Biochemical Reagents Market: Current Analysis and Forecast (2022-2028)

Biochemical reagents are used to perform chemical reactions controlled by biomolecules in living organisms and to study elements and compounds. These biochemical reagents may include some essential molecules such as peptides, proteins, lipids, vitamins, carbohydrates, amino acids, nucleotides, and others. Further, biochemical reagents include inorganic and organic chemicals that find their applications in life science. Detergents, salts, and other tiny molecules that have biological effects or are necessary for biological assays could therefore be these reagents. In recent years, the demand for these reagents has risen due to the leading market players' increased focus on research and development in the industry. These major players are concentrating on expanding the use of biochemical tools in the healthcare and life science industries. For instance, in 2021, Sino Biological Inc launched a panel of research reagents for the newly identified Omicron variant of the SARS-CoV-2 virus.

The biochemical reagents market is expected to grow at a steady rate of around 9% owing to technological advancement coupled with the increasing demand for diagnostics and screening. Also, the increasing prevalence of infectious diseases, which requires early diagnosis is creating the opportunity for the biotechnology industry players to produce effective reagents to carry out various diagnostic tests. Moreover, the launching of new diagnostic tests and assays is contributing to the growth of the biochemical reagents market. For instance, in April 2019, Roche launched the Ventana HER2 Dual ISH DNA Probe Cocktail assay for the detection of the HER2 biomarker in breast and gastric cancer patients to determine the eligibility for the targeted drug trastuzumab (Herceptin).

Based on product type, the market is segmented into polymerase chain reaction reagent kits, cell and tissue culture reagents, electrophoresis reagents, chromatography reagents, and others. The polymerase chain reaction reagent kits category is to witness significant CAGR during the forecast period. These reagents are used in the screening and diagnosis of chronic diseases because of the rise in the prevalence of chronic diseases such as cancer, immune system disorders, and metabolic disorders which will boost the growth of this segment. For instance, according to the data published by the American Cancer Society (ACS), in January 2020, around 1.8 million new cancer cases were diagnosed.

Based on end-user, the biochemical reagents market has been classified into biotechnology companies, pharmaceutical companies, contract research organizations, contract development and manufacturing organizations (CDMO), and others. The pharmaceutical companies category is to witness higher adoption of biochemical reagents during the forecast period. This is mainly due to additional funding & investment for research from government agencies and non-profit organizations. For instance, as per India Brand Equity Foundation (IBEF), in May 2020, the Department of Biotechnology received Rs. 2,581 crores (USD 343.56 million) in the Union Budget 2022-23 for the development of fundamental infrastructure, genetic engineering, technologies and bioinformatics, agricultural biotechnology, and training qualified professionals.

For a better understanding of the market adoption of the biochemical reagents industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the availability of many biopharmaceutical companies coupled with the increased investment in the biotechnology and healthcare sector has led to this growth in the region. Also, increasing investment in manufacturing companies and academic and research institutions for the development of gene synthesis-based products like precision medicine, diagnostic products for various types of diseases, and other treatments.

Some of the major players operating in the market include: Thermo Fisher Scientific Inc.; Abbott; Agilent Technologies, Inc.; BD; Bio-Rad Laboratories, Inc.; Merck KGaA; Waters Corporation; Siemens Healthineers Private Limited; F. Hoffmann-La Roche Ltd; Beckman Coulter, Inc.