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Reverse Transcriptase Enzyme Market size Incredible Growth during 2030
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According to the Market Statsville Group (MSG), the global reverse transcriptase enzyme market size is expected to grow at a CAGR of 3.4% from 2022 to 2030. The reverse transcriptase enzyme market has a huge potential for growth in the forecast period owing to increasing research activities and the high participation of various international research associations to provide better health solutions. Additionally, WHO (World Health Organization) directly participates in various genetic research activities to find better or perfect treatment solutions to the diseases. Moreover, many public and private funds are being raised in different countries to improve healthcare systems. All these factors are expected to drive the market’s growth in the coming years. However, high cost, lack of awareness, and availability of the product in some regions may hinder the growth of the reverse transcriptase enzyme market.
Global Reverse Transcriptase Enzyme Market Definition
The reverse transcriptase enzyme is used to form complementary DNA (cDNA). The reverse transcriptase enzyme, also known as RNA-directed DNA polymerase, is encoded from retroviruses that catalyze the transcription of retrovirus RNA (ribonucleic acid) into DNA (deoxyribonucleic acid). The discovery of reverse transcriptase in retroviruses was made by David Baltimore and Howard Temin in 1970, which revolutionized molecular biology and laid the foundations for retrovirology and cancer biology. They also received the 1975 Nobel Prize for Physiology or Medicine. Various research institutions are working to find the process to treat chronic and major diseases using this enzyme.
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COVID–19 Impact on the Global Reverse Transcriptase Enzyme Market
The COVID-19 pandemic created havoc worldwide and led to the downfall of many industries. The same applies to the global reverse transcriptase market. The consumer demand was subsequently reduced due to the elimination of non-essential expenses by people severely affected by the outbreak, especially financially. The aforementioned factors are expected to affect the revenue generation by the global reverse transcriptase market over the forecast period. However, as the governing authorities across the world started releasing lockdowns and situations started to normalize, industries became capable of returning to previous operations. Now with the ever-strong healthcare industry created amid covid-19, there is a huge opportunity for the reverse transcriptase enzyme market to grow in the forecast timeline.
Scope of the Global Reverse Transcriptase Enzyme Market
The study categorizes the reverse transcriptase enzyme market based on type, application, and end-user at the regional and global levels.
By Type (Revenue, USD Million, 2017–2030)
By End-User (Revenue, USD Million, 2017–2030)
- Biotech Companies
By Application (Revenue, USD Million, 2017–2030)
- Research application
- Medical application
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By Region Outlook (Revenue, USD Million, 2017–2030)
- North America
- the Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- The Philippines
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
The Research application segment is witnessed to account for the highest market share, by the application
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Based on the application, the global reverse transcriptase enzyme market is divided into research applications, medical applications, and others. In 2021, the research application segment accounted for the highest market share in the global reverse transcriptase enzyme market. Due to ongoing research worldwide for the successful treatment of chronic diseases, research application holds the highest market share in the forecast period.
North America accounts for the highest CAGR during the forecast period
Globally, North America is estimated to hold the highest CAGR in the global reverse transcriptase enzyme market during the forecast period. The region includes the countries such as the US, Canada, and Mexico. North America is expected to hold the highest share due to high healthcare expenditure as compared to other regions. The region has advanced research activities conducted by the academic and pharmaceutical industries. The Asia Pacific and Europe also have the scope in the reverse transcriptase enzyme market owing to surging awareness about the product and increasing research activities.
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Key Market Players in the Global Reverse Transcriptase Enzyme Market
- Thermo Fisher Scientific
- Bio-Rad Laboratories Inc.
- Clontech Laboratories Inc. (sub. Takara Bio Company)
- New England Biolabs
- Promega Corporation
- AMS Biotechnology (Europe) Limited
- Cell Sciences
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