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Biochemical Reagents Market Set to Record Exponential Growth by 2022

Jan 4th 2019 at 7:04 AM

 

The global Biochemical Reagents Market is foretold to gain a good boost in its growth in the next few years on account of detection sensitivity and the advent of new methods, materials, and technology related to clinical biochemistry. The clinical biochemistry technology is reaching a new level, differing from where it was a decade ago, due to the aggressive development of instrument speed and precision.

Today, clinical diagnosis needs could be fulfilled with the use of biochemical analyzer, which is expected to detect a number of projects that cannot be detected with the help of traditional biochemical methods. Considering the development of biochemical tests being highly related to a nation’s healthcare improvement, biochemical detection could be a critical part of clinical testing.

The global biochemical reagents market is foreseen to post a CAGR of 10.2% between 2017 and 2022. By the concluding forecast year, the market could collect a revenue of US$23.1 bn after succeeding from a US$14.2 bn achieved in 2017.

The world biochemical reagents market is prognosticated to be segregated into polymerase chain reaction (PCR) reagent kits, cell and tissue culture reagents, electrophoresis reagents, chromatography reagents, and others as per product classification. According to the report, the market could witness the dominance of chromatography reagents in the coming years. As per the statistics, this segment could gain a total share of 39.6% by 2022 end. During the tenure of the forecast period, the segment is anticipated to expand at an annual growth of approximately US$0.5 bn. This growth could be greater than any other segment in the product category.

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As per end user, the world biochemical reagents market is prophesied to be classified into hospitals, diagnostic centers, academics and research, pharma and biotech companies, and contract research organizations (CROs). The analysts provide critical information about the leading segment in this category.

In terms of geographical segmentation, the international biochemical reagents market is envisaged to be cataloged into Europe, North America, the Middle East and Africa (MEA), Asia Pacific except Japan (APEJ), Japan, and Latin America. Amongst these key regions, North America could exhibit a lion’s share in the market while growing at a CAGR of 10.9%. In 2017, it dominated the market on the basis of revenue. This trend is predicted to continue to take shape in the market throughout the course of the forecast period.

Projected to reach a revenue valuation of US$6.5 bn by the end of 2022, Europe could be next on the list of most lucrative markets for biochemical reagents. Japan is envisioned to expand at a CAGR of 9.7% but may not garner an impressive revenue until the final forecast year. The MEA could be another market with a sluggish growth.

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Some of the prominent players operating in the worldwide biochemical reagents market could be Beckton, Dickinson & Company, Merck & Co., Inc., Abbott Laboratories, Agilent Technologies, Inc., and Waters Corporation.

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