Biochemical Reagent Market to reach $57.1 Billion by 2030; the biochemical reagent market is expanding due to rising prevalence of chronic diseases, a growing biopharmaceutical industry, increasing drug discovery, advancements in drug screening and g

The Biochemical Reagent Market size is estimated to reach $57.1 Billion by 2030, growing at a CAGR of 8.2% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, Biochemical Reagent Market - By Type (Chromatography Reagents, Cell & Tissue Culture Reagents, PCR Reagents, Electrophoresis Reagents, Flow Cytometry Reagents, Others), By Product Type (Peptides, Proteins, Lipids, Carbohydrates, Histology products, Stains, Others), By Application (Drug Discovery & Development, Genomics, Proteomics, Diagnostics, Biotechnology Research, Others), By End User (Biotechnology & Pharmaceutical Companies, Academic and Research Institutes, Hospitals and Diagnostic Laboratories, Contract Research Organizations (CROs), Contract Development and Manufacturing Organizations (CDMOs) ) and By Geography - Opportunity Analysis & Industry Forecast, 2024-2030”.

Due to the growing burden of chronic diseases, there is a growing demand for biochemical reagents. Additionally, the growing pharmaceutical industry, increasing drug discovery, advancements in drug screening are also boosting the demand for biochemical reagents.

North America held 37% of the market share in Biochemical reagent market in 2023. North America, especially the United States, has well-established biotechnology and pharmaceutical industries with strong research and development capabilities. The world's greatest public funder of biomedical research is the National Institutes of Health. The majority of the $45 billion in appropriations made by the NIH for the fiscal year 2022 went toward research aimed at improving life and lowering disease and disability. Research supported by the NIH has produced ground-breaking findings and novel therapies that have extended life expectancy and improved health while laying the groundwork for future discoveries. Additionally, the regulatory environment in North America, particularly the United States, is generally supportive of innovation and investment in the life sciences sector. This has fostered a favourable climate for the growth of the biochemical reagent market.

The increasing global burden of chronic diseases like cancer, diabetes, and cardiovascular conditions, along with the ongoing threat of infectious diseases such as COVID-19, is driving the demand for biochemical reagents in diagnostics and drug development. According to the European Commission, approximately 10 million people across Europe and North America currently suffer from Graves’ disease, most common cause of hyperthyroidism. The World Health Organization (WHO) warns that NCDs, including cardiovascular diseases, cancer, diabetes, and respiratory illnesses, will account for 86% of the 90 million deaths annually by 2050. This represents a overwhelming 90% increase in absolute numbers since 2019.

The demand for biochemical reagents is significantly rising due to the growing role of molecular diagnostics, which are crucial in detecting genetic mutations, infectious diseases, and biomarkers for cancer. Techniques like polymerase chain reaction (PCR) and next-generation sequencing (NGS) rely heavily on biochemical reagents such as enzymes, primers, and probes. These reagents enable precise and rapid analysis in clinical diagnostics, supporting the shift towards personalized medicine. For example, molecular diagnostics played a vital role in the global response to COVID-19, with PCR testing being a primary method of detecting the virus. This increased the need for high-quality biochemical reagents across labs worldwide.

Key companies profiled in the Biochemical Reagent Market are Thermo Fisher Scientific, Bio-Rad Laboratories, Abbott Laboratories, F. Hoffmann-La Roche Ltd, Qiagen, Danaher Corporation, Merck KGaA, BASF, Johnson & Johnson, LyondellBasell Industries and others.

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