Future Outlook of the Global Biotechnology Reagents Market 2024-2033: Size and Growth Rate Predictions
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Biotechnology Reagents Market: What is the Projected CAGR for 2024-2033?
The biotechnology reagents market grew strongly, rising from $78.82 billion in 2023 to $86.17 billion in 2024, at a CAGR of 9.3%. Growth was attributed to advancements in biopharmaceuticals, genomics, proteomics, drug discovery, and funding in life sciences research.
The biotechnology reagents market is set to reach $124.95 billion by 2028, growing at a CAGR of 9.7%. The growth is driven by single-cell analysis, synthetic biology, glycomics, cell culture applications, biobanking, and global health crisis responses. Key trends include flow cytometry advancements, stem cell research, CRISPR-Cas9 reagents, specialty reagents, and quality control.
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What Are the Primary Drivers Supporting the Growth of the biotechnology reagents Market?
Lastly, the biotechnology reagents market is expected to witness growth fueled by the rising demand for polymerase chain reaction (PCR) technology, a molecular technique crucial for DNA amplification in infectious disease diagnosis and genetic studies. Biotechnology reagents play a vital role in maintaining stable pH levels during PCR processes, ensuring accurate DNA synthesis. The efficiency of PCR technology was exemplified by Weqaya UAE, which conducted over 60 million RT-PCR tests by July 2021 to detect infections amidst the pandemic. This increased demand for PCR technology, evidenced by a substantial rise in daily tests conducted, drives the biotechnology reagents market, aligning with anticipated market sizes for 2023, 2024, and 2028.
What Are the Core Segments of the Biotechnology Reagents Market?
1) By Type: Life Science Reagents, Analytical Reagents,Other Reagents
2) By Applications: Protein synthesis and purification, Gene expression, DNA and RNA analysis, Drug testing
3) By End-Users: Biotech companies, Research institutes, Pharmaceuticals, Diagnostic centers, Academic Institute, Other End-Users
What Trends Are Paving the Way for Change in the 115 Market?
Technological advancement drives progress in the biotechnology reagent market, with major companies focusing on developing innovative products based on new technologies. For instance, in April 2022, CN BIO Innovations, a UK-based company, launched the PhysioMimix in-a-box reagent kit. Designed for studying non-alcoholic steatohepatitis (NASH) and severe non-alcoholic fatty liver disease (NAFLD) in Organs-on-chips systems, this kit provides researchers with in-house capabilities for more accurate and cost-effective drug development, thereby strengthening the company’s position in the market.
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Which Regions Are Leading the Charge in Biotechnology Reagents Market Development?
North America was the largest region in the biotechnology reagents market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biotechnology reagents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Biotechnology Reagents Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the biotechnology reagents market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Biotechnology Reagents Market Include
1. Biotechnology Reagents Market Executive Summary
2. Biotechnology Reagents Market Segments
3. Biotechnology Reagents Market Size And Template Market Growth Rate
4. Key Biotechnology Reagents Market Trends
5. Major Biotechnology Reagents Market Drivers
……
25. Key Mergers And Acquisitions In The Biotechnology Reagents Market
26. Top Biotechnology Reagents Companies
27. Biotechnology Reagents Market Opportunities And Strategies
28. Biotechnology Reagents Market, Conclusions And Recommendations
29. Appendix
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