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.
New York, June 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sequencing Reagents Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology ; Application ; Reagent Type ; End User ; Geography." - https://www.reportlinker.com/p06099495/?utm_source=GNW
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.
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.
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.
A few major primary and secondary sources referred to while preparing the report on the global sequencing reagents market are the World Health Organization (WHO), genome-wide association studies (GWAS), Centers for Disease Control and Prevention (CDC), International Diabetes Federation (IDF), Chinese Society of Clinical Oncology (CSCO), China Actionable Genome Consortium (CAGC), American Society of Human Genomics (ASHG), National Human Genome Research Institute (NHGRI), National Institute of Cancer (NIC), National Center for Biotechnology Information (NCBI), King Faisal Specialist Hospital & Research Center (KFSHRC), Emirates Scientists Council (ESC), KwaZulu-Natal Research Innovation and Sequencing Platform (KRISP), and South African Medical Research Council (SAMRC).
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