Molecular Biology Enzymes Market – Emerging Trends & Global Future Forecasts

PUNE, India, 2021-Sep-01 — /EPR Network/ —

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.

Expected Growth in Revenue:

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. Growth in the molecular biology enzymes and kits & reagents 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.

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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.

The polymerase chain reaction (PCR) segment dominated the molecular biology enzymes market in 2020:

Based on applications, the global molecular biology enzymes market is segmented into polymerase chain reaction (PCR), sequencing, cloning, epigenetics, restriction digestion, synthetic biology, and other applications (mutagenesis, in vitro transcription, and molecular labeling & detection). The polymerase chain reaction (PCR) segment accounted for the largest share of 28.3% of the molecular biology enzymes and kits & reagents market in 2020, mainly due to the low cost of PCR equipment, the extensive use of PCR equipment by a majority of end users, and the increasing use of PCR for molecular diagnostic assays in hospitals and clinics.

The academic & research institutes segment accounted for the largest share in 2020

Based on end users, the molecular biology enzymes market is segmented into academic & research institutes, hospitals & diagnostic centers, pharmaceutical & biotechnology companies, and other end users (contract research organizations (CROs), food & beverage companies, and forensic agencies). In 2020, the academic & research institutes segment accounted for the largest share of 36.3% of the molecular biology enzymes and kits & reagents market. The large market share of this segment is due to the increase in funding for life science research from governments and non-profit organizations.

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