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Molecular Biology Enzymes Market - Major Revenue Surge is Predicted After COVID19 Impacts

Overview:

This study involved four major activities in estimating the current size of the molecular biology enzymes market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.

Major Growth Driving Factors:

Growth in the molecular biology enzymes market is driven by factors such as increased research activities and R&D investments in the life science industry, rising number of genome projects, technological advancements in the life science industry, and rising incidence of genetic disorders. However, limited reimbursements for genetic testing are expected to restrain the growth of this market during the forecast period.

Market Size Estimation:

Both top-down and bottom-up approaches were used to estimate and validate the total size of the molecular biology enzymes market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

# The key players in the industry and market have been identified through extensive secondary research
# The revenues generated from the molecular biology enzymes and kits & reagents business of leading players have been determined through primary and secondary research
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

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Expected Revenue Gains:

The global molecular biology enzymes and kits & reagents market is projected to USD 29.7 billion by 2026 from USD 15.3 billion in 2021, at a CAGR of 14.2% during the forecast period.

DRIVER: Growing number of genome projects

Gene mutations play an important role in the etiology and the development of diseases/disorders, such as immune system disorders, metabolic diseases, cancer, and in-born genetic disorders. As a result, detailed knowledge of the human genome can significantly help researchers understand the etiology of specific diseases and develop treatment plans. The rising number of genome projects across the globe, coupled with reducing genetic analysis costs, helps advance research in various domains, such as disease treatment, personalized medicine, and microbial genetics. These processes require the use of various molecular biology enzymes and reagents and are thus expected to drive the molecular biology enzymes and kits & reagents market.

RESTRAINTS: Limited reimbursements for genetic testing

Reimbursement policies, however, are inflexible for genetic tests. Most health insurance services in the US do not cover the cost of genetic testing unless prescribed by a physician. The coverage and reimbursement are solely dependent on the policy of the provider. For instance, Medicare covers genetic testing for people with a cancer diagnosis who qualify for coverage of genetic testing for an inherited mutation under Medicare. Such concerns are restraining market growth across the globe.

OPPORTUNITY: R&D investments offer significant opportunities for the market

In the last two decades, genomics has evolved as a scientific research discipline. Fuelled by grants and funds from government institutions, the genomics market has witnessed significant changes on the technological front. R&D investments have presented potential growth opportunities for the molecular biology enzymes and kits & reagents market. China is one of the largest investors in R&D globally; the country is expected to overtake the US in R&D spending by 2023 (Source: Council on Foreign Relations or CFR). This has prompted many companies to expand their operations and R&D activities in China. The country’s R&D spending climbed from 10.3% to USD 378 billion (2.44 trillion Chinese yuan) in 2020.

Data Triangulation:

After arriving at the overall market size from the market size estimation process, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

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North America was the largest regional market for molecular biology enzymes in 2020.

Geographically, the molecular biology enzymes market is segmented into North America, Europe, Asia Pacific, RoW. In 2020, North America accounted for the largest share of the molecular biology enzymes and kits & reagents market, followed by Europe & Asia Pacific. The large share of North America in the global market can be attributed to the increasing research funds in translational and clinical research, the growing number of pharmaceutical and biotechnology companies, favourable reimbursement scenario for molecular diagnostics, and the growing investments in research projects in Canada.


on June 22 at 8:31

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