Unlocking Genomic Mysteries: Sequencing Kits Market to be Worth $21.9 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'Sequencing Kits Market by Type (Nucleic Acid Extraction & Amplification, Library Preparation, Control) Technology (NGS, Sanger) Application (Drug Discovery, Oncology, Reproductive Health, Infectious Diseases) End User - Global Forecast to 2030.'

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According to this latest publication from Meticulous Research®, the sequencing kits market along with sequencing reagents is projected to reach $21.9 billion by 2030, at a CAGR of 15.3% during the forecast period. 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 & reagents 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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Sequencing Kits & Reagents Market: Future Outlook

The sequencing kits market along with sequencing reagents 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.

Based on type, in 2023, the nucleic acid extraction & amplification kits & reagents segment is expected to account for the largest share of the sequencing kits market along with sequencing reagents. This segment's large market share is attributed to the growing adoption of sequencing-based research and development by various end users, such as pharmaceutical & biotechnology companies and academic & research institutes. Additionally, the increasing utilization of sequencing in specific areas of interest such as reproductive health, oncology, agriculture, and animal research, and the capability of sequencing kits to enhance throughput, efficiency, and run-time across a wide range of applications contribute to the significant market share of this segment.

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Based on technology, in 2023, the next-generation sequencing (NGS) segment is expected to account for the largest share of the sequencing kits market along with sequencing reagents. The large market share of this segment is attributed to the technology's high accuracy in DNA sequencing, its capability to generate high-yield error-free throughput, and the growing integration of this technology in clinical and research settings.

Based on application, the sequencing kits market along with sequencing reagents is segmented into clinical applications and research applications. In 2023, the research applications segment is expected to account for the largest share of the global sequencing kits market. The growing prevalence of genetic disorders, the increasing adoption of sequencing-based tests in laboratories, the growing demand for personalized medicines, and the increasing sequencing-based research are factors contributing to the significant market share of this segment.

Based on end user, the sequencing kits market along with sequencing reagents is segmented into pharmaceutical & biotechnology companies, hospital & diagnostic laboratories, academic & research institutes, and other end users. In 2023, the pharmaceutical & biotechnology companies' segment is expected to account for the largest share of the sequencing kits market. The large market share of this segment is attributed to factors such as the increasing research activities among pharmaceutical and biopharmaceutical companies for gaining genomic insights, the declining cost of sequencing, continuous research for precision medicine and biomarker discovery, and the rising prevalence of cancer.

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Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America) and the Middle East & Africa.

In 2023, North America is expected to account for the largest share of the sequencing kits market along with sequencing reagents, followed by Europe and Asia-Pacific. North America's significant market share can be attributed to factors such as the rising burden of cancer in the region, the growing demand for precision medicine, high investments in R&D, the increasing activities in drug discovery, and various government initiatives aimed at supporting sequencing projects.

Key Players

The key players operating in the sequencing kits market along with sequencing reagents 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).

Key questions answered in the report:

Which are the high-growth market segments in terms of type, technology, application, end user, and region/country?
What was the historical market size for sequencing kits market globally?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, challenges, and opportunities in the global sequencing kits market?
Who are the major players in the global sequencing kits market?
How is the competitive landscape, and who are the market leaders in the global sequencing kits market?
What are the recent developments in the sequencing kits market?
What strategies are adopted by the major players in the sequencing kits market?
What are the geographical trends and high-growth regions/countries?

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