REDDING,
Calif., May 21, 2024 /PRNewswire/ -- According to
a new market research report titled, "Sequencing Kits
Market Size, Share, Forecast, & Trends
Analysis by Type (Nucleic Acid Extraction &
Amplification, Library Preparation) Technology (NGS, Sanger) Application (Drug Discovery, Oncology,
Reproductive Health) End User – Global Forecast to
2031,' published by Meticulous Research®, the
sequencing kits market is projected to reach $25.29 billion by 2031, at a CAGR of 15.5% from
2024 to 2031.
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Sequencing is widely conducted in clinical and research
settings. The growth of the sequencing kits market is driven by the
increasing prevalence of cancer & genetic disorders, rising
healthcare expenditures, increasing funding for research
activities, the surge in genome mapping programs, the decreasing
costs of sequencing procedures, the growing need for the early
detection & prevention of diseases, technological advancements
in sequencing products, the improving regulatory and reimbursement
scenarios for NGS-based diagnostic tests, and government
initiatives promoting the use of sequencing in clinical &
research applications. However, the high costs of sequencing kits
and the ethical & legal issues related to DNA sequencing-based
diagnosis are factors restraining the growth of this market.
Moreover, government support for large-scale genomic sequencing
projects, the increasing applications of genome sequencing in
disease diagnostics and precision medicine, emerging economies, and
advancements in genomics & proteomics are expected to generate
growth opportunities for market stakeholders. However, the evolving
regulatory landscape, the low chances of positive, actionable
mutations, and the lack of sequencing professionals in developing
countries are major challenges for market growth.
Additionally, developing portable sequencing technologies and
increasing partnerships & collaborations among NGS product
manufacturers to expand and improve product offerings are prominent
trends in the sequencing kits market.
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Rise in R&D investments by Pharmaceutical and
Biotechnology Companies to Drive Market's Growth.
Pharmaceutical companies constantly focus on R&D, a core
aspect of drug development processes. The biotechnology industry
also continues to grow substantially due to increased investments
in R&D to cater to the growing demand for innovation and new
medical breakthroughs. The importance of R&D is evident due to
the rising number of drug approvals. For instance, in 2021, the
FDA's Center for Drug Evaluation and Research (CDER) approved 50
novel drugs either as new molecular entities (NMEs) or as new
therapeutic biologics under biologics license applications (BLAs),
an increase from 22 novel drugs approved in 2016. Genome sequencing
has enabled the pharmaceutical industry to develop precision
medicines as well. High R&D investments in the pharmaceutical
and biotechnology sectors are expected to boost the demand for
precise insights, driving the demand for sequencing kits &
reagents.
The sequencing kits market is segmented based on type [control
kits & reagents, library preparation kits & reagents,
nucleic acid extraction & amplification kits & reagents,
sequencing kits & reagents, other kits & reagents],
technology [next-generation sequencing, sanger sequencing, third
& fourth-generation sequencing, other sequencing technologies]
application [research applications (drug discovery, agricultural
& animal research, other research applications), clinical
applications (reproductive health, oncology, infectious diseases,
other clinical applications)], end user [pharmaceutical &
biotechnology companies, hospitals & diagnostic laboratories,
academic & research institutes, other end users], and
Geography. The study also evaluates industry competitors and
analyzes the market at the regional and country levels.
Some of the key players operating in the sequencing kits market
are 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.), and Beijing
Genomics Institute (BGI) (China).
Based on type, in 2024, the nucleic acid extraction &
amplification kits & reagents segment is expected to account
for the largest share of 33.0% of the sequencing kits
market. The large market share of this segment is attributed
to the increasing sequencing for multiple clinical and research
applications, recurring demand for extraction and
amplification kits & reagents by end users, availability of
cost-effective sequencers, and increasing adoption of inhouse
sequencing instruments by hospitals & clinics, which are
increasing the demand for nucleic acid extraction &
amplification kits & reagents. Furthermore, the sequencing kits
& reagents segment is projected to witness the highest growth
rate of 16.9% during the forecast period of 2024–2031.
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Based on technology, in 2024, the next-generation sequencing
(NGS) segment is expected to account for the largest share of
78.2% of the sequencing kits market. The large market
share of the segment is attributed to the growing adoption of NGS
in clinical and research settings, its ability to provide faster
and more accurate genetic testing, the rapidly declining cost of
sequencing per base, and the introduction of cost-effective
benchtop laboratory sequencers.
Based on application, the sequencing kits market is segmented
into clinical applications and research applications. In 2024, the
research applications segment is expected to account for the
largest share of the global sequencing kits market. The large
market share of this segment is attributed to the rising incidence
of cancer, the growing demand for precision medicine, the increased
sequencing activities for drug discovery, and the availability of
cost-effective advanced technologies like NGS for research
applications.
