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Growth and Trends in the Sequencing Consumables Market (2024-2033)
Sequencing Consumables Global Market Report 2024
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According to The Business Research Company's, The sequencing consumables market size has grown exponentially in recent years. It will grow from $7.74 billion in 2023 to $9.79 billion in 2024 at a compound annual growth rate (CAGR) of 26.5%. The growth in the historic period can be attributed to increased number of drug development activities, increased prevalence of genetic disorders and target diseases, increased use of miniaturized portable instruments, high use of biomarker profiling, high demand for personalized medicine, and the increased number of cancer patients.
The sequencing consumables market size is expected to see exponential growth in the next few years. It will grow to $25.34 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to rise in demand for rapid and accurate diagnosis of disease, growing adoption of real-time polymerase chain reaction, the growing demand for rapid and on-site diagnostic testing, rise in infectious disease outbreaks, and demand for companion diagnostics. Major trends in the forecast period include advanced disease detection and monitoring, innovations in drug discovery, advancement in target validation, biomarker identification, advanced DNA sequencing technologies, diagnostic testing advancements, next-generation sequencing (NGS), lab-on-a-chip platforms, and advanced molecular diagnostic solutions development.
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Market Drivers and Trends:
The rising pet expenditure is expected to propel the growth of the pet herbal supplements market going forward. Pet expenditure refers to costs related to pet food, supplies and medicines, veterinarian care, live animal purchases, and other services. The increase in pet expenditure is driven by the humanization of pets, leading to higher spending on premium products and services and advancements in pet healthcare requiring more costly treatments. The rise in pet expenditure is boosting the pet herbal supplements market as owners increasingly seek natural, high-quality health products to ensure their pets' well-being and longevity. For instance, in November 2023, according to a report by American Pet Products Association, Inc., a US-based not-for-profit industry association, the U.S. pet industry expenditure was $147.0 billion in 2023, up from $136.8 billion in 2022. Therefore, the rising pet expenditure is driving the growth of the pet herbal supplements market.
Major companies operating in the sequencing consumables market are focused on developing innovative solutions, such as human whole-genome sequencing (WGS) assays, to enhance accuracy, efficiency, and speed in genomic analysis. Human whole-genome sequencing (WGS) assays involve the comprehensive analysis of an individual's entire genome, including all of their DNA, to identify genetic variations, mutations, and biomarkers associated with health, disease risk, and treatment response. For instance, in March 2023, Illumina Inc, a US-based biotechnology company, launched Illumina Complete Long Read Prep- Human, a high-performance, long-read, human whole-genome sequencing (WGS) assay. The Illumina Complete Long Read Prep, Human is compatible with Illumina NovaSeq X Plus, NovaSeq X, and NovaSeq 6000 Sequencing Systems. It provides users access to long- and short-read data on a single Illumina instrument for the first time. This offering simplifies workflows and significantly reduces DNA input requirements compared to other long-read options.
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Major Key Players of the Market:
F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc, Merck KGaA, Becton, Dickinson and Company, Agilent Technologies Inc, Illumina Inc, PerkinElmer Inc, bioMérieux SA, Beckman Coulter Inc, Bio-Rad Laboratories Inc, QIAGEN N.V., Tecan Group AG, BGI Genomics Co Ltd, Promega Corporation, Abcam Limited, Integrated DNA Technologies Inc., Takara Bio Inc, Oxford Nanopore Technologies plc, Pacific Biosciences of California Inc, Analytik Jena GmbH, Standard BioTools Inc, LGC Biosearch Technologies Inc., Biocartis SA, Apex Biotechnology Corp., Lexogen GmbH
Sequencing Consumables Market 2024 Key Insights:
• The sequencing consumables market size is expected to see exponential growth in the next few years. It will grow to $25.34 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%.
• Genetic Diseases Driving Growth In Sequencing Consumables Market
• Innovative Solutions In The Sequencing Consumables Market
• North America was the largest region in the sequencing consumables market in 2023
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