Biochemical Reagents Market by Type (PCR, Chromatography, Cell & Tissue Culture, Flow Cytometry, Electrophoresis, Immunoassay) End User (Pharmaceutical & Biotechnology, CRO, Diagnostic Laboratories, Food Companies, Academic) – Global Forecast to 2031

The Biochemical Reagents Market was valued at $24.09  billion in 2023. This market is expected to reach $39.61  billion by 2031, from an estimated $25.66  billion in 2024, at a CAGR of 6.4% during the forecast period 2024-2031.

Biochemical Reagents Market Size & Forecast

Biochemical reagents are employed to investigate compounds and elements, facilitating controlled chemical reactions. It encompasses various products, such as stains, peptides, histology products, proteins, carbohydrates, lipids, and more. When selecting biochemical reagents for an experiment, it is crucial to consider factors like batch-to-batch consistency, performance, and biophysical or biochemical properties to ensure reliable outcomes.

The growth of this market can be attributed to various factors, such as the growing demand for biochemical reagents in the pharmaceutical industry, the rising prevalence of chronic diseases, the continuous expansion of the pharmaceutical and biotechnology sector, the increasing utilization of biochemical reagents among forensic and agriculture companies, and the rising number of diagnostic and pathology laboratories. However, concerns about reagent cross-contamination restrain the market’s growth.

Furthermore, advancements in biochemistry techniques and a rising demand for biochemical reagents for diagnostics are expected to offer market growth opportunities. However, the short shelf life of biochemical reagents is a major challenge to the market’s growth.

Increasing Demand for Biochemical Reagents in the Pharmaceutical & Biotechnology Industry

The global pharmaceutical industry is experiencing rapid growth. This growth is attributed to various factors, including patent expirations, the introduction of new drugs, and improved accessibility to medicines in remote areas. For instance, in 2021, Pharmaceutical Research and Manufacturers of America (PhRMA) member companies invested USD 102.3 billion in research and development (Source: 2022 PhRMA member annual survey). Biochemical reagents play a crucial role in the pharmaceutical sector, serving both quantitative and qualitative purposes for determining pharmaceutical preparations. Furthermore, in drug discovery, these reagents are instrumental in studying elements, compounds, and reactions controlled by biomolecules within living organisms, contributing to the development of novel therapies.

In the biotechnology industry, biochemical reagents find extensive application in PCR, DNA cloning, sequencing, mutagenesis, labeling, and various other processes. Furthermore, these reagents play a crucial role in identifying specific bacterial or viral strains that could be potential candidates for the development of new vaccines and diagnostic reagents. The rising focus on research and development to innovate new therapies is contributing to a growing demand for biochemical reagents from both the pharmaceutical and biotechnology industries.

Furthermore, there is a significant rise in funding and investment within the pharmaceutical and biotechnology industries. For instance, in 2022, the investments and funding by venture capitalists in biotech and pharma companies in the U.S. increased to USD 30.7 billion from USD 18.7 billion in 2019 (Source: National Venture Capital Association). This increase in funding and investments supports the growth of the pharmaceutical industry, consequently driving the adoption of biochemical reagents within pharmaceutical and biotechnology laboratories.

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Growth in Food & Beverage Industry Driving the Demand for Biochemical Reagents

The food & beverage industry plays a crucial role in the distribution, production, retailing, and marketing of foods consumed by millions globally. This industry has experienced exponential growth. For instance, the European food & beverage sector generated an annual turnover of USD 1.15 trillion (EUR 1.1 trillion) and USD 242 billion (EUR 230 billion) value added in 2022, making it one of the largest manufacturing industries in Europe (Source: Eurostat).

In the food industry, biochemical reagents play a crucial role in both the production process and the quality control testing of food products. Gas chromatography (GC) analysis is employed for flavor and fragrance detection, as well as for determining contaminants such as pesticide residues, thereby driving the demand for chromatography reagents in the food & beverage industry. Furthermore, biochemical reagents, often in conjunction with kit systems or strips, are utilized for the identification and confirmation of microorganisms in food products. This widespread application of biochemical reagents in the food & beverage industry drives the growth of the biochemical reagents market.

Key Findings in the Global Biochemical Reagents Market Study:

Among the Types of Biochemical Reagents, in 2024, the Chromatography Reagents Segment is Expected to Account for the Largest Share of the Market

Based on type, the biochemical reagents market is segmented into PCR reagents, chromatography reagents, cell & tissue culture reagents, flow cytometry reagents, electrophoresis reagents, immunoassay reagents, and other reagents. In 2024, the chromatography reagents segment is expected to account for the largest share of the biochemical reagents market.

The high reliance on chromatography across various sectors, including pharmaceuticals, forensics, food sciences, and environmental monitoring, contributes to the large market share of this segment. Pharmaceutical & biotechnology companies, food & beverage companies, and environmental monitoring laboratories extensively utilize chromatography.

The rising concerns about air and water pollution have heightened the need to identify contaminants in samples, leading environmental laboratories to increasingly rely on chromatographic methods. This technique facilitates the detection of trace amounts of substances like polychlorinated biphenyls (PCBs) in wastewater, waste oils, and pesticides, thereby amplifying the demand for chromatography reagents.

In 2024, the Pharmaceutical & Biotechnology Segment is Expected to Account for the Largest Share of the Market

Based on end user, the global biochemical reagents market is segmented into pharmaceutical & biotechnology companies, CROs & CDMOs, hospitals, diagnostic laboratories, food & beverage companies, academic & research institutes, and other end users. In 2024, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of the market. The large market share of this segment is attributed to significant investments in research and development (R&D) activities and infrastructure development by pharmaceutical & biotechnology companies. The funding for research laboratories is increasing due to the rising demand for new drugs and therapies, which is driving the demand for biochemical reagents. For instance, global pharmaceutical R&D expenditure is expected to reach USD 213 billion in 2026 from USD 179 billion in 2020 (Source: International Federation of Pharmaceutical Manufacturers & Associations (IFPMA)).

North America: Largest Regional Market

In 2024, North America is expected to account for the largest share of the biochemical reagents market. North America's significant market share is attributed to several factors, including substantial R&D investments by pharmaceutical and biotechnology companies for drug and biomarker development, a growing prevalence of chronic diseases, increased healthcare expenditure, the presence of key market players in the region, and favorable government initiatives supporting research and development. The surge in R&D spending by pharmaceutical companies is anticipated to drive the demand for biochemical reagents, which are crucial for qualitative and quantitative testing in the pharmaceutical sector. According to the U.S. Congressional Budget Office, U.S. pharmaceutical R&D expenditure witnessed an increase from $91.1 billion in 2020 to $102.3 billion in 2021.

Biochemical Reagents Market: Key Players

The report offers a competitive landscape based on an extensive assessment of the product offerings and geographic presence of leading market players and the key growth strategies adopted by them over the past few years. The key players operating in the global biochemical reagents market are Waters Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Bio-Rad Laboratories (U.S.), Agilent Technologies, Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), Merck KGaA (U.S.), Siemens Healthineers AG (Germany), QIAGEN N.V. (Germany), Becton, Dickinson and Company (U.S.), Johnson & Johnson (U.S.), and Abbot Laboratories (U.S.).

Biochemical Reagents Market Report Summary:

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