Biotechnology reagents market to grow at a CAGR of 8%

The global biotechnology reagents market has been forecast to grow at a compound annual growth rate (CAGR) of 8% over the next five years, increasing from a value of $40.3 billion in 2011 to reach a total market value of $59.3 billion by 2016.

The biotechnology reagents market is driven mainly by the increasing commercial uses, growing usage of biotech reagents for basic research purposes, and widening therapeutic applications.

In addition, there has been an increase in the number of biotechnology firms around the globe and an increase in research and development expenditure by biotechnology companies.

The biotechnology reagent market is vast; it consists of several technologies such as PCR, cell culture, IVD, expression and transfection, chromatography, spectrometry, electrophoresis, and flow cytometry.

North America dominated the biotechnology reagents market with a share of 46.28% in 2011. Successful completion of the first phase of the Human Genome Project, ahead of schedule, has given rise in the US reagent market. Furthermore, growth within the US biotechnology reagents market will be driven by new investments, government funding, and new products.

Asia-Pacific, however, is showing greater opportunities, when compared to other regions, with the highest CAGR of 11.8% from 2011 to 2016, due to increased research outsourcing activities in the life technology field.