Extraction Kits Market is Estimated to Cross US$ 2,556.6 Million; Exhibiting a CAGR of 7.1% by the Forecast Period 2033 End | Data by Future Market Insights, Inc
Future Market Insights, Inc.
8 min read
NEWARK, DE / ACCESSWIRE / May 14, 2023 / The global Extraction Kits Market is forecast to expand at 7.1% CAGR over the estimated period, as per FMI's analysis. The industry's size is predicted to reach a market value of US$ 1,293.4 Million in 2023, and the demand in the extraction kits industry is expected to surpass US$ 2,556.6 Million by the end of 2033.
The extraction kits industry is projected to be propelled by surging research activities. Along with this, technological advances in healthcare facilities and forensic sciences are expected to generate growth prospects for extraction kits. The surge in investments in multiple fields for research and development activities like molecular diagnostics for infectious and chronic diseases is projected to push market growth.
The market is currently overflowing with user-friendly and effective extraction kits to capture more market share. In addition to this, the requirement of extraction kits whilst profiling viral diseases, initiated by microorganisms, is also expected to have a positive impact on market growth.
Globally, more teamwork and cooperation are required to mitigate the damages caused by upcoming epidemics. For this purpose, additional research is being implemented to reduce the chances of future epidemics. In the United Kingdom, research and development activities are infused with heavy investments. Similarly, in the Asia Pacific, countries can be witnessed significantly investing in healthcare and pharmaceuticals.
Soaring automation in extraction technologies is projected to push market development over the forecast period. Recently, manufacturers have come up with nucleic acid extraction kits to efficiently cater to forensic players and pharmaceutical firms. Similarly, new advancements in the market for product progress are expected to accelerate market growth.
Over the forecast period, the market may be hindered by the expensive price of DNA extraction kits. In addition to this, low awareness about extraction kits in emerging countries is also a concerning aspect for manufacturers.
Top Highlights:
The North American extraction kits industry captured a market share of 33.4% in the global landscape.
The United States is projected to emerge as a prominent market in not only North America but also globally. The United States' market share was 31% in 2022.
The Europe extraction kits industry is anticipated to hold a total of 28.7% market share globally. German extraction kits industry has acquired 7.3% of the overall market.
The United Kingdom is expected to expand at a CAGR of 7.7% in the upcoming years.
Asian countries like China and India are estimated to showcase a CAGR of 9.8% and 6.9%, respectively, over the forecast period.
Based on product type, DNA extraction kits held 49.88% in 2022.
By application, disease diagnosis captured a share of 37.08% in 2022.
Stay Updated with Recent Developments in the Extraction Kits Market:
In March 2021, Purigen Biosystems, Inc declared the debut of the Ionic FFPE Complete Purification Kit to regain DNA/RNA from FFPE tissue samples in one workflow. This is instrumental in streamlining the workflow by curbing the hands-on time by 75%, in comparison to bead-based or manual column methods.
In October 2020, Purigen Biosystems Inc. officially revealed the introduction of a DNA extraction kit for researchers. These researchers have been working with a set of biological samples, named Ionic Cells to Pure DNA Low Input Kit.
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