Dublin, Jan. 10, 2025 (GLOBE NEWSWIRE) -- The "Sequencing Reagents Market by Type, by Technology, by Application, by End User, and by Region" report has been added to ResearchAndMarkets.com's offering. This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
The global sequencing reagents market size was estimated to be USD 8.86 billion in 2023 and is expected to reach USD 54.03 billion by 2034 with a CAGR of 17.86% during the forecast period 2024-2034. Global initiatives, growing government and private funding, increasing application in clinical diagnostics, growing need for genomic research and precision medicine, and technological advancements in sequencing platforms will propel market expansion.
Global initiatives to expand access to sequencing technologies are pivotal drivers of the sequencing reagents market. Notably, in November 2023, Illumina, Inc. launched the Global Health Access Initiative, which provides discounted pathogen sequencing tools to low- and middle-income countries. This initiative significantly enhances public health capabilities in these regions by facilitating essential pathogen surveillance and disease control efforts. Growing accessibility to advanced sequencing technology, particularly in resource-limited areas, such initiatives stimulate demand for sequencing reagents and address pressing global health challenges.
North America is anticipated for the highest revenue share during the forecast period owing to the strong presence of key market players, advanced healthcare infrastructure, and high investment in genomic research and precision medicine. Additionally, Asia Pacific is predicted to grow at the fastest CAGR during the forecast period owing to the increasing adoption of sequencing technologies, growing investments in healthcare infrastructure, and rising genomic research initiatives in emerging economies. For instance, in February 2024, Standard BioTools and Next Gen Diagnostics established a long-term cooperation to change the process of automating sample preparation for sequencing the full genome of diseases. The contract states that Standard BioTools will develop the NGD-100, an enhanced Biomark X9 System centered on microfluidics that is intended for NGD and enhanced for automated pathogen whole genome sequencing (WGS) library preparation.
By type, the sequencing kits segment accounted for the highest revenue-grossing segment in the global sequencing reagents market in 2023 due to their essential role in preparing samples for sequencing workflows. For instance, Broad Clinical Labs (BCL) improved the screening, diagnostic, and clinical research capabilities of omics technologies in October 2023. The state-of-the-art lab is ready to accelerate clinical genomics. Major initiatives like biobank profiling and analytics for clinical trials that must be completed within a clinical quality framework are supported by Broad Clinical Labs (BCL). Additionally, the library kits segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising demand for efficient and accurate preparation of sequencing libraries in various research applications.
By technology, the next-generation sequencing (NGS) segment accounted for the highest revenue-grossing segment in the global sequencing reagents market in 2023 owing to the widespread adoption of NGS platforms for high-throughput sequencing and its applications in genomics and diagnostics. For instance, QIAGEN released the QIAseq Multimodal DNA/RNA Library Kit in May 2024, which made it easier to create RNA and DNA libraries for whole transcriptome and whole genome sequencing, as well as other next-generation sequencing applications. Additionally, the third-generation sequencing segment is predicted to grow at the fastest CAGR during the forecast period owing to the technology's ability to read long DNA sequences with greater accuracy, making it suitable for complex genome analysis.
By application, the oncology segment accounted for the highest revenue-grossing segment in the global sequencing reagents market in 2023 owing to the increasing use of sequencing in cancer diagnosis, treatment personalization, and monitoring. For instance, Eurofins Genomics LLC launched a novel, reasonably priced whole plasmid sequencing service with same-day findings in June 2023. This innovative service achieves 99% accuracy at the single-base level by utilizing Gen3 NGS technology. Additionally, the consumer genomics segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing interest in personal genetic testing for ancestry, health risks, and traits.
By end-user, the academic research segment accounted for the highest revenue-grossing segment in the global sequencing reagents market in 2023 owing to the continuous use of sequencing technologies in genomics and basic research projects. For instance, Thermo Fisher Scientific Inc. and the National Cancer Institute collaborated on the myeloMATCH precision medicine trial in July 2024, which focused on treatments for MDS and AML. The partnership targets specific mutations by assessing bone marrow and blood genetic indicators using Thermo Fisher's NGS technology, which enables fast patient matching to studies. Additionally, the clinical research segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing integration of sequencing technologies into clinical trials and precision medicine initiatives.
Report Scope
- Base Year: 2023
- Forecast Period: 2024-2034
Study Coverage
- Market Forecast by Type, Technology, Application, and End User
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of the Top 10+ Market Players
- Illumina Inc.
- Thermo Fisher Scientific Inc.
- Roche Sequencing Solutions
- Pacific Biosciences of California Inc.
- BGI Genomics Co. Ltd.
- QIAGEN N.V.
- Agilent Technologies Inc.
- Bio-Rad Laboratories Inc.
- PerkinElmer Inc.
- Oxford Nanopore Technologies plc
- Genomatix Software GmbH
- New England Biolabs Inc.
- Sangamo Therapeutics Inc.
- F. Hoffmann-La Roche AG
- Element Biosciences Inc.
- 20% Free Customization Available to Meet Your Exact Requirements
Sequencing Reagents Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- Library Kits
- Template Kits
- Control Kits
- Sequencing Kits
- Others
Sequencing Reagents Market Analysis & Forecast by Technology 2023 - 2034 (Revenue USD Bn)
- Sanger Sequencing
- Next-Generation Sequencing
- Third Generation Sequencing
Sequencing Reagents Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Oncology
- Reproductive Health
- Clinical Investigation
- Agrigenomics and Forensics
- Consumer Genomics
- Others
Sequencing Reagents Market Analysis & Forecast by End User 2023 - 2034 (Revenue USD Bn)
- Academic Research
- Clinical Research
- Hospitals and Clinics
- Pharmaceutical & Biotechnology Companies
- Others
Key Attributes
Report Attribute | Details |
No. of Pages | 200 |
Forecast Period | 2023-2034 |
Estimated Market Value (USD) in 2023 | $8.86 Billion |
Forecasted Market Value (USD) by 2034 | $54.03 Billion |
Compound Annual Growth Rate | 17.8% |
Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/z629eh
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment