Biochemical Reagents Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Biochemical Reagents Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The biochemical reagents market is projected to register a CAGR of 9.1% during the forecast period.

During the COVID-19 pandemic, there is a rising demand for biochemical reagents, which in turn will push the growth of the biochemical reagents market during the study period. COVID-19 is a type of infectious disease, and the infection rate of the disease has been rising exponentially across the world. The rising number of COVID-19 cases is increasing the demand for tests and several types of research that will require reagents, hence propelling the studied market towards growth. In July 2020, Diazyme partnered with Maccura Biotechnology USA to launch a Food and Drug Administration Emergency Use Authorization (FDA EUA) approved SARS-CoV-2 RT-PCR diagnostics test. Moreover, in April 2021, Labcorp launched Pixel by Labcorp's COVID-19 PCR Test Home Collection Kit for small businesses, this is aimed at providing fast, convenient, and reliable testing for end users. Furthermore, due to the wide use of various agents in vaccine research and development, the market under study is expected to show growth during the forecast period

The growth of the global biochemical reagents market can be attributed to factors, such as a rising focus on R&D, widening the application of biochemical reagents in the life science and healthcare sectors, technological advancements, and increasing demand for diagnostics and imaging across the world, owing to the growing risks of chronic diseases. For Instance, In February 2021, Hangzhou SciwindBiosciences Co. Ltd (Sciwind), a clinical-stage fast-growing biopharmaceutical company, received USD 37 Million Series B financing from LYFE Capital to accelerate research and development of innovative biologics in the therapeutic area of chronic metabolic and immunological diseases. According to the International Diabetes Federation(IDF), in 2021, the number of adults with diabetes in Mexico was 14.1 million, and it is expected to reach 21.2 million by 2045. The rising number of diabetes cases will lead to the rise in research to develop novel treatments for such chronic diseases, thereby leading to market growth through the adoption of biochemical reagents in research. The development of advanced analytical technologies, such as polymerase chain sequencing, next-generation sequencing, and biochips are driving the growth of the global biochemical reagents market.

Also, innovative product launches are expected to drive the growth of the market. In December 2021 Sino Biological Inc launched a panel of research reagents for the newly identified Omicron variant of the SARS-CoV-2 virus, which raised concerns around the world.

Thus the above-mentioned factors are expected to drive the growth of the market during the forecast period.

Key Market TrendsChromatography Segment Captures the Largest Market Share and is Expected to Retain its Dominance over the Forecast Period

The oscillations in the pharmaceutical and biopharmaceutical industries across the world directly affect the demand for chromatography reagents, owing to a wide application spectrum, such as for drug delivery, separation of chemical and biomolecules, diagnostics, and protein purification. In addition, the rise in the prevalence of chronic diseases and outbreaks of infectious diseases is leading to increased spending on disease-related research and increased spending on the R&D of pharmaceuticals.

According to Statistics published by HIV.gov in June 2021, approximately 1.2 million people in the United States have HIV (Human Immunodeficiency Virus) resulting in a total of 34,800 HIV infections with a rate was 12.6 (per 100,000 people). Also, the article titled ‘ A nationwide population-based study of incidence and mortality of lung cancer in idiopathic pulmonary fibrosis ‘ published in Nature Journal in January 2021 mentioned that the prevalence of lung cancer in idiopathic pulmonary fibrosis cases was 6.4%. The article also mentioned that of the 464 patients in the IPF with Lung Cancer group, 54.7% were diagnosed with idiopathic pulmonary fibrosis before lung cancer 27.4% has a simultaneous diagnosis of idiopathic pulmonary fibrosis and lung cancer and 17.9% were diagnosed with lung cancer idiopathic pulmonary fibrosis. Such prevalence of various chronic diseases is also expected to drive the demand for chromatography techniques as these techniques are predominantly used in the drug discovery and manufacturing process, thereby to the growth of the studied segment. Moreover, the increasing adoption rates of advanced therapeutics and diagnostics methodologies are leading to higher adoption of chromatography agents during manufacturing quality control, research, and development phases. Thus, considering all these factors, chromatography agents are expected to retain their dominance over the forecast period.

North America Captured the Largest Market Share and is Expected to Retain its Dominance

North America dominated the global biochemical reagents market, with the United States being the major contributor to the market. The presence of major market players and huge pharmaceutical and biopharmaceutical industries, coupled with the rising investments in the country for the adoption of advanced technologies, are expected to boost the regional growth of the market over the forecast period. The incidence of other chronic diseases, like cancer, is also high in the United States. As per the 2022 report by the American Cancer Society, there will be an estimated 1.9 million new cancer cases diagnosed in 2022. As per a July 2022 update by the Center for Disease Control and Prevention(CDC), there are around six in ten Americans living with at least one chronic disease and four in ten adults have two or more chronic diseases. These diseases are one of the major causes of death and disability in North America. Also, the Centers for Disease Control and Prevention in March 2021 published that more than 1 in 7, which is 15% of the United States adults are estimated to have chronic Kidney disease in 2021. such prevalence of chronic diseases is expected to drive the growth of the market. Therefore, for the early and effective diagnosis of the diseases, the demand for biochemical reagents is expected to increase, hence augmenting the studied market during the study period. The investments in R&D of various simpler technologies for biopharmaceutical industries are also expected to propel the market growth in the region.

The innovative product launches are expected to drive the growth of the market in this region. For instance, in March 2021 Promega Corporation launched XpressAmp direct amplification reagents that facilitate RNA extrtaction- free sample preparartion that is automation- friendly.

Thus the above mentioned factors are expected to drive the growth of the market during the forecast period.

Competitive Landscape

The presence of major market players, such as Thermo Fisher Scientific, Abbott Laboratories, Agilent Technologies Inc., Beckton Dickinson and Company, Bio-Rad Laboratories, and Merck KGaA, is expected to increase the overall market competition. The increasing innovation and rise in investments for various public and private organizations are expected to intensify the industry rivalry across the world.

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