Dublin, July 23, 2021 (GLOBE NEWSWIRE) -- The "Sequencing Reagents Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Technology; Application; Reagent Type; End User; Geography." report has been added to ResearchAndMarkets.com's offering.
The global sequencing reagents 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 2021 to 2028. The factors such as growing funding for genomics, declining cost of sequencing procedures, and increasing prevalence of chronic diseases drive the market growth. However, the dearth of skilled professionals hinders the market growth.
Sequencing reagents are used during the process of sequencing. The use of these reagents highly depends on the desired result to be obtained. They form an essential part of the sequencing reactions, which can be used across various other applications as well. An increase in R&D activities worldwide is expected to drive the growth of the market during the forecast period.
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.
Technology Insights
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.
Reagent Type Insights
Based on reagent type, the global sequencing reagents market is segmented into control kits, library kits, template kits, sequencing kits, and other reagent types. The control kits segment held the largest market share in 2020, and it is further expected to dominate the market by 2028. Quality control for cluster generation, sequencing, and alignment, as well as calibration control for cross-talk matrix generation, phasing, and prephasing are provided by control kits.
Application Insights
Based on application, the global sequencing reagents market is segmented into agrigenomics and forensics, clinical investigation, oncology, reproductive health, and other applications. The oncology segment held the largest market share in 2020, and it is further expected to dominate the market by 2028. The combination of next-generation sequencing (NGS) and bioinformatics tools has an ability to transform oncology research, diagnosis, and treatment.
End User Insights
Based on end user, the global sequencing reagents market is segmented into hospitals and clinics, research institutes, and pharmaceutical and biotechnology companies, and others. The hospitals and clinics segment held the largest market share in 2020, and it is further expected to dominate the market by 2028. Hospitals and clinics are primary contact points for patients to get their diagnosis done and opt for treatment options and alternatives.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the sequencing reagents market.
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- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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Key Topics Covered:
1. Introduction
2. Sequencing Reagents Market - Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Global Sequencing Reagents Market - Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.2.2 Europe - PEST Analysis
4.2.3 Asia Pacific - PEST Analysis
4.2.4 Middle East and Africa (MEA) - PEST Analysis
4.2.5 South and Central America (SCAM) - PEST Analysis
4.1 Expert Opinions
5. Sequencing Reagents Market- Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Funding for Genomics
5.1.2 Declining Cost of Sequencing Procedures
5.1.3 Increasing Prevalence of Chronic Diseases
5.2 Market Restraints
5.2.1 Dearth of Skilled Professionals
5.3 Market Opportunities
5.3.1 Increasing Demand for Third Generation Sequencing
5.4 Future Trends
5.4.1 Increasing Demand for Personalized Medicines
5.5 Impact analysis
6. Sequencing Reagents Market - Global Analysis
6.1 Global Sequencing Reagents Market Revenue Forecast and Analysis
6.2 Global Sequencing Reagents Market, By Geography - Forecast and Analysis
6.3 Market Positioning of Key Players
7. Sequencing Reagents Market Analysis - By Technology
8. Sequencing Reagents Market Analysis - By Reagent Type
9. Sequencing Reagents Market Analysis - By Application
10. Sequencing Reagents Market Analysis - By End User
11. Sequencing Reagents Market - Geographic Analysis
12. Impact of COVID-19 Pandemic on Global Sequencing Reagents Market
12.1 North America: Impact Assessment of COVID-19 Pandemic
12.2 Europe: Impact Assessment of COVID-19 Pandemic
12.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
12.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
12.5 South & Central America: Impact Assessment of COVID-19 Pandemic
13. Sequencing Reagents Market -Industry Landscape
13.1 Overview
13.2 Growth Strategies in the Sequencing Reagents Devices Market, 2018-2021
13.3 Organic Growth Strategies
13.3.1 Overview
13.4 Inorganic Growth Strategies
13.4.1 Overview
14. Company Profiles
14.1 Pacific Biosciences of California, Inc.
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 QIAGEN
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Takara Bio Inc.
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 THERMO FISHER SCIENTIFIC INC.
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 TriLink BioTechnologies Inc
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 BGI
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 F. HOFFMANN-LA ROCHE LTD.
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Illumina, Inc.
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 FLUIDIGM CORPORATION
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 LGC Biosearch Technologies
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
15. Appendix
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