Biotechnology Reagents Global Market Report 2024

The global biotechnology reagents market has grown strongly in recent years. It will grow from $78.82 billion in 2023 to $86.17 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth observed in the historical period can be attributed to several key factors. Firstly, there was a significant rise in biopharmaceutical development, reflecting increased efforts in the research and production of biologically-based pharmaceuticals. Expansion in genomics and proteomics research contributed to advancements in understanding biological systems at the molecular level, driving innovation in the life sciences field. Drug discovery and development activities experienced growth, fueled by ongoing efforts to bring novel therapeutics to market. Increased funding for life sciences research played a crucial role in supporting diverse initiatives and projects. The global focus on precision medicine, which tailors medical treatment to the individual characteristics of each patient, also contributed to the expansion of biotechnology reagents as essential tools in personalized medicine approaches. These combined factors facilitated the dynamic growth of the biotechnology reagents sector in the historic period.

The global biotechnology reagents market is expected to see strong growth in the next few years. It will grow to $124.95 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The anticipated growth in the forecast period can be attributed to several key factors. Firstly, the adoption of single-cell analysis techniques is expected to drive demand for specialized biotechnology reagents. The expansion of synthetic biology, a field that combines biology and engineering principles, is likely to contribute to the growth of reagents supporting synthetic biology applications. The increasing importance of glycomics, the study of carbohydrates, is expected to further fuel demand for reagents tailored to glycomics research. The expansion of cell culture applications, biobanking, and biorepository growth are anticipated to be significant drivers, reflecting the broader trends in the life sciences and biotechnology sectors. Additionally, the global response to health crises, such as the ongoing pandemic, is expected to emphasize the importance of biotechnology research, leading to increased demand for associated reagents. Major trends in the forecast period include rapid advancements in biotechnology research, technological advances in flow cytometry, a continued focus on stem cell research, and a growing demand for CRISPR-Cas9 reagents. Customized and specialty reagents, along with a heightened emphasis on quality control and standardization, are expected to shape the landscape of the biotechnology reagents market.

The burgeoning demand for Polymerase Chain Reaction (PCR) is anticipated to be a key driver for the growth of the biotechnology reagents market. PCR, a molecular technique amplifying DNA segments, relies on biotechnology reagents to maintain optimal pH during the process, ensuring efficient DNA synthesis. This application proves vital in diagnosing infectious diseases and conducting genetic studies. Notably, the UAE-based agency Weqaya UAE conducted over 60 million RT-PCR tests, underscoring the critical role of PCR in detecting infections. The rise in PCR demand is a significant factor propelling the biotechnology reagents market.

The increasing prevalence of chronic diseases is poised to drive the growth of the biotechnology reagents market. Chronic diseases require a multifaceted approach involving individual responsibility, healthcare interventions, and societal measures. Biotechnology reagents serve as essential tools for scientists, enabling them to study, diagnose, and find potential treatments for chronic diseases. A notable projection from the National Library of Medicine indicates a 99.5% increase in the number of individuals aged 50 and older with at least one chronic condition in the US by 2050, emphasizing the growing significance of biotechnology reagents.

Technological advancement emerges as a pivotal trend in the biotechnology reagent market, with major companies focusing on innovation to strengthen their market position. For instance, CN BIO Innovations introduced the PhysioMimix in-a-box reagent kit, leveraging Organs-on-chips systems for studying diseases like non-alcoholic steatohepatitis. This innovative approach facilitates more accurate and cost-effective drug development, reflecting the impact of technology trends on product offerings in the biotechnology reagent market.

Product innovation stands out as a driving force in the biotechnology reagent market, with major companies investing in the development of novel products. Bio-Techne's launch of Kappa and Lambda RNAscope in situ Hybridization Probes demonstrates a significant advancement in the detection of immunoglobulin mRNA, catering to research and clinical diagnostic communities. This emphasis on product innovation is a strategic move to meet evolving market needs and maintain a competitive edge.

In April 2022, Meridian Bioscience, a prominent US-based life science company, completed the acquisition of Euprotein Inc. This undisclosed transaction is expected to enhance Meridian's recombinant capabilities and expedite the development of novel immunological tools. Euprotein Inc. is a biotechnology company, specializes in the development and manufacturing of bioresearch reagents, aligning with Meridian Bioscience's commitment to advancing the field through strategic acquisitions.

Major companies operating in the biotechnology reagents market report are Life Technologies Corporation, Abbott Laboratories, Abcam PLC, Agilent Technologies Inc., Beckman Coulter Inc., Becton Dickinson and Company, BioLegend Inc., bioMérieux SA, Bio-Rad Laboratories Inc., Bio-Techne Corporation, Cell Signaling Technology, Danaher Corp., General Electric incorporated, Hoefer Inc., Illumina Inc., Lonza Group Ltd., Merck KGaA Group, Meridian Bioscience Inc., Millipore Corporation, New England Biolabs Inc., Novus Biologicals LLC, PerkinElmer Inc., Promega Corporation, Quality Biological Inc., Roche Holding AG, Siemens Healthineers AG, Sigma-Aldrich Corp., Sysmex Corporation, Takara Bio Inc., Thermo Fisher Scientific Inc., Tosoh Corporation, and Water Corporation.

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 countries covered in the biotechnology reagents market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of biotechnology reagents include life science reagents, analytical reagents, and other reagents. Life science reagents are substances utilized in chemical reactions to observe data changes and analyze this data to understand the causes of diseases. These reagents find applications in diverse areas such as protein synthesis and purification, gene expression, DNA and RNA analysis, and drug testing. End-users of biotechnology reagents encompass biotech companies, research institutes, pharmaceuticals, diagnostic centers, academic institutes, and other entities.

This report provides Biotechnology reagents market statistics, including Biotechnology reagents industry global market size, regional shares, competitors with a Biotechnology reagents market share, detailed Biotechnology reagents market segments, market trends and opportunities, and any further data you may need to thrive in the Biotechnology reagents industry. This Biotechnology reagents market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The biotechnology reagents market includes revenues earned by entities by chromatography, in-vitro diagnostics, polymerase chain reaction and cell culture technologies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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