Based on end user, in 2024, the pharmaceutical &
biotechnology companies' segment is expected to account for the
largest share of 44.5%of the sequencing kits market. The
large market share of this segment is attributed to the
declining costs of sequencing, the development of companion
diagnostics and precision medicine, and the high demand for
sequencing kits from pharmaceutical and biopharmaceutical
companies, primarily for drug discovery purposes.
Geographically, in 2024, North
America is expected to account for the largest share of
50.8% of the sequencing kits market, followed by
Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. The
North America sequencing kits
market is estimated to be worth USD 4.7
billion in 2024. North
America's significant market share can be attributed to
several key factors, increasing R&D expenditure by the
pharmaceutical & biotechnology industry, the presence of
leading sequencing kits & reagents market players in the
region, favorable government initiatives for genomics research,
growing applications of sequencing for diagnostic purposes in
genetic diseases, oncology, and several other chronic conditions,
rising awareness of NGS-based sequencing, increasing demand for
precision medicine and favorable reimbursement scenario for DNA
sequencing in the region.
However, the Asia-Pacific
sequencing kits market is slated to register the highest growth
rate of 17% during the forecast period.
The report also includes an extensive assessment of the key
growth strategies adopted by leading market players between 2020
and 2024.
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Scope of the Report:
Sequencing Kits Market Assessment—by
Type
- Control Kits & Reagents
- Library Preparation Kits & Reagents
- Nucleic Acid Extraction & Amplification Kits &
Reagents
- Sequencing Kits & Reagents
- Other Kits & Reagents
Note: Other kits & reagents include fluorescent dye,
polyacrylamide gel, adenosine phosphosulphate (APS), luciferin,
apyrase, probes, barcode kits, flow cells, trays, and beads
Sequencing Kits Market Assessment—by
Technology
- Next-generation Sequencing
- Sanger Sequencing
- Third & Fourth-generation Sequencing
- Other Sequencing Technologies
Note: Other technologies include pyro sequencing, degradome
sequencing, chromatin immunoprecipitation (ChIP) sequencing, and
methylation sequencing
Sequencing Kits Market Assessment—by
Application
- Research Applications
- Drug Discovery
- Agricultural & Animal Research
- Other Research Applications
- Clinical Applications
- Reproductive Health
- Oncology
- Infectious Diseases
- Other Clinical Applications
Note: Other research applications include food microbiology,
microbial analysis in the beverage industry, and environmental
studies.
Note: Other clinical applications include the detection of
genetic aberrations in neurological disorders, rare diseases, and
metabolic and immune disorders
Sequencing Kits Market Assessment—by End User
- Pharmaceutical & Biotechnology Companies
- Hospitals & Diagnostic Laboratories
- Academic & Research Institutes
- Other End Users
Note: Other end users include forensic laboratories &
security agencies, food & beverage companies, and agriculture
companies
Sequencing Kits Market Assessment—by
Geography
- North America
- 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
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Related Reports:
NGS Library Preparation Market by Product (Kits, Reagents,
Instruments), Sequencing Type (Genome, Exome, Targeted),
Application (Diagnostics, Discovery), End User (Hospitals,
Diagnostic Laboratories, Pharmaceutical, Academic) – Global
Forecast to 2030
Next Generation Sequencing (NGS) Market by Offering (Kits
[Library Prep, QC, DNA Extraction], System) Type (Genome, Exome,
Targeted) Application (Reproductive, Oncology, Infectious)
Technology (SBS, Nanopore, Nanoball, SMRT Seq) – Global Forecast to
2030
Molecular Diagnostics Market by Product (Reagent &
Kits, Systems, Software), Test Type (Lab, PoC), Technology (PCR,
ISH, INAAT, Sequencing, Microarray), Application (Infectious
Diseases, Oncology), End User (Hospital, Diagnostic Lab) - Global
Forecast to 2030
Genomics Market by Offering (Systems, Consumables, Software,
Services), Technology (Sequencing, Microarray, PCR), Application
(Diagnostics, Life Science Research), End User (Pharmaceutical
Companies, Hospitals, Academic Institutes, CRO) - Global Forecast
to 2030
Next Generation Sequencing (NGS) Informatics Market by Offering
(Data Analysis, Interpretation & Reporting, Storage &
Computing, LIMS) Application (Diagnostic, Drug Discovery, Precision
Medicine, Biomarker Discovery) End User - Global Forecast to
2030
Next-generation Sequencing Services Market by Type (Targeted
Sequencing, Exome, RNA-Seq, ChIP Sequencing), Technology
(Sequencing by Synthesis, Nanopore, SMRT), Application (Clinical
Diagnosis, Biomarker Discovery), & End User - Forecast to
2030
Related Blogs:
Top 10 Companies in Sequencing Kits Market
Sequencing Kits: The Key to Unlock Genomic Insights
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