BIOTECHNOLOGY REAGENTS AND KITS MARKET ANALYSIS

Biotechnology Reagents and Kits MarketSize and Trends

The global biotechnology reagents and kits market was valued at US$ 595.3 Mn in 2022 and is forecast to reach a value of US$ 1426.7 Mn by 2030 at a CAGR of 11.5% between 2023 and 2030. The global biotechnology reagents and kits market is experiencing strong growth due to the Increasing research and development expenditure for life sciences and biotechnology research. Moreover, high investments in the molecular biology is expected to boost the market growth. However, factors such as high cost of advanced molecular testing equipment are expected to hamper the market growth

Global Biotechnology Reagents and Kits Market Trends:

Increasing government activities

• Increasing government activities are also fostering commercial expansion in the global biotechnology reagents and kits market over the forecast period. For instance, the Global Action in Healthcare Network (GAIHN) and the Global AR Laboratory and Response Network (Global AR Lab & Response Network) were launched by the Centres for Disease Control and Prevention (CDC) and the Centres for Disease Control and Prevention (CDC) in December 2021 to combat antimicrobial resistance (AR), infectious diseases, and other healthcare threats.
• Furthermore, researcher community is actively engaged in assessing the potential of LAMP technology through various modes. For instance, in October 2020, researchers evaluated the feasibility of using dry reagents LAMP assay for COVID-19 detection. This study found the method to be highly sensitive and specific. The same study also stated that LAMP-based COVID-19 detection could enable POC diagnosis in low-cost settings.