Biotechnology Reagents and Kits Market Growth Accelerated by Increasing Adoption of Personalized Medicines


 Biotechnology reagents and kits play a crucial role in drug discovery, development, and production of personalized medicines based on genetic makeup of individuals. They assist in fundamental life science research, clinical diagnostics, and production of biologics and biosimilars. Increasing focus on precision medicine and companion diagnostics has boosted the adoption of biotechnology reagents and kits. The global Biotechnology Reagents and Kits Market is estimated to be valued at US$ 718.8 Mn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
The market trend of increasing adoption of personalized medicines has accelerated the growth of biotechnology reagents and kits market significantly. Personalized medicine relies on genetic testing that requires arrays of biotechnology reagents and kits to analyze DNA, RNA or protein biomarkers obtained from clinical samples. With the increasing focus on developing drugs targeted to specific genetic makeup of individuals, the demand for biotechnology reagents and kits for companion diagnostic development and molecular testing has increased substantially. Various key market players have expanded their product portfolio with biotechnology reagents and kits specifically designed for precision medicine and companion diagnostic applications, which is contributing to the market growth.

Segment Analysis
The global biotechnology reagents and kits market is dominated by the life sciences segment. Life sciences accounted for over 45% share of the global market in 2022. Life sciences research involves the study of biological processes at the molecular level, which heavily relies on biotechnology reagents and kits for various applications like nucleic acid separation, extraction and purification, cell separation and culture, electrophoresis and southern blotting, immunoassays, and chromatography. The wide use of biotechnology reagents and kits in various life sciences research processes and protocols have made it the largest sub-segment in this market.

Key Takeaways

The global biotechnology reagents and kits market is expected to witness high growth over the forecast period of 2023 to 2030. Favorable government initiatives and increasing R&D investments from pharmaceutical and biotech companies are fueling the market growth.

Regional analysis: North America dominated the global market in 2022 with over 35% share. Presence of major biotech companies and research institutes, growing investments in life sciences research, and supportive government policies are driving the demand for biotechnology reagents and kits in the region. Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising expenditure on healthcare research in countries like India and China.

Key players: Key players operating in the biotechnology reagents and kits market are Medtronic Plc, Hill-Rom Holdings, Inc. (Welch Allyn), iRythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., Lâ€TMoreal Group, Dexcom, Inc., GENTAG, Inc., Abbott Laboratories, Koninklijke Philips N.V. and other prominent players. These players are focusing on new product launches and expansion in emerging markets to strengthen their market presence.

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