Sequencing Consumables Market Size, Share & Trends Analysis Report By Product (Kits, Reagents, Accessories), By Platform (1st Generation, 2nd Generation, 3rd Generation) By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Sequencing Consumables Market Size, Share & Trends Analysis Report By Product (Kits, Reagents, Accessories), By Platform (1st Generation, 2nd Generation, 3rd Generation) By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Sequencing Consumables Market Growth & Trends

The global sequencing consumables market size is expected to reach USD 28.82 billion by 2030, expanding at a CAGR of 22.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing emphasis on genomic research is the prime factor that drives the market growth. Genomic research provides insights into the genetic base of diseases, enabling the development of more precise diagnostic tools and treatments. This facilitates personalized medicine, where therapies are tailored to an individual's genomic profile, resulting in better treatment outcomes and reduced adverse effects. In December 2022, the UK government allocated around $184 million in funding to develop the most advanced genomic healthcare system worldwide, to improve health outcomes and save lives.

Owing to such a high output of genomic research, researchers employ NGS technology that enables simultaneous profiling of millions of DNA fragments and delivers an enormous volume of data in a single operation. This high-throughput technology becomes essential for large-scale genomics projects. Further, with the rising demand for sequencing technologies, newer sequencing platforms necessitate specialized consumables that align with their distinct processes. This allows developers to create high-quality sequencing consumables. Consequently, as genomics research continues to expand, there has been a substantial increase in the demand for sequencing consumables.

Additionally, the rising prevalence of cancer and genetic disorders is significantly driving the overall market growth. For instance, in June 2021, the Danish National Genome Center offered genetic testing for at least 60,000 patients as part of providing more personalized treatment. This Danish initiative aims to deliver personalized medicine and genetic analyses directly to patients and provide precise diagnosis and treatment. Genetic sequencing is crucial for the accurate diagnosis of genetic diseases as it allows comprehensive analysis of an individual's genome, making it possible to identify specific genetic variants associated with inherited genomic diseases.Consumables like library preparation kits and adapters play a vital role in fragmenting and labeling genetic material, transforming it into sequencing-ready libraries.

Hence, considering the pivotal role of sequencing consumables in genetic profiling, the growing prevalence of genetic diseases has led to a notable increase in the demand for these consumables. Key players in the market are engaged in strategies such as agreements, mergers & acquisitions, partnerships, and launches, among others, to expand their global footprints and product portfolio. For instance, in May 2023, Thermo Fisher Scientific, Inc. and Pfizer have planned to expand the availability of NGS-based testing for cancer patients in global markets, aiming to enhance localized access to advanced testing for cancer diagnosis and treatment.

Sequencing Consumables Market Report Highlights

• Based on product, the kits segment dominated the market in 2023 due to ease of use and ability to reduce errors
• Based on platform, the 2nd-generation sequencing consumables segment dominated the market in 2023 due to their high-throughput capabilities, accuracy, and cost-effectiveness
• Based on application, the cancer diagnostics segment dominated the market in 2023 due to the urgent need for precise and personalized cancer treatments
• Based on end-use, the hospitals and laboratories segment dominated the market in 2023 due to their crucial role in both clinical diagnostics and research applications
• North America dominated the market in 2023, owing to the presence of key market players as well as substantial government initiatives in genomics research in the region

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