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(IT-NEWSWIRE.COM, April 28, 2022 ) 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.
Expected Revenue Growth:
The global molecular biology enzymes 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.
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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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.
Recent Developments:
# In February 2021, Thermo Fisher Acquired Mesa Biotech to expand its Life Sciences Solutions business segment. Through this acquisition, the revenue of this segment is expected to increase by approximately USD 200 million in 2021.
# In October 2020, New England Biolabs (US) launched the Luna Probe One-Step RT-qPCR 4X Mix with UDG.
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.
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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.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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