Sequencing Kits Market to be Worth $25.29 Billion by 2031 - Exclusive Report by Meticulous Research®

PR Newswire
Tuesday, May 21, 2024 at 2:31pm UTC

Sequencing Kits Market to be Worth $25.29 Billion by 2031 - Exclusive Report by Meticulous Research®

PR Newswire

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
    • 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

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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

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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