The biotechnology reagents market is expected to register a CAGR of nearly 7.4% over the forecast period. Certain factors that are driving the market growth include high R&D expenditure by biotechnology companies, increasing interest in stem cell research, and a rise in the number of biotechnology firms. The 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. These researchers and pharmaceutical companies are studying stem cells for basic research, toxicity test, drug discovery, and future applications. A wide range of reagents, such as stem cell culture media, laboratory reagents, etc., are necessary to meet the stem cell culture needs. With the booming stem cell research, the demand for biotechnology reagents is estimated to grow over the forecast period. Other factors that drive the market include an exponential rise of the biotechnology industry worldwide, significant investments by private players in R&D, and a rise in the number of market players.

Key Market Trends

Chromatography is Expected to Hold Significant Market Share in the Type of Analytical Reagents

Chromatography is a separation technique mainly used in drug discovery to validate the specificity, sensitivity, and purity of drugs. Chromatographic procedures have been largely used for analytical procedures and methods validation for drugs and biologics. Chromatographic techniques provide accurate results to validate characters, such as specificity, linearity, accuracy, precision, range, quantitation limit, and detection limit of various drugs. Chromatography reagents are used in a variety of applications, including high-performance liquid chromatography (HPLC), ion chromatography, flash chromatography, and complexometric titration. These reagents provide more precise, cost-effective separations, superior reproducibility, and accurate results in all forms of analytical chromatography. Since the chromatography techniques are well-established across the world, the demand for their reagents is consistently high for various pathological and academic purposes. Furthermore, the increased funding for research in the field of Biotechnology is also boosting segment growth.

North America Dominates the Market and is Expected to Dominate in the Forecast Period

North America dominates the biotechnology reagents market and incurs the highest expenditure for global R&D. The United States accounted for the largest share. The North American segment is on a rise, due to various ongoing research in biological sciences, considerable investments by various biotechnology companies, and the consistently increasing utilization of biotechnology reagents in the market. Owing to the ongoing research and outsourcing activities in the field of life science, Asia-Pacific also has lucrative opportunities for growth over the forecast period.

Competitive Landscape

The biotechnology reagents market is highly competitive and with a good number of players. Companies like Abbott Laboratories, Agilent Technologies, Danaher Corp (Beckman Coulter), Becton Dickinson & Company, Bio-Rad Laboratories, GE Healthcare, Siemens Healthcare, Merck KGaA (Sigma Aldrich Corporation), Thermo Fisher Scientific Inc., and Waters Corporation, among others, hold a substantial market share in the market studied.

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