The surging aging population and growing prevalence of infectious diseases are heavily accelerating the demand for molecular biology products, thereby resulting in the growth of the molecular biology kits & reagents and enzymes market. In 2015, the market generated revenue of $4,928.3 million, and it is expected to advance at a CAGR of 17.2% during the forecast period (2016–2022). Molecular biology kits, reagents, and enzymes are used to perform RNA analysis, cloning, protein analysis, DNA isolation, polymerase chain reaction (PCR), and DNA sequencing.
Request for report sample at: https://www.psmarketresearch.com/market-analysis/molecular-biology-kits-and-reagents-and-enzymes-market/report-sample
Based on product, the molecular biology kits & reagents and enzymes market is bifurcated into kits & reagents and enzymes. Of these, during the historical period (2012–2015), kits & reagents dominated the market in terms of revenue, and these are predicted to maintain their dominance during the 2016–2022 period. This is attributed to the high demand for such products owing to the surging research applications, growing geriatric population, and increasing healthcare expenditure. Kits and reagents are adopted for automated processes, but these can also be used manually for several research purposes.
Increasing life expectancy is one of the major causes of the rising geriatric population. The elderly need extensive care, owing to their longer recovery time, low immunity level, and susceptibility to chronic diseases, including cancer, neurological disorders, diabetes mellitus, and atherosclerosis. Due to the increasing prevalence of such diseases, the demand for therapies and diagnosis is rising, thereby leading to the growth of the molecular biology kits & reagents and enzymes market. According to the United Nations Department of Economic and Social Affairs, the number people aged 60 years or above is escalating at a significant rate.
This population is predicted to surge by 56.0% globally, i.e. from 901 million in 2015 to 1.4 billion by 2030 and more than double after 2015 to reach 2.1 billion by 2050. The surging elderly population in Germany, the U.S., China, and India is projected to create a high demand for molecular biology enzymes, kits and reagents, which, in turn, would result in the growth of the molecular biology kits and reagents and enzymes market.
Thus, the rising incidence of cancer and infectious diseases and surging geriatric population are contributing to the growth of the market.