Research & Development (R&D) is defined as the process of creating new products, processes, and technologies that can be used and marketed for mankind’s benefit in the future. The increase in R&D investment in Asia, particularly China, and the consecutive annual growth in R&D spending in North America indicate a period of stability, security, and healthy competition, across the industrial sectors. As per the 2019 Global R&D funding forecast, the annual study published by R&D magazine, a publication of Advantage Business Marketing revealed that global R&D investment has increased by around 3.6% in 2019 to a total of USD 2.3 trillion, in purchasing power parity (PPP) values for the more than 110 countries having significant R&D investments (more than $100 million). Thus, increased research and R&D investments in the life science industry are augmenting the growth of the market.
In addition, technological advancements, and rising incidence of infectious diseases and genetic disorders are some factors that are spurring the growth of the market.
Key Market Trends
Polymerase Chain Reaction Segment is Expected to Show Better Growth in the Forecast Years
Based on the Application, it is segmented into polymerase chain reaction (PCR), sequencing, epigenetics, and other applications. The growth of the segment is mainly attributed to the increasing prevalence of genetic, infectious, and chronic diseases. PCR based tests are increasingly being used to guide patient management, particularly in the fields of infectious disease, cancer, and congenital abnormalities. According to the WHO, cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. The PCR techniques are routinely used for tumor profiling and detection of bacterial infections. Pertaining to broad applications of PCR in the field of molecular biology, the market segment is expected to show better growth during the forecast period.
North America is Expected to Dominate the Market
The molecular biology enzymes, kits and reagents market dominates the North America region due to increasing prevalence of genetic and chronic disorders, such as cancer, and favorable government initiatives. According to the American Cancer Society, approximately 1,735,350 new cancer cases were diagnosed in the United States in 2018 and there were around 609,640 deaths during the same year. Furthermore, growing geriatric population, along with rising R&D activities in the region is expected to drive the market over the forecast period.
The global players into the molecular biology enzymes, kits, and reagents market are Agilent Technologies, Inc., F.Hoffmann-La Roche Ltd., Illumina, Inc., Lucigen Corporation, Merck KGaA, New England Biolabs, Promega Corporation, Qiagen NV, Takara Bio Inc. and Thermo Fisher Scientific.
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