Sequencing Reagents Market to Hit USD 15.34 Billion By 2031, Due to the Rising Demand of Genomics Research and Personalized Medicine, says Growth Plus Reports
Growth Plus Reports
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Growth Plus Reports
Newark, New Castle, USA, April 05, 2023 (GLOBE NEWSWIRE) -- According to a recent Growth Plus Reports study, the sequencing reagents market is estimated to hit US$ 15.34 billion by 2030, with a revenue CAGR of 12.70%. The study examines the important strategies, drivers and prospects, competitive circumstances, shifting market dynamics, market size, data and forecasts, and important investment regions.
Key Takeaways:
The increasing affordability of sequencing technologies will drive market revenue growth.
The increasing need for agricultural genomics research will drive demand for sequencing reagents.
North America will dominate the global sequencing reagents market.
Technology, Type, Application, End User, and Region.
Regional scope
North America, Europe, Asia Pacific, and the Rest of the World (ROW)
Market Drivers The growing demand for genomics research and personalized medicine drives the demand for sequencing reagents. Furthermore, sequencing technology's increasing availability and affordability and the growing use of sequencing reagents in clinical diagnostics are expected to boost the market revenue growth rate. The rising demand for agricultural genomics research will support the market's revenue growth.
Market Segmentation Growth Plus Reports has analyzed the global sequencing reagents market from four perspectives: Technology, Type, Application, End User, and Region.
Technology Segmentation: Based on the technology, the sequencing reagents market is segmented into sanger sequencing, next-generation sequencing, and third-generation sequencing. The next-generation sequencing segment dominates the market with the largest revenue share because it is a standard practice in molecular diagnostics, molecular pathology, and other clinical research applications and has low costs and enhanced throughput capabilities.
Type Segmentation: Based on the type, the sequencing reagents market is segmented into library kits, template kits, control kits, sequencing kits, and others. The sequencing kits segment dominates the market with the largest revenue share because it is a crucial component for next-generation sequencing (NGS), a high-throughput approach for determining the sequence of DNA or RNA molecules.
Application Segmentation: Based on the application, the sequencing reagents market is segmented into oncology, reproductive health, clinical investigation, Agri genomics & forensics, and others. The oncology segment leads the market because of the growing need for novel medications and clinical trials to deliver better and more effective cancer treatment.
End-User Segmentation: Based on the end-user, the sequencing reagents market is segmented into academic research, clinical research, hospitals & clinics, pharmaceutical & biotechnology companies, and others. The clinical research segment dominates the market because of the increasing use of CLIA-waived or clinically approved high throughput diagnostic tests.
Regional Growth Dynamics Based on the region, the global sequencing reagents market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America leads the sequencing reagents market with the largest revenue share. Increased commercial sales, government financing, increased sequencing research efforts, rising public, corporate, and government investment in sequencing research, advanced R&D infrastructure, and the increasing chronic illness burden are responsible for North America's significant revenue share.
The key players in the global sequencing reagents market are:
· F. Hoffmann-La Roche AG · Thermo Fisher Scientific Inc. · Illumina Inc. · QIAGEN · BGI · Pacific Biosciences of California Inc. · Oxford Nanopore Technologies · Agilent Technologies Inc. · Fluidigm Corporation · ArcherDX Inc. · Takara Bio Inc.
The market for sequencing reagents is moderately competitive, with several multinational companies. Major competitors engage in technological advancements, R&D, and mergers and acquisitions to enhance their market position.
Recent developments:
QIAGEN N.V. introduced the QIAseq DIRECT SARS-CoV-2 Kit in April 2021, a viral genome enrichment and library preparation solution that considerably reduces library turnaround times and plastics consumption compared to ARTIC project methods.
Agilent Technologies launched a new library preparation system for NGS technology named Magnis NGS Prep System in March 2019. This new system comprises reagents and protocols that make it simple to detect complex genetic aberrations and several genes in genomic DNA.
Table of Content
INTRODUCTION
Market Ecosystem
Timeline Under Consideration
Historical Years – 2021
Base Year – 2022
Forecast Years – 2023 to 2031
Currency Used in the Report
RESEARCH METHODOLOGY
Research Approach
Data Collection Methodology
Data Sources
Secondary Sources
Primary Sources
Market Estimation Approach
Bottom Up
Top Down
Market Forecasting Model
Limitations and Assumptions
PREMIUM INSIGHTS
Current Market Trends (COVID-19 Perspective)
Key Players & Competitive Positioning (2022)
MARKET DYNAMICS
Drivers
Restraints
Opportunities
GLOBAL SEQUENCING REAGENTS MARKET- ANALYSIS & FORECAST, BY TECHNOLOGY
Sanger Sequencing
Next-Generation Sequencing
Third-Generation Sequencing
GLOBAL SEQUENCING REAGENTS MARKET- ANALYSIS & FORECAST, BY TYPE-
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