The global biochemical reagents market is projected to reach $39.61 billion by 2031, according to the latest publication from Meticulous Research®, growing at a CAGR of 6.4%. This growth is driven by factors such as the increasing demand for biochemical reagents in the pharmaceutical industry, the rising prevalence of chronic diseases, and the ongoing expansion of the pharmaceutical and biotechnology sectors. Additionally, the growing use of biochemical reagents in forensic and agricultural sectors and the surge in diagnostic and pathology laboratories are contributing to market growth. However, reagent cross-contamination concerns are expected to restrain the market.

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The market is poised to benefit from advancements in biochemistry techniques and the increasing demand for biochemical reagents in diagnostics, which present significant growth opportunities. Despite these opportunities, the short shelf life of biochemical reagents remains a major challenge for market growth.

Key players in the market include Waters Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Bio-Rad Laboratories (U.S.), Agilent Technologies, Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), Merck KGaA (U.S.), Siemens Healthineers AG (Germany), QIAGEN N.V. (Germany), Becton, Dickinson and Company (U.S.), Johnson & Johnson (U.S.), and Abbot Laboratories (U.S.).

The market is segmented by type into PCR reagents, chromatography reagents, cell & tissue culture reagents, flow cytometry reagents, electrophoresis reagents, immunoassay reagents, and other reagents. In 2024, chromatography reagents are expected to account for the largest market share due to their reliability and extensive applicability across various industries, including pharmaceuticals, food and beverage, and environmental testing.

Regarding end users, the market is categorized into pharmaceutical & biotechnology companies, CROs & CDMOs, hospitals, diagnostic laboratories, food & beverage companies, academic & research institutes, and other end users. The pharmaceutical & biotechnology segment is anticipated to dominate in 2024, driven by the growing number of research laboratories, increased R&D investments, and rising funding for pharmaceutical research. NIH funding, for instance, has significantly increased from USD 33 billion in 2015 to USD 42 billion in 2021, indicating a growing demand for biochemical reagents.

The geographical analysis covers major regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to hold the largest market share in 2024, attributed to the presence of key players, well-established laboratories, and substantial R&D spending by pharmaceutical and biotechnology companies.

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