Sequencing Reagents Market Size, Share & Trends Analysis Report By Technology, By Type, By Application (Oncology, Consumer Genomics), By End-use (Academic Research, Clinical Research), By Region, And Segment Forecasts, 2024 - 2030

Sequencing Reagents Market Size, Share & Trends Analysis Report By Technology, By Type, By Application (Oncology, Consumer Genomics), By End-use (Academic Research, Clinical Research), By Region, And Segment Forecasts, 2024 - 2030

Sequencing Reagents Market Growth & Trends

The global sequencing reagents market size is expected to reach USD 23.33 billion by 2030, registering a CAGR of 17.83% from 2024 to 2030, according to a new report by Grand View Research, Inc. Emergence of advanced and rapid high-throughput technologies, such as next-generation sequencing (NGS) and third-generation sequencing (TGS), for use in clinical applications provides lucrative growth avenues.

Moreover, a confluence of factors such as advent of targeted therapies in oncology and other clinical fields, development of companion diagnostics and precision medicine, and a significant reduction in the cost of genetic sequencing has increased the installation of NGS platforms throughout the globe. This, in turn, positively influences revenue generation for the market.

A substantial number of companies are using high-throughput technologies for drug discovery, which demands the use of genetic sequencing technologies. In addition, the application of NGS to accelerate early identification of autoimmune disorders is expected to drive the market. Moreover, parallel innovations in biomedical sciences have contributed to the growth of the NGS market.

Players in the industry are focused on in-depth research and development of new and effective reagents to stay ahead in the market. For instance, in October 2018, F. Hoffmann-La Roche AG introduced three NGS AVENIO Tumor Tissue Analysis Kits for detection of mutation in tumors. Similarly, in October 2019, QIAGEN launched an RNA-seq library preparation kit called QIAseq FastSelect RNA Removal Kit, designed for NGS. Companies are also expanding their businesses and setting up new facilities across the globe to gain a stronger foothold. For instance, in January 2019, BGI’s subsidiary, MGI, installed 1,000 sequencers in 16 countries and opened an early access program for MGISEQ-T7 sequencer.

Sequencing Reagents Market Report Highlights

• Next-Generation sequencing dominated the market and accounted for a share of 89.9% in 2023. Next-generation sequencing (NGS) is extensively utilized in molecular diagnostics, pathology, and clinical research due to its cost efficiency and high throughput.
• Sequencing kits segment dominated the market and accounted for a share of 35.9% in 2023 owing to the availability of major high-throughput platforms such as Illumina's MiniSeq, MiSeq, iSeq, NextSeq, HiSeq X, and NovaSeq series; Thermo Fisher Scientific's PGM, IonS5, and Ion Proton system; and Oxford Nanopore Technologies plc's MinION, GridION X5, and PromethION.
• The oncology segment dominated the market and accounted for a share of 26.1% in 2023 due to high usage of sequencing reagents for clinical research and the advancement of cancer diagnostics and therapeutics.
• Academic research segment dominated the market and accounted for a share of 51.7% in 2023 owing to the large number of universities and research centers offering molecular biology courses that extensively utilize next-generation sequencing (NGS) techniques.
• North American sequencing reagents market dominated the market with revenue share of 49.73% in 2023 due to the high demand for sequencing reagents in the region.
• Asia Pacific sequencing reagents market is anticipated to witness the fastest growth of 19.2% over the forecast period. This growth owes to the significantly increasing investments in genomics-focused biomedical research across the region.

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