Newark, March 06, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 7.83 Billion in 2023 sequencing consumables market will reach USD 66 Billion by 2033. The continued development of sequencing technology and the growing emphasis on genomics research are the two primary factors driving the overall growth of the worldwide market for sequencing consumables. As sequencing techniques improve and become more capable of handling larger data sets, they are finding increased application in a variety of fields, including genomics and personalised medicine.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | USD 7.83 Billion |
| Market Size in 2033 | USD 66 Billion |
| CAGR | 23.76% |
| No. of Pages in Report | 236 |
| Segments Covered | by Product, End-use, Regions |
| Drivers | Technological developments in sequencing |
| Opportunities | Increased funding for genomic research |
Key Insight of the Sequencing Consumables Market
Asia Pacific is anticipated to expand at the highest CAGR of 25.63% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 25.63% over the forecast period. The reasons for this are growing spending in healthcare, a growing emphasis on precision medicine, and an expansion of genomes research. Large-scale research projects, substantial investments in genomics, and a developing biotechnology industry are the main drivers of this rise in nations like China and Japan. Additionally, the Asia-Pacific region is the fastest-growing market for sequencing consumables due to expanding awareness, changing healthcare infrastructure, and government backing.
The reagents segment is expected to register the highest CAGR of 27.53% over the projected period in the sequencing consumables market.
The reagents segment is anticipated to grow at the highest CAGR of 27.53% in the sequencing consumables market. Reagents are essential components of sample preparation, amplification, and profiling processes, and they are critical to DNA and RNA profiling. Target enrichment and library preparation are two examples of the specialised reagents that are in greater demand due to the ongoing development and diversity of profiling technologies. Consumable reagent sequencing yields multiple genomic data layers that are essential for drug development, including transcriptome profiling and the study of genetic changes. This market sector is expected to increase significantly as a result of its adaptability.
Over the projected period, the hospitals and laboratories segment is expected to register the highest CAGR of 28.28% in the sequencing consumables market.
Over the forecasted period, the hospitals and laboratories segment is anticipated to grow at the highest CAGR of 28.28% in the sequencing consumables market. Drug development, illness inquiry, and genomics research mostly depend on sequencing consumables in laboratories, including clinical diagnostic labs and research facilities. The goal of the New York Genome Centre is to advance the development and application of cutting-edge genomic technology. Together, their faculty, staff scientists, and cooperative research partners are developing cutting-edge technologies that will help people comprehend the genome and all of its functions better. Therefore, securing the supremacy of this market requires a greater integration of genetics into healthcare procedures.
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Market Dynamics
Driver: Technological developments in sequencing
Due to advances in sequencing technologies, there is a large growth in the market for sequencing consumables. The science of genomics has been greatly impacted by the continual development of next-generation sequencing (NGS). The decreasing cost of sequencing has made genomic research more accessible, as evidenced by Illumina's achievement of the $1000 genome milestone in 2014. Its accessibility drives up demand and expands the market. NGS technologies are helpful in many different areas, including clinical diagnostics, agriculture, and pharmaceuticals, because of their speed and accuracy. Moreover, initiatives like the All of Us Research Programme, which attempts to sequence a population from a variety of origins, show how genomics is becoming increasingly used in medicine.
Opportunity: Increased funding for genomic research
Increasing funding for genomic research is one of the key reasons propelling the sequencing consumables market's potential. This funding surge opens the door to large-scale genomic investigations and advances research in areas such as population genomics, precision medicine, and disease genetics. The demand for sequencing consumables rises in parallel with these large-scale research initiatives, creating new opportunities for growth in the sector. Research funding promotes technological innovation and allows for the development of cutting-edge sequencing technologies, which raises the market for related consumables. Because funded programmes are collaborative in nature, they also foster partnerships between academic institutions and sequencing consumables producers, which fosters innovation and accelerates market expansion.
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Some of the major players operating in the sequencing consumables market are:
• QIAGEN
• Millipore Sigma
• Beckman Coulter, Inc.
• Oxford Nanopore Technologies Ltd.
• BGI Genomics
• Hoffmann-La Roche Ltd.
• Takara Bio Inc.
• Agilent Technologies
• Thermo Fisher Scientific, Inc.
• Eurofins Genomics
Key Segments cover in the market:
By Product:
• Reagents
• Kits
• Accessories
By End-use:
• Hospitals And Laboratories
• Pharmaceutical And Biotechnology Companies
• Academic Research Institutes
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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