Agarose Market to Expand with a CAGR of 3.9% by 2024
According to a recent report published by KD Market Insights, titled, Agarose Market 2018: Market Size, Market Volume, Trends, Opportunity, Forecast 2018-2024, the global agarose market accounted for USD 979.5 Million in 2018. The market is anticipated to flourish at a CAGR of 3.9% during the forecast period i.e. 2019-2024.
The global agarose market has been segmented based on type, and application. Based on the type, the market has been segmented into standard melting agarose, low melting point agarose and others. Among these, the standard melting agarose segment is the largest market segment. Addition to this, low melting agarose segment is estimated to emerge as the fastest growing market over the upcoming years.
In the application segment, the agarose market is sub-segmented into agarose gel electrophoresis, protein purification, and others. Protein purification segment acquired a major percentage of market share in 2018 and is likely to continue its dominance during the forecast period i.e. 2019-2024.
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Wide Scale Applications of Agarose
Agarose is a polysaccharide, encompassing a wide range of applications in various fields. Some of the major applications of agarose are PCR analysis, southern/northern blotting, restriction enzyme mapping, resolution of PCR fragments, confirmation of plasmid construction, detection of DNA polymorphisms, fingerprinting, glycoprotein electrophoresis and recovery of DNA. In addition to this, the growing use of agarose in electrophoresis applications is anticipated to bolster the growth of global agarose market in upcoming years.
Growing Pharmaceutical Industry
The pharmaceutical industry is witnessing robust growth across the globe. Continuous investment for new drug discovery is a major factor which is intensifying the consumption of agarose across the globe. Also, usage of agarose in biological applications such as research projects involving proteins, associated biomolecules, and genesis rising which further is likely to bolster the growth of global agarose market in upcoming years.
In terms of geography, the agarose market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for the major share of the global agarose market in 2018. North America agarose market captured a market share of 40.9% in 2018. Asia Pacific agarose market reached USD 322.1 Million in 2018 and is expected to propel at a CAGR of 4.3% over the forecast period i.e. 2019-2024.
The report also covers detailed competitive analysis of major market players of the global Agarose market, such as Lonza Group Ltd., Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., GE Healthcare Inc., Sigma-Aldrich Corporation, Hispanagar S.A., Condalab, Hardy Diagnostics, Inc., Biotools B&M Labs, S.A., among others and others key players.
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