antibacterial agents, enzyme inhibitors, and substrates, are currently accessible. These reagents are also necessary for any laboratory operation. Further, the major drivers for the growth of this market are the development of cutting-edge analytical technologies such as polymerase chain sequencing, next-generation sequencing, and biochips, the launch of new products, increasing R&D expenditure by biotechnology firms, and rising stem cell research. For instance, in March 2020, Thermo Fisher Scientific introduced PowerTrack SYBR Green PCR Master Mix, a pre-formulated, universal, 2X concentration Master Mix for real-time PCR workflows with built-in visual dye-based indicators for precise reaction setup.

The prevalence of various chronic diseases such as cancer, diabetes, HIV, etc. will increase research into new treatments for these chronic diseases, which will boost the market by promoting the use of biochemical reagents in research. For instance, in 2022, data from National Center for Chronic Disease Prevention and Health Promotion around six in ten Americans live with at least one chronic disease.

Thermo Fisher Scientific Inc.; Abbott; Agilent Technologies, Inc.; BD; Bio-Rad Laboratories, Inc.; Merck KGaA; Waters Corporation; Siemens Healthineers Private Limited; F. Hoffmann-La Roche Ltd; Beckman Coulter, Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Biochemical Reagents Market Report Coverage

Insights Presented in the Report

“Amongst product type, polymerase chain reaction reagent kits category to witness robust CAGR during the forecast period”

Based on product type, the market is segmented into polymerase chain reaction reagent kits, cell and tissue culture reagents, electrophoresis reagents, chromatography reagents, and others. Among these, the polymerase chain reaction reagent kits category is to witness a higher CAGR during the forecast period. These reagents are used in the diagnosis of chronic diseases because of the rise in the prevalence of chronic diseases such as cancer, immune system disorders, and metabolic disorders which will boost the growth of this segment. For instance, according to the data published by the American Cancer Society (ACS), in January 2020, around 1.8 million new cancer cases were diagnosed.

“Amongst end-user, the biotechnology companies held a significant share in the market in 2020”

On the basis of end-user, the market is categorized into biotechnology companies, pharmaceutical companies, contract research organizations, contract development and manufacturing organizations (CDMO), and others. Among these, biotechnology companies held a significant share of the market in 2020. This is mainly due to additional funding & investment for research from government agencies and non-profit organizations. For instance, as per India Brand Equity Foundation (IBEF), in May 2020, the Department of Biotechnology received Rs. 2,581 crores (USD 343.56 million) in the Union Budget 2022–23 for the development of fundamental infrastructure, genetic engineering, technologies and bioinformatics, agricultural biotechnology, and training qualified professionals.

“North America to hold a significant share in the market”

For a better understanding of the market adoption of the biochemical reagents market industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the availability of many biopharmaceutical companies coupled with the increased investment in the biotechnology and healthcare sector which has led to this growth in the region. Also, increasing investment in manufacturing companies and academic and research institutions for the development of gene synthesis-based products like precision medicine, diagnostic products for various types of diseases, and other treatments.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global biochemical reagents market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Biochemical Reagents Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global biochemical reagents market were the three major steps undertaken to create and analyze the adoption of biochemical reagents in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global biochemical reagents market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the biochemical reagents market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the biochemical reagents market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the biochemical reagents market. Further, we conducted factor analysis using dependent and independent variables such as various product types and end-users of biochemical reagents. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the biochemical reagents market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global biochemical reagents market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the biochemical reagents market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global biochemical reagents market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global biochemical reagents market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type and end-user in the global biochemical reagents market.

The main objective of the Global Biochemical Reagents Market Study

The current & future market trends of the global biochemical reagents market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the biochemical reagents market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product type and end-user.
• Define and analysis of the regulatory framework for the biochemical reagents
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the biochemical reagents market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the biochemical reagents market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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