The Electrophoresis Reagents Market is expected to register a CAGR of 5.5% during the forecast period. The propelling factors for the growth of the electrophoresis reagents market include the increasing funding for genomic and proteomic research, rising prevalence of chronic diseases, increasing collaborations between industry and academics, and the technological developments.
According to the World Health Organization (WHO), the prevalence of chronic diseases is expected to increase by 57% by 2020. Additionally, as per WHO, in India about 69.2 million people had diabetes in 2015. This number is projected to reach 98 million people with diabetes by 2030 in India. With the increasing cases of chronic diseases such as diabetes, prompt diagnosis and treatment are in need. Therefore, this has given rise to the electrophoresis that is used in the clinical laboratories to quantify the lipoproteins using enzymatic staining of cholesterol and triglycerides for the diagnosis of CVD and other chronic diseases, like diabetes. The electrophoresis is used in the analysis of the lipoproteins and apolipoproteins that are essential for the valuation of the CVD and monitoring of individuals on treatment.
Furthermore, the development of this market is also significantly determined by the expanding research exercises in the fields of proteomics and genomics, changing administrative necessities in the pharmaceutical part, and the developing need to reduce the healthcare expenses.
Moreover, factors like rising per capita income and increasing public healthcare expenditure are also expected to promote the growth of electrophoresis reagents market over the forecast period.
Key Market Trends
Gel Electrophoresis is Expected to Hold a Major Market Share in the Electrophoresis Reagents Market
Gel electrophoresis segment accounted for the largest market share of electrophoresis reagents market, mainly due to the low operating and instrument cost. It is, thus, because of rising applications in the pharmaceutical and biotechnology industries. According to the World Health Organization (WHO) 2018 report, estimates that approximately 422 million people worldwide have diabetes, particularly in low-and middle-income countries, and each year about 1.6 million deaths are due to diabetes. Moreover, both the incidence and prevalence of diabetes have been steadily increasing over the past few decades. Hence, owing to the above factors the segment is expected to boost in the coming years.
Asia-Pacific Region is the Fastest Growing Market and is Expected to Follow the Same Trend Over the Forecast Period
The Asia-Pacific region is expected to dominate the electrophoresis reagents market. In the emerging economies of China, Japan, and India, there has been an increasing number of academic and research institutions, technological advancements, pharmaceutical, and biotechnology companies, and health awareness. The high growth is also majorly attributed to the rapidly improving healthcare infrastructure and low labour costs in emerging countries. According to the World Health Organization (WHO) 2018 report, estimates that chronic diseases such as cardiovascular chronic respiratory diseases, diabetes and cancer were top killers in the South-East Asia Region, claiming an estimated 8.5 million lives each year. Moreover, one-third of the deaths are premature and occur before 70 years of age, thus affecting economically productive individuals. Thus, owing to the above factors the market is expected to grow rapidly in the coming years.
The Electrophoresis Reagents Market is fragmented competitive. The major players are found adopting various strategies, such as agreements, expansion, contracts, partnerships, new reagent development, joint ventures, and mergers and acquisitions in order to strengthen their position in the electrophoresis reagents market. Some of the companies which are currently dominating the market are Agilent Technologies Inc., BioAtlas, Bio-Rad Laboratories Inc., Cytiva, Lonza Group AG, Merck KGaA, Qiagen NV, Sigma-Aldrich Corporation, Takara Bio Inc. and Thermo Fisher Scientific.
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