The growth of the global biochemical reagents market can be attributed to factors, such as a rising focus on R&D, widening the application of biochemical reagents in the life science and healthcare sectors, technological advancements, and an increasing demand for diagnostics and imaging across the world, owing to the growing risks of chronic diseases. The development of advanced analytical technologies, such as polymerase chain sequencing, next-generation sequencing, and biochips are driving the growth of the global biochemical reagents market.
Key Market Trends
Chromatography Segment Captures the Largest Market Share and is Expected to Retain its Dominance over the Forecast Period
The oscillations in the pharmaceutical and biopharmaceutical industries across the world directly affect the demand for chromatography reagents, owing to a wide application spectrum, such as for drug delivery, separation of chemical and biomolecules, diagnostics, and protein purification. In addition, the rise in the prevalence of chronic diseases and outbreaks of infectious diseases is leading to increased spending on disease-related research and increased spending on R&D of pharmaceuticals. Moreover, the increasing adoption rates of advanced therapeutics and diagnostics methodologies is leading to higher adoption of chromatography agents during manufacturing quality control, research and development phases. Thus, considering all these factors, chromatography agents are expected to retain their dominance over the forecast period.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America dominated the global biochemical reagents market, with the United States being the major contributor to the market. The presence of major market players and huge pharmaceutical and biopharmaceutical industries, coupled with the rising investments in the country for the adoption of advanced technologies, are expected to boost the regional growth of the market over the forecast period. The investments in R&D of various simpler technologies for biopharmaceutical industries are also expected to propel the market growth in the region.
The presence of major market players, such as Thermo Fisher Scientific, Abbott Laboratories, Agilent Technologies Inc., Beckton Dickinson and Company, Bio-Rad Laboratories, and Merck KGaA, is expected to increase the overall market competition. The increasing innovation and rise in investments for various public and private organizations are expected to intensify the industry rivalry across the world.
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