Next Generation Sequencing Segment to Contribute Major Share to Sequencing Reagents Market During 2021–2028
According to our new market research study on “Sequencing Reagents Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Reagent Type, Technology, Application, and End User,” the market is expected to reach US$ 14,195.60 million by 2028 from US$ 5,530.32 million in 2020; it is estimated to grow at a CAGR of 12.5% from 2020 to 2028. The report highlights the trends prevailing in the market along with the market drivers and deterrents. The factors such as growing funding for genomics, declining cost of sequencing procedures, and increasing prevalence of chronic diseases fuel the market growth.
Five years ago, genomic sequencing was restricted to the research environment. Now, it is increasingly used in clinical practice, and over the next five years, genomic data from over 60 million patients is expected to be generated within healthcare. Genomic sequencing is rapidly transitioning into clinical practice, and implementation into healthcare systems has been supported by substantial government investment, totaling over US$ 4 billion in at least 14 countries. These national genomic-medicine initiatives are driving transformative change under real-life conditions while simultaneously addressing barriers to implementation and gathering evidence for broader adoption, thereby driving the market growth.
The UK has announced the world’s largest genome project as a part of 200 million public–private collaboration between charities and pharma. The UK has already developed the largest genome database in the world through the 100,000 Genomes Project. Led by Innovate UK as a part of UK Research and Innovation, the project will fund researchers and industry to combine data and real-world evidence from the UK health services and create new products and services that diagnose diseases earlier and more efficiently.
In November 2018, Stilla Technologies announced that it had completed a US$ 18.3 million (EUR 16 million) Series A financing round led by Illumina Ventures. The company will use the funds to commercialize its Naica digital PCR system and develop clinical applications.
In August 2018, Boston, a Massachusetts-based company, announced that it landed US$ 4.3 million in seed funding, and it would be partnering with Veritas Genetics, a genome sequencing company. The funds will support the company’s mission to usher in the era of personal genome sequencing by creating a trusted, secure, and decentralized marketplace for genomic data.
In April 2020, MedGenome—a Bengaluru-based genetic diagnostics, research, and data company—announced that it had raised US$ 55 million (about INR 419 crore) in a new round of funding, led by global impact investment firm LeapFrog Investments. Also, MedGenome claims to have built the largest database of South Asian genetic variants in genetic diagnostics in India and research partnerships. It has completed over 200,000 genomic tests to date and obtained samples from more than 550 hospitals and 6,000 clinicians across India.
Thus, due to the continuous funding by the manufacturers and government in the field of genomics, the sequencing reagent market is expected to witness growth during the forecast period.
Based on technology, the global sequencing reagents market is segmented into next generation sequencing, sanger sequencing, and third generation sequencing. In 2020, the next generation sequencing segment held the largest share in the market. Moreover, the market for the same segment is expected to grow at the highest rate by 2028. Next-generation sequencing is a technique that provides massive parallel decoding of RNA or DNA fragments, based on single molecule sequencing principles or sequencing-by-synthesis. It produces the massive quantities of sequencing data, which can only be analyzed with using dedicated bioinformatics tools. This factor is likely to boost the demand for sequencing reagents across the world during the forecast period.
The COVID-19 pandemic is having the positive impact on the sequencing reagents market. Vaccine for COVID-19 has been developed by several pharmaceutical companies and vaccination has also been started in most of the countries. The genome sequencing has increasingly become an important tool for studying disease outbreaks, which is anticipated to have a positive impact on the other segments of the market in the coming months. On the other side, disruptions in the supply chain caused due to the halt in global operations are hindering the market growth.
A few prominent players operating in the sequencing reagents market are BGI Group; F. Hoffmann-La Roche Ltd.; Fluidigm Corporation; Illumina, Inc.; LGC Biosearch Technologies; Pacific Biosciences of California, Inc.; Qiagen; Takara Bio, Inc.; Thermo Fisher Scientific, Inc.; and Trilink Biotechnologies.
Market players are launching new and innovative products and services to sustain their position in the sequencing reagents market. For instance, in April 2021, QIAGEN N.V. launched QIAseq DIRECT SARS-CoV-2 Kit, a viral genome enrichment and library preparation solution that significantly reduces library turnaround times and plastics use compared with ARTIC project protocols [primer-based approaches for next-generation sequencing (NGS)].
The report segments the global sequencing reagents market as follows:
Sequencing Reagents Market – by Technology
- Next Generation Sequencing
- Sanger Sequencing
- Third Generation Sequencing
Sequencing Reagents Market – by Reagent Type
- Control Kits
- Library Kits
- Template Kits
- Sequencing Kits
- Other Reagent Types
Sequencing Reagents Market – by Application
- Agrigenomics and Forensics
- Clinical Investigation
- Oncology
- Reproductive Health
- Other Applications
Sequencing Reagents Market – by End User
- Hospitals and Clinics
- Research Institutes
- Pharmaceutical and Biotechnology Companies
- Other End Users
Sequencing Reagents Market – by Geography
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific (APAC)
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
- South and Central America (SCAM)
- Brazil
- Argentina
- Rest of South and Central America
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