Dublin, Feb. 02, 2024 (GLOBE NEWSWIRE) -- The "Sequencing Kits Market by Type Technology Application End User - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The latest global forecast suggests that the sequencing kits and reagents market is on track to experience robust expansion, with projections estimating a climb to $21.9 billion by 2030, escalating at a compound annual growth rate (CAGR) of 15.3% from 2023.
The comprehensive market analysis, founded on scrupulous research, identifies the convergence of key drivers such as technological innovations, increased funding for genomic research, and the rapid surge in genome mapping programs as primary factors propelling the market forward.
Industry Dynamics Influencing Market Growth
The report highlights the significant growth factors influencing the market which include the increasing prevalence of cancer and genetic disorders, rising global healthcare expenditures, as well as a substantial increase in research funding. In response to the pressing need for disease prevention and early detection, market stakeholders are seeing a surge in opportunities, particularly as sequencing procedures become more cost-effective and regulatory and reimbursement landscapes for NGS-based diagnostic tests improve.
Emerging Trends and Market Opportunities
Energy in the market is further characterized by the growing applications in disease diagnostics, ongoing advancements in genomics, and the prospect of personalized medicine. These factors opens up new avenues for market stakeholders. Additionally, the development of portable sequencing technologies, along with rising partnerships and collaborations among NGS product manufacturers, are recognized trends contributing to the market expansion.
Regional Market Overview
This year, North America is expected to maintain a dominant position in the market, trailed by Europe and the fast-growing Asia-Pacific region. North America's substantial market hold can be attributed to a rising cancer burden, the presence of influential market players, and a solid healthcare infrastructure supporting sequencing initiatives. The market analysis identifies and presents detailed elements of the sequencing kits market by type, technology, application, end-user, and geography, offering a granular view of the industry.
Leading Industry Participants
Key market players are strategically positioning themselves to capitalize on the expansive growth, including Illumina, Thermo Fisher Scientific, Roche, PerkinElmer, and other significant entities.
These industry pioneers are set to play a pivotal role in shaping the biomedical landscape with their innovations in the sequencing kits domain. The report paves the way for stakeholders to gain in-depth insights into the market dynamics, enabling informed decision-making and strategy formulation in a rapidly evolving industry. To access the comprehensive market analysis and gain a more detailed outlook on the sequencing kits & reagents market, visit our website for further information.
Market Segmentation Insights
- Nucleic Acid Extraction & Amplification Kits & Reagents are expected to lead the market in 2023, fueled by the burgeoning use of sequencing in research and development across numerous sectors.
- The NGS segment is anticipated to retain the market majority, owing to wide-scale adoption across clinical and research environments paired with the availability of more cost-efficient and accurate sequencing technologies.
- Research applications are projected to account for a significant market portion, driven by the steady rise in diseases like cancer, the call for precision medicine, and breakthroughs in biomarker discovery.
- Pharmaceutical & biotechnology companies are likely to emerge as the leading end users, leveraging declining sequencing costs and the push towards drug discovery and companion diagnostics.
Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)
- Illumina Inc. (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- PerkinElmer Inc. (U.S.)
- QIAGEN N.V. (Netherlands)
- Agilent Technologies Inc. (U.S.)
- Pacific Biosciences of California Inc. (U.S.)
- Danaher Corporation (U.S.)
- Bio-Rad Laboratories Inc. (U.S.)
- Oxford Nanopore Technologies Plc. (U.K.)
- 10X Genomics Inc. (U.S.)
- Beijing Genomics Institute (BGI) (China)
Scope of the Report:
Sequencing Kits & Reagents Market Assessment - by Type
- Control Kits & Reagents
- Library Preparation Kits & Reagents
- Nucleic Acid Extraction & Amplification Kits & Reagents
- Sequencing Kits & Reagents
- Other Kits & Reagents
Sequencing Kits & Reagents Market Assessment - by Technology
- Next-generation Sequencing
- Sanger Sequencing
- Third & Fourth-generation Sequencing
- Other Sequencing Technologies
Sequencing Kits & Reagents Market Assessment - by Application
- Research Applications
- Drug Discovery
- Agricultural & Animal Research
- Other Research Applications
- Clinical Applications
- Reproductive Health
- Oncology
- Infectious Diseases
- Other Clinical Applications
Sequencing Kits & Reagents Market Assessment - by End User
- Pharmaceutical & Biotechnology Companies
- Hospitals & Diagnostic Laboratories
- Academic & Research Institutes
- Other End Users
Sequencing Kits & Reagents Market Assessment - by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/u1hej5
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