Market Trends of Global Biotechnology Reagents Industry
This section covers the major market trends shaping the Biotechnology Reagents Market according to our research experts:
The Polymerase Chain Reaction (PCR) Segment is Expected to Witness Growth Over the Forecast Period
Polymerase chain reaction (PCR) is a technique that amplifies the amount of target nucleic acid in every cycle. It is a technique used to amplify target DNA and generate thousands to millions of copies of a particular DNA segment. PCR-based techniques have mostly been used for pre-screening analysis. PCR-based methods, like single-stranded conformation polymorphism (SSCP) analysis and Amplified fragment length polymorphism (AFLP), have been routinely used in labs to screen for various chronic and infectious diseases. As the application of PCR techniques is expanding to vast areas, developments in PCR reagents have followed suit. Different types of reagents used in PCR techniques include NA/RNA template, DNA polymerase, primers (forward and reverse), deoxynucleotide triphosphates (dNTPs), and PCR buffers.
Moreover, market players are continuously launching new products to gain a competitive advantage in the market which is expected to boost significant growth in the studied market. For instance, in March 2021, United Kingdom-based PCR Biosystems launched a range of IsoFast Bst Polymerase reagents for rapid, robust, and sensitive DNA and RNA amplification. Additionally, due to the COVID-19 pandemic, there is a positive impact on the Reagents market due to the high demand for clinical diagnostic products including reagents. As the authorities have not recommended viral culture tests, almost all the diagnostic tests use RT-PCR to test the population who have symptoms of COVID-19 and are advised by healthcare professionals to undergo a diagnostic test. For instance, in May 2020, Eurofins Technologies launched its GSD NovaPrime SARS-CoV-2 (COVID-19) CE-IVD marked real-time RT-PCR (polymerase chain reaction to reverse transcriptase chain reaction) multiplex for the direct qualitative detection of the pathogen of the new coronavirus (SARS-CoV-2). Therefore, due to the aforementioned factors, the PCR segment is expected to have a healthy growth over the forecast period.
North America Dominates the Market and the Region is Expected to Dominate during the Forecast Period
North America dominates the biotechnology reagents market and has the highest expenditure for global Research & Development activities due to which this region is expected to occupy a significant share in the biotechnology reagents market.
The major driving factors for the studied market in the North American region are the high burden of infectious diseases, huge funding for research and development activities, and the presence of robust and advanced research centers. For instance, California-based Amgen Inc. invests heavily in its research and development activities and its expenditure for research and development was USD 4.8 billion, USD 4.2 billion, and USD 4.1 billion, for 2021, 2020, and 2019, respectively, as per its 2021 company annual report. There are many other companies in the region that invest heavily in biotechnology research along with government entities such as the National Institute of Health of the United States which also provides funding for biotechnology research thus, owing to these factors, there is expected to be a high demand of biotechnology reagents in the region, and it will have significant growth over the years.
Furthermore, companies are either acquiring or merging with other companies for significant deals, and they are investing heavily in biotechnology and pharmaceutical research activities and launching new products in the region. For instance, in March 2021, PromegaCorp. launched XpressAmp Direct amplification reagent.
Moreover, the recent COVID-19 pandemic has also spurred the demand for biotechnology reagents in the region due to the increasing case of COVID-19 infection due to increased laboratory diagnosis of COVID-19 specimens. For instance, in June 2020, Galenvs Sciences Inc. entered an agreement with the Canadian Federal Government for the supply of functionalized magnetic reagents for Coronavirus RNA extraction necessary to enable the COVID-19 testing efforts across Canada.
Thus, the market is expected to grow significantly in the North American region during the forecast period
