Global Market for Reagents, Research Kits and Analytical Instruments for Genomics and Proteomics Gains from Increasing Investments for Research
The global market for reagents, research kits and analytical instruments for genomics and proteomics is witnessing an exponential rise. The increased investments for research activities in the field of medical and healthcare in developing economies are likely to boost this market significantly over the next few years.
The market is also expected to gain traction on account of the rapid increase in the drug discovery and the rising demand for accuracy in the identification of diseases, which are likely to propel the usage of reagents, research kits, and analytical tools in the field of genomics and proteomics in the nearing future.
All these factors indicate towards a healthy future for the global market for reagents, research kits and analytical instruments for genomics and proteomics. However, experts predict the market may face hurdles on account of the high cost associated with these tools and several other factors.
A research study by Transparency Market Research (TMR) estimates the global market for reagents, research kits, and analytical instruments for genomics and proteomics to register a healthy CAGR of 12.10% during the period from 2013 to 2019, reporting a rise from US$23.8 bn in 2012 to US$52.3 bn by the end 2019. In this blog post, TMR answers significant questions about the worldwide market for reagents, research kits and analytical instruments for genomics and proteomics:
What are the key trends influencing the market for reagents, research kits and analytical instruments for genomics and proteomics?
The biggest trend in this market is the integration of suppliers with various research institutes and laboratories to increase research activities in this field. The increasing preference for personalized medicines has propelled the need for the advancement in technologies utilized in genomics and proteomics, which has triggered the need for further research.
Another major trend in this market is the increasing investments from pharmaceutical and biotech companies for the research and development of advanced genomics and proteomics tools.
What are the major challenges in the growth of this market?
A huge disconnect between the discovery of biomarkers and their approval by regulatory authorities is one of the key challenges this market is facing. The low awareness regarding genomics and proteomics in emerging economies, hampering the adoption of these technologies, is also limiting the growth of this market.
Apart from this, the dearth of qualified researchers and the high cost incurred in mandatory training in this field are also expected to restrict this market from reporting a steady rise.
What are the significant trends seen in the competitive landscape of this market?
The global market for reagents, research kits and analytical instruments for genomics and proteomics exhibits a highly fragmented competitive landscape. Major pharmaceutical and biotech players are increasingly involving in mergers, acquisitions, and strategic partnerships with the participants operating in this market in order to venture into it and strengthen their product portfolio.
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Recently, Sygnis, a pharma company, announced its plans to acquire Expedeon Holdings, a proteomics reagents and tools manufacturer. After the merger, the Expedeon’s offerings will be added to the SYGNIS’ product portfolio, which is currently focused on next-generation sequencing and molecular biology. The pharma company said that it will fund the deal with around US$5.7 mn from a planned offering of approximately 20.5 million shares.