The global transfection reagent & equipment market size is expected to reach USD 1.08 billion by 2022, according to a new report by Grand View Research, Inc., progressing at a CAGR of 7.4% during the forecast period. The growth of the market can be attributed to ongoing oncology-based research & development that aimed at understanding disease cause at genomic & molecular levels coupled with consequent surging demand for targeted therapies.
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Transfection technology is recognized as an integral part of research programs pertaining to thorough investigation of various chromosomal anomalies. Hence, rising cancer prevalence of cancer as well as genetic conditions is anticipated to provide a fillip to the market. Furthermore, funds and grants by funding and government bodies are likely to back the growth of the market.
Funding and federal agencies, such as National Science Foundation (NSF), are offering the biotechnology sector with huge funding to carry out their biotechnology-based investigational studies. Moreover, international funding bodies such as NIH and Welcome Trust are projected to play a crucial role in the growth of the market by providing funds for genetic research studies. Such significant funds and grants are poised to boost the adoption of transfection technology over the forecast period.
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Further key findings from the report suggest:
• On the basis of method, electroporation and liposomal transfection accounted for substantial cumulative share in the market. Several advantages offered by these techniques over other methods in terms of timeliness, complexity, and variability are supplementing the growth of the segment
• Transfection technology serves a wide range of applications with gene expression studies being the largest application in terms of revenue in 2016
• North America was the most prominent regional market in 2016. The growth of the region can be attributed to presence of prominent participants coupled with well-established biotechnology & genomic industries
• Asia Pacific is estimated to post a noteworthy CAGR during the forecast period owing to increasing investments by international players for business expansion and rising buying power of consumers
• Thermo Fisher Scientific Inc.; Promega Corporation; QIAGEN; and F.Hoffmann-La Roche Ltd are some prominent players in the market. These companies are undertaking several endeavors to enhance their shares in the market
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