Global biochemical reagent market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Biochemical reagents are organic compounds or biological materials used in life science & medical research and in clinical diagnostics. It is known for the identification of certain metabolisms and distinguishes between bacteria.
The factors that are playing a major role in the growth of biochemical reagent market are rising R&D activities, increasing occurrence of diseases like neurological, cancer, and cardiovascular, increasing awareness among patients regarding biochemical reagents, and high demand from various sectors like pharmaceutical, R&D, biotechnology, and medicine research. Also, technological enhancements such as deoxyribonucleic acid biochips and sequencing & polymerase chain sequencing boosts overall market growth in the upcoming years. However, the high cost may restrain overall market growth in the years to come. Biochemical reagent market is segmented based on product type, application, end-user, and region.
Flow cytometry reagent kits, chromatography reagents, electrophoresis reagents, cell & tissue culture reagents, PCR reagent kits, and other product types are explored in the market. The chromatography reagents sector comprises HPLC & UHPLC solvents, LC-MS solvents & reagents, GC solvents, and ion chromatography reagents. The cell & tissue culture reagents sector comprises mycoplasma kits and reagents, biological buffers, cell dissociation enzymes, antibiotics, biological detergents, and cell-viability kits.
The market is categorized based on applications like disease diagnosis, drug discovery & development, forensic studies, and others. Research & academic institutions, contract research organizations, forensic laboratories, hospitals, clinical laboratories, and other end-users are explored in the biochemical reagent market.
Globally, North America accounted for the substantial market share of biochemical reagent and is estimated to lead overall market in the years to come. The reason behind overall market growth could be development in infrastructure like laboratories and R&D sectors, rising healthcare expenditure and increasing awareness among patients regarding biochemical reagent. The United States is a major consumer of biochemical reagent in this region. The reason could be the presence of key producers in the region.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The developing countries like India and China are major consumers of biochemical reagent in this region. The reason could be developing healthcare and R&D sectors and rising awareness among populace.
The key players of biochemical reagent market are Waters Corporation, Beckton, Agilent Technologies, Inc., Dickinson & Company, Abbott Laboratories, and Merck & Co., Inc. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
Research Support Specialist, USA