Market key trends:
One of the key trends driving the biotechnology reagents and kits market growth is the expansion of genomics and molecular diagnostics sectors. Rapid developments are taking place in the field of precision medicine, molecular testing, cancer profiling and genetic disorders screening which require advanced tools and assays involving reagents. Growing research activities focused on understanding molecular mechanisms, developing biomarkers and increasing R&D investments are resulting in high demand for nucleic acid and protein analysis kits. Various initiatives by governments worldwide to promote life-sciences industry and establishments of genome centers, research laboratories are creating more opportunities for reagents manufacturers. However, stringent regulatory approvals and quality standards introduce certain challenges for market players to ensure product safety and efficacy.
The global Biotechnology Reagents and Kits Market is estimated to be valued at US$ 718.8 Mn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Threat of new entrants: The biotechnology reagents and kits market requires huge capital investments and R&D expenses which makes it difficult for new players to enter.
Bargaining power of buyers: The presence of large number of players enables buyers to negotiate on prices. However, proprietary products give some bargaining power to vendors.
Bargaining power of suppliers: The key raw materials for biotechnology reagents and kits are easily available due to presence of global suppliers. This ensures low bargaining power of suppliers.
Threat of new substitutes: There exist few product substitutes for biotechnology reagents and kits due to unique purpose they serve in research and diagnostics.
Competitive rivalry: The market is highly competitive with presence of global as well as local players. Players compete on basis of product quality, pricing and innovation.
The global biotechnology reagents and kits market is expected to witness high growth during the forecast period.
North America is expected to maintain its dominance during the forecast period supported by huge investments in R&D activities by biotechnology companies and research organizations in the region. Asia Pacific is anticipated to witness fastest growth owing to increasing awareness, healthcare spending and expanding biotechnology sector.
Key players: Key players operating in the Biotechnology Reagents and Kits market are Medtronic Plc, Hill-Rom Holdings, Inc. (Welch Allyn), iRythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., Lâ€TMoreal Group, Dexcom, Inc., GENTAG, Inc., Abbott Laboratories, Koninklijke Philips N.V. Players are focused on new product launches, acquisitions and partnerships to strengthen their market presence.
- Source: Coherent Market Insights, Public sources, Desk research
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