The global western blotting market is anticipated to reach a value of USD 958.4 millionby 2025, according to a new report by Radiant Insights, Inc. Rising number of cases with HIV are increasingly contributing towards the growth of western blotting market. This kind of testing is highly effective in detecting HIV among people. According to UNAIDS, nearly 36.7 million people were living with HIV throughout the world in 2015. Such high prevalence of HIV is expected to accelerate the demand for products used in western blotting. Lyme diseases also require western blotting to detect Borrelia burgdorferi (Bb), which causes such diseases. Other diseases which require western blot for detection of specific proteins include mad cow disease, hepatitis, and feline immunodeficiency.
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Moreover, significant investments in R&D activities made by pharmaceutical and biotechnology companies are expected to foster growth of western blotting market. According to a news journal, biotech companies spent USD 40.1 billion in 2015 on R&D activities, which was a 16% rise from their 2014 investments. Hence, with rising number of R&D activities, there is an expected rise in the demand for western blotting tests in the near future.
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Further Key Findings From the Study Suggest:
• In 2016, consumables segment held the largest market share and is also expected to exhibit fastest growth over the forecast period owing to rising diagnostic and research-based activities requiring western blotting
• Amongst the application segment, biomedical & biochemical research contributed towards the largest revenue share in 2016 due to increasing government spending in proteomics research
• The disease diagnostics segment is anticipated to witness highest CAGR over the forecast period due to rising epidemiology of HIV, Lyme, and other related diseases
• Amongst the end-use segment, such as academic & research institutes dominated the market in 2016 owing to growing number of research activities conducted by educational institutions supported by government funding
• The pharmaceutical and biotechnology companies are expected to grow at a significant CAGR over the forecast period due to increasing R&D spending by such companies
• Some of the key players are Bio-Rad Laboratories, Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, LI-COR Biosciences, Bio-Techne Corporation, PerkinElmer, Inc., and Merck KGaA.
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