Biotechnology reagents & kits market size worth $1.14 trillion by 2028

The global biotechnology reagents & kits market size is expected to reach USD 1.14 trillion by 2028, registering a CAGR of 16.5% over the forecast period, according to a new report by Grand View Research, Inc. Key factors driving the market include the introduction of novel and advanced products, a rise in investments in the biotechnology sector, and increasing demand for synthetic biology.

Increasing research and development expenditure for life sciences and biotechnology research is expected to drive the market significantly in the coming years. Over the past few decades, the biotechnology sector has witnessed a paradigm shift toward new treatments & drugs, biologically controlled production processes, genetically modified foods, biologically based computing, and new materials, thereby propelling the market growth.

Advancements in molecular diagnostic techniques, such as droplet digital PCR, NGS, and genome-wide sequencing with respect to accuracy, reproducibility, and timeline, have influenced the adoption of biotechnology reagents & kits in the market. The advent of long-read sequencing has made sequencing of longer strands of DNA possible by only reading single DNA molecules, in turn, driving the market growth.

Cell culture technology accounted for the largest revenue share in 2020 owing to the vast product portfolio offered by the key entities and expanding cell biology research. RNA-Seq using NGS technology has emerged as the method of choice for research communities investigating the transcriptome. The virus segment dominated the market in 2020 with increased adoption in cell & gene therapies and vaccinology. The ongoing pandemic has positively impacted the market growth as focused efforts are being conducted for vaccine development using viral vectors.

North America captured the maximum revenue share in 2020 with the U.S. being the largest contributor. The presence of key players coupled with active involvement in research activity has contributed to the maximum share of the region. Asia Pacific is projected to register the fastest CAGR from 2021 to 2028 owing to the improvements in health care infrastructure, entry of large biotechnological organizations, and increasing R&D activities. The key players in the global market are engaged in collaboration with biopharma developers to support their product development process. PR Newswire