DUBLIN--(BUSINESS WIRE)--The "Molecular Biology Enzymes, Kits, and Reagents Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Application, and End User" report has been added to ResearchAndMarkets.com's offering.
The molecular biology enzymes, kits, and reagents market was valued at US$ 10,987.17 million in 2020 and it is projected to reach US$ 41,104.71 million by 2028; it is expected to grow at a CAGR of 17.8% during 2021-2028.
The growth of the market is attributed to a few key driving factors such as healthy funding for genomics, declining cost of sequencing procedures, and increasing prevalence of chronic diseases. However, the dearth of skilled professionals hinders the market growth.
The molecular biology enzymes, kits, and reagents market is witnessing substantial growth amid the COVID-19 pandemic. The majority of the healthcare research organizations, market players, and academic centers are actively engaged in the research and development activities to develop new vaccines and therapeutic platforms for novel coronavirus that causes COVID-19.
This extensive rise in research and development activities is expected to boost the demand for molecular biology kits and reagents, which, in turn, would drive the growth of the molecular biology enzymes, kits, and reagents market in the coming years.
Based on product, the molecular biology enzymes, kits, and reagents market are bifurcated into enzymes and kits & reagents. The market, by enzymes, is further segmented into polymerases, ligases, reverse transcriptases, phosphatases, proteases and proteinases, restriction endonuclease, and other. The kits & reagent segment held a larger market share in 2020, and the same segment is estimated to register a higher CAGR during the forecast period.
The molecular biology enzymes, kits, and reagents market, based on application, is segmented into epigenetics, sequencing, synthetic biology, polymerase chain reaction, cloning, and other. In 2020, the sequencing segment held the largest share of the market. However, the polymerase chain reaction segment is estimated to register the highest CAGR during 2021-2028.
In terms of end user, the molecular biology enzymes, kits, and reagents market is segmented into biotechnological and pharmaceutical companies, hospitals and diagnostic centers, and academic and research institutes. The biotechnological and pharmaceutical companies segment held the largest share of the market in 2020, and the same segment is estimated to register the highest CAGR from 2021 to 2028.
Key Market Dynamics
Market Drivers
- Healthy Funding for Genomics
- Declining Cost of Sequencing Procedures
- Increasing Prevalence of Chronic Diseases
Market Restraints
- Dearth of Skilled Professionals
Market Opportunities
- Rise in Adoption of Molecular Diagnostics
Future Trends
- Burgeoning Demand for Personalized Medicines
Companies Mentioned
- Thermo Fisher Scientific Inc
- Illumina, Inc.
- Qiagen
- Agilent Technologies, Inc.
- F. Hoffmann-La Roche Ltd
- Merck Kgaa
- Jena Bioscience Gmbh
- Bioline Technologies
- Promega Corporation
- Rockland Immunochemicals Inc
For more information about this report visit https://www.researchandmarkets.com/r/ji0bmj
