Laboratory Biochemical Reagent Market Size, Share, Growth, and Industry Analysis, By Type (PCR Reagent Kits, Cell and Tissue Culture Reagents, Electrophoresis reagents, Chromatography reagents and Others), By Application (Hospitals, Diagnostic Centers, Academics and Research, Pharma and Biotech Companies and CROs), Regional Forecast To 2031

Updated On: 15 April 2024

Laboratory Biochemical Reagent Market Report Overview

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The global laboratory biochemical reagent market size was USD 15620 million in 2022 and is projected to touch USD 36529 million by 2031, at a CAGR 9.9% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

The global laboratory biochemical reagent is also known as, clinical laboratory reagents. It is a chemical substance used in laboratory testing and analysis of biological materials, such as blood, urine, and other bodily fluids. These reagents are typically used to identify, measure, or manipulate the chemical components of the samples being analyzed. These reagents are an essential component of the diagnostic and research processes in the fields of medicine, biotechnology, and life sciences which is driving the market.

The global laboratory biochemical reagent market progression can be credited to the upsurge in the demand due to growing prevalence of chronic diseases. The growing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases has led to an increase in the demand for laboratory biochemical reagents used in diagnostic testing. These reagents include molecules such as vitamins, amino acids, and nucleotides, which are known to be essential for life. Biochemical reagents further include inorganic and organic chemicals that find their applications in life science. Therefore, these reagents could be detergents, salts, and other small molecules that can impart biological effects or are essential for biological assays.

COVID-19 Impact: Pandemic led to increase demand for diagnostic testing kits and reagents

The effects of the COVID-19 pandemic are already being felt on a global level, the global laboratory biochemical reagent market was significantly influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. The pandemic had a significant impact on the healthcare as well. The lockdown measures and restrictions on transportation have resulted in delays in the delivery of reagents, leading to increased prices and shortages in some regions. There has been a sudden increase in the demand for diagnostic testing kits and reagents, which are essential for the detection of the virus is expecting this market to grow high.

Latest Trends:

"Growing demand for molecular diagnostics to escalate market expansion"

There has been an increasing demand for molecular diagnostic tests that can detect genetic and protein markers in samples. This technique is more precise and sensitive than traditional diagnostic methods, making it an attractive option for healthcare professionals. Molecular diagnostics can detect diseases at an early stage, which can help improve patient outcomes and reduce healthcare costs. This trend is expected to drive the growth of the laboratory biochemical reagent market.

Laboratory Biochemical Reagent Market SEGMENTATION

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• By Type

Based on type, the global laboratory biochemical reagent market is divided into PCR reagent kits, cell and tissue culture reagents, electrophoresis reagents, chromatography reagents and others.

• By Application

Based on application, the market is divided into hospitals, diagnostic centers, academics and research, pharma and biotech companies and CROs.

Driving Factors

"Increasing use of CRISPR technology to offer growth opportunities"

CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) technology is a revolutionary gene-editing tool that is being used in research and clinical applications. Manufacturers are developing a wide range of products to meet this demand, including Cas proteins, gRNAs, and CRISPR detection kits. These products are designed to provide high specificity, sensitivity, and efficiency, making them essential components of CRISPR workflows. The use of CRISPR technology is expected to drive the demand for specialized laboratory biochemical reagents.

"Increasing demand for automation to aid market growth"

There is a growing demand for automation in laboratory workflows to improve efficiency and accuracy. This is particularly important in fields like clinical diagnostics and drug discovery, where accurate and reproducible data is critical. It enables laboratories to process large volumes of samples quickly and efficiently, allowing for high-throughput screening of potential drugs or other compounds. This trend is expected to drive the adoption of laboratory biochemical reagents that can be easily integrated into automated systems.

RESTRAINING FACTORS

"Limited shelf life and stringent regulatory requirements to hinder market progress"

Many biochemical reagents have a limited shelf life and must be stored and transported under specific conditions to maintain their stability and effectiveness. This can add to the cost and complexity of using these reagents, particularly for laboratories with limited storage space or resources. Biochemical reagents used in clinical diagnostics or drug discovery must meet stringent regulatory requirements, which can be time-consuming and costly to obtain. This can limit the number of suppliers and increase the cost of the reagents.

Laboratory Biochemical Reagent Market Regional Insights

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"North America to dominate the market due to the increased investment in healthcare sector"

North America captured the largest share. The presence of many biopharmaceutical companies coupled with the nation’s increased investment in the biotechnology and healthcare sector has led to this growth. The healthcare industry in North America is well-established and has a strong demand for biochemical reagents for various applications such as clinical diagnostics and research. The region has a large number of hospitals, clinics, and research centers that require biochemical reagents for their daily operations.

Asia-Pacific is likely to hold the second-largest share in the market. This region has witnessed significant growth in research and development activities in the life sciences sector. The healthcare industry in the Asia Pacific region is rapidly growing due to rising healthcare awareness, increasing government initiatives, and a large population. This has led to an increase in demand for laboratory biochemical reagents for various applications such as research, diagnostics, and drug discovery.

Key Industry Players

"Market Players to adopt organic strategies to gain constant growth in the market"

The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Beckton, Dickinson & Company (U.S.)
• Merck & Co. Inc. (Germany)
• Abbott Laboratories (U.S.)
• Agilent Technologies, Inc. (U.S.)
• Waters Corporation (U.S.)
• Siemens Healthineers (Germany)
• Thermo Fisher Scientific Inc (U.S.)
• Bio-Rad Laboratories (U.S.)
• Roche Holding AG (Basel, Switzerland)
• Johnson & Johnson (U.S.)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.