by The DNA Extraction Kits Market is estimated to be valued at US$ 1604.41 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: –
DNA extraction kits are used for extracting DNA from various biological samples such as blood, tissues, and swabs. DNA extraction kits enable researchers and scientists to isolate genetic material from these samples for further analysis. They offer advantages such as high purity of extracted DNA, easy to use format, and accuracy. The need for DNA extraction kits arises due to large scale DNA analysis requirements in various fields including forensic testing, molecular diagnostics and clinical research.
Market key trends: –
One of the key trends fueling the growth of DNA extraction kits market is increasing focus on research and development activities in life sciences sector. Over the past few years, investments and funding in R&D have experienced significant rise globally. Government initiatives aimed at promoting R&D for medical research have acted as a major driving force. Growing research activities regarding DNA sequencing, molecular diagnosis and drug development have boosted the demand for DNA extraction which in turn is favoring the market growth of DNA extraction kits. These kits offer accurate and reliable DNA isolation which is a prerequisite for downstream applications such as PCR and gene analysis. With broader scope of life sciences research going forward, the DNA extraction kits market is expected to experience lucrative opportunities.
Porter’s Analysis: –
- Threat of new entrants: – Low capital requirements and governmental support helps new companies enter the market. However, established key players’ strong distribution network and proprietary technologies create entry barriers.
- Bargaining power of buyers: – Buyers have moderate bargaining power due to the availability of substitutes and differentiated products from various manufacturers.
- Bargaining power of suppliers: – Suppliers have low bargaining power as raw materials required are readily available and the industry has numerous component suppliers.
- Threat of new substitutes: – Threat of substitution is low as DNA extraction kits have critical applications in biomedical research. However, new technologies may pose a threat.
- Competitive rivalry: – High as the market is dominated by major global players leveraging scale and R&D to fight competition.
SWOT Analysis: –
- Strengths: – Increasing research & development activities, growing funding and stringent regulations.
- Weaknesses: – High capital investment requirement; Stringent regulations result in compliance issues.
- Opportunities: – Growing biotechnology and pharmaceutical industries; Untapped emerging markets offer opportunities.
- Threats: – Threat from substitute technologies; stringent regulations cause compliance issues.
Key Takeaways: –
The Global DNA Extraction Kits Market Growth is expected to witness high, exhibiting a CAGR of 7.7% over the forecast period, due to increasing research activities in academics and biotechnology. Asia-Pacific region is expected to grow at the highest CAGR during the forecast period due to increasing R&D expenditure, presence of emerging economies and growth in the biopharmaceutical industry in the region.
Regional analysis: – North America dominated the global market in 2023 due to increasing biomedical research in the region. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period due to increasing R&D expenditure, prevalence of market players and growing biopharmaceutical industry.
Key players operating in the DNA Extraction Kits Market are Thermo Fisher Scientific, QIAGEN, PROMEGA, F. Hoffmann-La Roche, Bio-Rad Laboratories, Agilent Technologies, among others. Key players are focusing on new product launches, collaborations and acquisitions to gain edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
