Molecular Biology Enzymes, Kits, and Reagents Market Research Report and Outlook by 2028

The market for molecular biology enzymes, kits, and reagents is anticipated to reach a valuation of approximately US$ 15,715.48 million in 2022, with projections indicating it could grow to US$ 41,104.71 million by 2028. This growth represents a compound annual growth rate (CAGR) of 17.8% from 2022 to 2028.

Several key factors are driving this market expansion, including robust funding for genomics research, a significant reduction in sequencing costs, and a rising incidence of chronic diseases. However, the shortage of skilled professionals in the field poses a challenge to this growth.

Over the past 6 to 7 years, the costs associated with genome sequencing and next-generation sequencing have plummeted. For example, the expense of sequencing the entire human genome was around US$ 3.7 billion in 2000, a process that took over a decade to complete. By 2006, this cost had decreased to US$ 10 million, and further to US$ 5,000 in 2012. Recently, the cost has dropped to approximately US$ 1,000. Additionally, the time required to complete sequencing has also significantly decreased. In 2003, the International Human Genome Sequencing Consortium began the analysis of the human genome, with costs around US$ 2.6 billion. By 2008, the cost per genome had fallen to less than US$ 1.4 million. Currently, sequencing an exome costs between US$ 400-500, while a full genome can be sequenced for US$ 1,000-1,200. The dramatic decline in sequencing costs, particularly around 2008, has enabled service providers to achieve larger profit margins and expand their customer base.

Illumina, a leading DNA sequencing company, has introduced more affordable sequencing machines, such as the NovaSeq 5000 priced at US$ 850,000 and the NovaSeq 6000 at US$ 985,000. In 2006, Illumina launched its first human genome sequencing machine for US$ 300,000, and by 2014, the cost had been reduced to US$ 1,000. This reduction in sequencing costs is significantly increasing the number of molecular biology procedures conducted for various applications, thereby enhancing the demand for enzymes, kits, and reagents.

The molecular biology enzymes, kits, and reagents market has also experienced notable growth during the COVID-19 pandemic. Numerous healthcare research organizations, market participants, and academic institutions are heavily involved in research and development efforts aimed at creating new vaccines and therapeutic solutions for the novel coronavirus responsible for COVID-19. This surge in R&D activities is expected to further elevate the demand for molecular biology kits and reagents, consequently propelling the market's growth in the upcoming years.

From a product perspective, the molecular biology enzymes, kits, and reagents market is divided into two main categories: enzymes and kits & reagents. The enzymes segment includes various types such as polymerases, ligases, reverse transcriptases, phosphatases, proteases, proteinases, restriction endonucleases, and others. The kits & reagents segment encompasses PCR, lyophilizable and air-dryable kits, NGS, cDNA synthesis, isothermal amplification, DNA extraction, and more. Within the PCR category, there are further subdivisions including Real-time PCR/qPCR, reverse transcriptase PCR (RT-PCR), multiplex PCR, and others. In 2020, the kits & reagents segment held a larger share of the market and is projected to exhibit a higher CAGR during the forecast period.

When categorized by application, the market is segmented into epigenetics, sequencing, synthetic biology, polymerase chain reaction, and others. The sequencing segment accounted for the largest market share in 2020, while the polymerase chain reaction segment is expected to achieve the highest CAGR from 2021 to 2028.

In terms of end users, the market is divided into biotechnological and pharmaceutical companies, hospitals and diagnostic centers, and academic and research institutes. The biotechnological and pharmaceutical companies segment represented the largest market share in 2020 and is projected to maintain the highest CAGR from 2021 to 2028.

Key organizations such as the World Health Organization, American Cancer Society, American Society for Biochemistry and Molecular Biology, Food and Drug Administration, National Health Service, and Centers for Disease Control and Prevention are among the primary and secondary sources referenced in the preparation of the report on the molecular biology enzymes, kits, and reagents market.