A number of factors, such as the rising cases of genetic illnesses, surging aging population, growing healthcare expenditure, increasing incidence of cancer and infectious diseases, and rising number of research and development (R&D) activities, are projected to boost the growth of the molecular biology kits & reagents and enzymes market at a CAGR of 17.2% in the forecast period (2016–2022). According to P&S Intelligence, the market generated revenue of $4,928.3 million in 2015.
The molecular biology kits & reagents and enzymes market is witnessing the rising number of agreements, collaborations, and product launches by industry players in order to stay ahead of their competitors. For instance, New England Biolabs Inc. collaborated with AmpTec GmbH in October 2016. Under this agreement, the former will supply critical reagents to the latter for producing synthetic long ribonucleic acid (RNA) and messenger RNA (mRNA) for R&D, therapeutic, and diagnostic applications. This agreement has been helping New England Biolabs strengthen its position and become an important supplier to the RNA synthesis sector.
The primary factor improving the molecular biology kits & reagents and enzymes market growth prospects is the rising incidence of cancer and infectious diseases owing to the poor lifestyle and lack of access to healthcare facilities. For instance, as per the Joint United Nations Programme on HIV/AIDS (UNAIDS), around 36.7 million people were affected by HIV infection, globally, in 2015. Moreover, according to the World Health Organization (WHO), around 9.6 million deaths occurred due to cancer across the world in 2018.
Globally, North America is the largest market for molecular biology kits & reagents and enzymes. This is attributed to the increase in the number of R&D activities, rise in the cases of genetic ailments, and surge in the number of biotechnology and pharmaceutical companies in the region. On the other hand, the Asia-Pacific (APAC) market is projected to observe the highest CAGR, of 17.8%, during the forecast period. This can be ascribed to the growing awareness about these products and rising volume of molecular diagnoses in the region.
The molecular biology kits & reagents and enzymes market is highly consolidated, with the presence of few major companies. Just two players —Merck KGaA and Thermofisher Scientific Inc. — accounted for an about 45% combined market share in 2015. Among the key companies, Thermofisher Scientific Inc. generated the highest revenue in 2015. Other key market players are F. Hoffmann-La Roche Ltd., Promega Corporation, Becton, Dickinson and Company, Qiagen N.V., New England Biolabs Inc., Illumina Inc., Agilent Technologies, and Takara Bio Inc.
Thus, the rising incidence of cancer and infectious diseases and increasing R&D activities for unearthing better diagnostic and treatment methods are expected to propel the growth of the market during the forecast period.