Diagnostic Reagents Market is Expected to Reach Valuation of US$ 85.8 Billion by 2031, Globally | Transparency Market Research
Increase in usage of reagents for molecular diagnostic tests in Asia Pacific is anticipated to create significant revenue opportunities for companies in the market
Wilmington, Delaware, United States, Aug. 18, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global diagnostic reagents market was valued at US$ 45.7 Bn in 2021 and is projected to expand at a CAGR of 6.5% from 2022 to 2031 to surpass US$ 85.8 Bn by 2031.
Rapid development of new diagnostic assays for the monitoring of infectious diseases is broadening the market outlook. A number of IVD tests are routinely used for early-stage and cost-effective interventions in cancer in all healthcare settings. Examples include the introduction of immunohistochemically assays as companion diagnostics for HER2-positive breast cancer and gastric cancer.
Efforts by stakeholders in the healthcare system, including assay developers, governments, and companies investing in laboratory infrastructure, to modernize clinical laboratories are strengthening diagnostic reagents market development. Demand for new reagents for clinical chemistry applications presents significant opportunities for vendors in the market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 45.7 Bn | |
| Estimated Value | US$ 85.8 Bn | |
| Growth Rate – CAGR | 6.5% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 193 Pages | |
| Market Segmentation | Product Type, End-user | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Abbott Laboratories, F. Hoffmann-La Roche AG, Becton, Dickinson and Company, Siemens Healthineers, Sysmex Corporation, DiaSorin S.p.A., bioMerieux SA, Ortho Clinical Diagnostics, Thermo Fisher Scientific, Inc., Agilent Technologies, Inc. | |
Key Findings of Study
Rise in Demand for Reagents for Molecular Diagnostics
Need for rapid diagnostic methods for health-threatening agents and infectious diseases is fueling the demand for novel reagents. Increase in usage of molecular diagnostics for zoonoses and foodborne pathogens is expected to augment market growth.
Significant advancements in molecular methods, especially polymerase chain reaction (PCR), have created lucrative opportunities for companies in the market. Rise in demand for reagents in nucleic acid-based medical diagnostic tests is expected to augment market value in the next few years.
Development of point-of-care technologies for molecular diagnostics is positively influencing diagnostic reagents industry growth. Increase in usage of mass spectrometry to analyze biological samples is expected to strengthen market size in the near future.
Introduction of novel mass spectrometric methods for proteomics research applications presents significant revenue opportunities to companies in the market.
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Increase in Utilization of Diagnostic Reagents at Hospitals
Based on end-user, the hospitals & diagnostic laboratories segment is projected to expand at a rapid pace in the next few years. The segment is lucrative, driven by the rise in demand for a range of diagnostic services in hospital settings.
segment during the forecast period. Significant demand for biomarkers for the diagnosis of cancer at hospitals is anticipated to offer substantial growth opportunities for market players.
Key Growth Drivers of Diagnostic Reagents Market
- Increase in demand for diagnostic assays for faster and more reliable identification of pathogens in a range of infectious and non-communicable diseases is a key factor driving the global diagnostic reagents market. Rise in R&D activities in in-vitro diagnostic testing is a key trend expected to drive demand for novel reagents.
- Continuous development of diagnostic reagents for rapid and accurate point-of-care testing (POCT) is anticipated to augment market growth. Recent market trends underscore that the need for POCT is increasing considerably in situations of pandemics and biothreats across the globe.
Regional Landscape
North America is projected to account for the leading market share in 2021. Utilization of diagnostic reagents in the prevention of disease onset or progression is increasing significantly, which is expected to accelerate market development in the region in the next few years.
Governments in developed countries in the region are making sizable investments in population screening programs, which is anticipated to fuel the market in the region. Access to these programs has helped women in the region obtain low-cost screening for certain cancers.
An instance is the National Breast and Cervical Cancer Early Detection Program (NBCCEDP), offered by the Centers for Disease Control and Prevention (CDC) across the U.S. Rapid development of IVD for routine diagnostics is likely to offer significant business opportunities for companies operating in the diagnostic reagents market.
The market in Asia Pacific is anticipated to expand at a rapid pace in the next few years. The region is lucrative due to the significant demand for molecular diagnostics. Vendors are offering IVD point-of-care assays to increase their market share in the region.
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Competition Landscape
The global diagnostic reagents market is fragmented with a large number of players holding majority stake of the market. Key players in the market are
- Abbott Laboratories
- F. Hoffmann-La Roche AG
- Siemens Healthineers
- Sysmex Corporation
- DiaSorin S.p.A.
- Ortho Clinical Diagnostics
- Becton, Dickinson and Company
- Agilent Technologies, Inc.
- bioMérieux SA
Segmentation
The diagnostic reagents market is segmented based on
Product Type
- Chromatography Reagents
- Molecular Diagnostic Reagents
- Immunoassay Reagents
- Clinical Chemistry Reagents
- Flow Cytometry Reagents
- Cell & Tissue Culture Reagents
- Hematology & Hemostatis Reagents
- Microbiology Reagents
- Others
End-user
- Hospitals & Diagnostic Laboratories
- Academic & Research Institutes
- Others
Region
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Europe
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