Overview of This Study:

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.

Major Growth Driving Factors:

Growth in the molecular biology enzymes and kits reagents market is driven by factors such as increased research activities and RD 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.

Market Size Estimation:

Both top-down and bottom-up approaches were used to estimate and validate the total size of the molecular biology enzymes and kits reagents market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

# The key players in the industry and market have been identified through extensive secondary research
# The revenues generated from the molecular biology enzymes and kits reagents business of leading players have been determined through primary and secondary research
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

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Expected Revenue Growth:

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.

Data Triangulation:

After arriving at the overall market size from the market size estimation process, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Recent Developments:

# In February 2021, Thermo Fisher Acquired Mesa Biotech to expand its Life Sciences Solutions business segment. Through this acquisition, the revenue of this segment is expected to increase by approximately USD 200 million in 2021.

# In October 2020, New England Biolabs (US) launched the Luna Probe One-Step RT-qPCR 4X Mix with UDG.

OPPORTUNITY: RD 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. RD investments have presented potential growth opportunities for the molecular biology enzymes and kits reagents market. China is one of the largest investors in RD globally; the country is expected to overtake the US in RD spending by 2023 (Source: Council on Foreign Relations or CFR). This has prompted many companies to expand their operations and RD activities in China. The country’s RD spending climbed from 10.3% to USD 378 billion (2.44 trillion Chinese yuan) in 2020.

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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COVID-19 impact on the molecular biology enzymes market

Coronavirus disease 2019 (COVID‐19) is an acute respiratory infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS‐CoV‐2). Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. Researchers have been finding diagnostic methods and treatments to deal with this pandemic. PCR tests have been considered the “gold standard” for diagnosing COVID-19 owing to their accuracy and reliability in detecting genetic materials from the virus in the host’s body.