DNA extraction kits allow for extraction and purification of DNA from a variety of biological samples. These kits are widely used in laboratories and research facilities for various applications such as forensic sciences, genetic testing, microbiology, and animal research. DNA extraction kits simplify the DNA isolation process through fast and reliable protocols while minimizing hands-on time and produces DNA of the highest quality.
The global DNA Extraction Kits Market is estimated to be valued at US$ 1604.41 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The market for DNA extraction kits is expected to witness significant growth owing to increasing adoption of these kits in forensic sciences. Forensic DNA analysis has revolutionized criminal investigations and has become an indispensable tool for linking suspects to crime scenes. With rising number of crimes globally, demand for DNA profiling from forensic DNA samples is growing substantially. Growing Applications of DNA analysis in identifying missing people and mass disaster victim identification is expected to offer lucrative growth opportunity for players in the DNA extraction kits market over the forecast period.
Porter's Analysis
Threat of new entrants: Low as it requires substantial R&D, regulatory approvals and investments to enter the market.
Bargaining power of buyers: Moderate as there are many established players but proprietary kits offer product differentiation.
Bargaining power of suppliers: Low since raw materials are commoditized and widely available.
Threat of new substitutes: Low due to no viable alternatives and DNA extraction being core to downstream applications.
Competitive rivalry: High as major players compete on product quality, innovation and pricing.
SWOT Analysis
Strengths: Established expertise and reputation.
Weaknesses: High R&D and capital investments required.
Opportunities: Growing biotechnology sector and expanding applications.
Threats: Stringent regulations and pricing pressures.
Key Takeaways
Global DNA Extraction Kits Market Size is expected to witness high growth over the forecast period driven by increasing investments in precision medicine and discovery biology research. The global DNA Extraction Kits Market is estimated to be valued at US$ 1604.41 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
North America dominates the market currently due to concentration of major players and high research funding. Asia Pacific is expected to be the fastest growing market going forward supported by growing biotechnology industry in countries like China and India. The Asia Pacific region is projected to grow at the highest CAGR during the forecast period with China, India and Japan emerging as highly lucrative markets.
Key players operating in the DNA Extraction Kits market are Sabra, Thermo Fisher Scientific Inc., Promega Corporation, QIAGEN, PrecisionBio, Illumina and Agilent Technologies.
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