Diagnostic Reagents Market Attracts Sizable Expansion Opportunities owing to COVID-19 Pandemic, States TMR Study

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Jul 19, 2022, 09:30 ET

The global diagnostic reagents market size is projected to exceed a value of US$ 85.8 Bn by 2031
Rise in prevalence of transmittable diseases globally is creating profitable prospects in the diagnostic reagents market

WILMINGTON, Del., July 19, 2022 /PRNewswire/ -- The global diagnostic reagents market is prognosticated to develop at a CAGR of 6.5% during the forecast period from 2022 to 2031, according to a research report by Transparency Market Research (TMR). The TMR report sheds light on key factors such as growth drivers, restraints, and diagnostic reagents market global opportunity.

Diagnostic reagents are being utilized by varied end-users including academic institutes, hospitals, research institutes, and diagnostic laboratories. Of them, the demand for products from the global diagnostic reagents market is expected to increase from the hospitals and diagnostic centers in the forthcoming years. This growth is ascribed to a surge in number of diagnostic labs and hospitals across several emerging economies. Furthermore, the market is anticipated to attract prominent avenues from the hospitals & diagnostic laboratories segment owing to a rise in inclination of patient population around the world toward visiting hospitals owing to the availability of attractive reimbursement facilities.

Due to the presence of many leading companies, the competition landscape of diagnostic reagents market is highly intense. As a result, diagnostic reagents manufacturers are executing different growth strategies including partnerships, mergers, and agreements in order to stay ahead of the competition. Moreover, several enterprises are focusing on R&Ds in order to develop advanced products. In addition, rise in the focus of players on the product approvals and new product launches is expected to help them in expanding their product portfolios. Such efforts are anticipated to drive the growth opportunities in diagnostic reagents market in the forthcoming years.

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Diagnostic Reagents Market: Key Findings

In vitro diagnostics reagents are being increasingly utilized in the diagnosis of different infectious as well as chronic diseases. Moreover, biological and chemical diagnostic reagents are gaining traction as an important part of diagnostic tests. Increase in the number of people suffering from different types of communicable diseases is leading to a rise in the demand for diagnostic reagents. This, in turn, boosting the growth in the global diagnostic reagents market.
The emergence of varied infectious diseases such as the coronavirus has resulted into new avenues as well as challenges for scientists in order to develop novel diagnostic tests and tools that can help in timely diagnosis of diseases. In addition, researchers are focused on the development of advanced solutions that can help in preventing different diseases. These factors are propelling global diagnostic reagents market, which is expected to surpass a valuation of US$ 85.8 Bn by 2031.

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Diagnostic Reagents Market: Growth Boosters

Rise in the prevalence of chronic and transmittable diseases globally is creating prominent business opportunities in the diagnostic reagents market
Increase in focus of market players on the development of next-gen products in fueling the market growth

Diagnostic Reagents Market: Regional Analysis

The diagnostic reagents market in North America is prognosticated to maintain its leading position during the forecast period owing to a surge in healthcare expenditure in the region so as to prevent different diseases. Moreover, a surge in the understanding about different routine tests in order to maintain healthy life and increase in the adoption of rapid innovative tests are estimated to fuel the North America market in the forthcoming years.
The Asia Pacific diagnostic reagents market is projected to expand at a prominent CAGR during the forecast period owing to factors such as increase in the occurrence of lifestyle-related and chronic diseases, rise in the adoption of molecular tests instead of conventional tests including microbiology test, and technical advancements in many regional nations including Indonesia, India, South Korea, and Thailand.

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Diagnostic Reagents Market: Key Players

Some of the key players profiled in the report are:

F. Hoffmann-La Roche AG
Abbott Laboratories
Siemens Healthineers
Becton, Dickinson and Company
DiaSorin S.p.A.
Sysmex Corporation
Ortho Clinical Diagnostics
bioMerieux SA
Agilent Technologies, Inc.
Thermo Fisher Scientific, Inc.

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Diagnostic Reagents Market Segmentation

Product Type

Chromatography Reagents
Molecular Diagnostic Reagents
Immunoassay Reagents
Clinical Chemistry Reagents
Flow Cytometry Reagents
Cell & Tissue Culture Reagents
Hematology & Hemostasis Reagents
Microbiology Reagents
Others

End-user

Hospitals & Diagnostics Laboratories
Academic & Research Institutes
Others

Regions Covered

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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