Number of pages: 100 | Report Format: PDF | Published date: March 20, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global sequencing reagents market was valued at US$ 4.62 billion in 2022 and is expected to register a revenue CAGR of 12.7% to reach US$ 15.34 billion by 2031.
Sequencing Reagents Market Fundamentals
Sequencing reagents are essential to modern molecular biology research, and their utilization extends across a wide range of applications. These reagents enable researchers to determine the order of nucleotides in DNA or RNA molecules, which is a critical step in understanding genetic information and its role in disease and evolution. Sequencing reagents consist of various chemicals, enzymes, and dyes that work together to identify and label each nucleotide in a DNA or RNA sequence. These reagents are primarily applicable in next-generation sequencing (NGS), a high-throughput method that allows researchers to sequence millions of DNA or RNA molecules simultaneously. The most common application of sequencing reagents is genome sequencing. Using NGS and sequencing reagents, researchers can sequence an entire genome in a matter of days, rather than the years it would take using traditional Sanger sequencing methods. This has revolutionized genomics research, allowing researchers and scientists to study the genetic basis of diseases and develop new therapies and treatments. Sequencing reagents are also used in transcriptomics research, which involves the sequencing of RNA molecules to identify the genes being expressed in a particular cell or tissue type. This information can provide insights into the biological processes occurring in a cell and can be used to identify potential drug targets for treating diseases.
In addition to their usage in basic research, sequencing reagents are also used in clinical diagnostics. For instance, they are used to sequence cancer cells to identify mutations that can drive the tumor’s growth. This information can be used to develop personalized treatment plans for individual patients. Sequencing reagents have also found applications in fields such as forensics, where they are used to analyze DNA evidence in criminal investigations, and in agriculture, where they are used to sequence the genomes of crops and livestock to improve breeding programs.
Sequencing Reagents Market Dynamics
The global sequencing reagents market has experienced significant revenue growth in recent years, driven by various factors and trends. One of the primary drivers of the market’s development is the increasing demand for genomics research and personalized medicine as researchers and clinicians seek enhanced knowledge on the genetic basis of diseases and develop more targeted treatments, hence strengthening the need for sequencing reagents. This trend is expected to continue as the field of genomics continues to expand and evolve. Another trend driving the revenue growth of the sequencing reagents market is the increasing availability and affordability of sequencing technologies. NGS technologies, in particular, have evolved more widely in recent years, allowing researchers and clinicians to perform high-throughput sequencing at a lower cost. This has increased the demand for sequencing reagents as more sequencing experiments are conducted. Adopting sequencing reagents in clinical diagnostics has also increased the market revenue growth. With the increasing availability of sequencing technologies, clinicians are using sequencing reagents to diagnose and monitor various diseases, including cancer, infectious diseases, and genetic disorders. As personalized medicine becomes more mainstream, the demand for sequencing reagents in clinical settings is expected to grow. The increasing demand for agricultural genomics research is another trend driving the revenue growth of the sequencing reagents market.
As farmers and agricultural researchers seek to improve crop yields and develop more sustainable farming practices, sequencing reagents are used to sequence crops and livestock genomes. This information is being used to identify genes and genetic variants that can be targeted to improve crop yields, reduce disease susceptibility, and increase the nutritional value of food. The lack of qualified personnel is a major impediment to the revenue growth of the global sequencing reagents market. Since the number of well-skilled and trained practitioners has reduced, it has become more difficult to find a solution to minimize mistakes during sequencing, hampering the market revenue growth. Social and ethical concerns over data privacy can also impede the market’s expansion.
Sequencing Reagents Market Ecosystem
The global sequencing reagents market has been analyzed from five perspectives: technology, type, application, end user, and region.
Sequencing Reagents Market by Technology
Based on technology, the global sequencing reagents market can be further segmented into Sanger sequencing, next-generation sequencing, and third-generation sequencing.
The next-generation sequencing segment accounts for the largest revenue share in the global market and is expected to retain its dominance during the projected period. The revenue growth of this segment can be ascribed to its low costs and enhanced throughput capabilities. NGS has become a standard practice in molecular diagnostics, molecular pathology, and other clinical research applications. Moreover, the deep sequencing method provided by NGS systems offers greater discovery capability in identifying novel or uncommon variants. NGS has revolutionized the sequencing industry by providing unprecedented data in a single run, enabling researchers to analyze multiple samples simultaneously. This has shifted from single-gene to whole-genome sequencing, making NGS more cost-effective than Sanger sequencing. This technology also has a broad range of applications, including genomics, transcriptomics, epigenomics, and metagenomics. As a result, this technology has become a foundation in various research areas, including cancer research, personalized medicine, and genetic disease diagnosis. The development of new NGS platforms and reagents has further improved NGS technology’s accuracy, speed, and cost-effectiveness. For instance, developing long-read sequencing technologies has enabled the sequencing of complex genomes and transcriptomes. The demand for personalized medicine is increasing rapidly, and NGS is a key technology in this field. NGS enables the identification of genetic mutations that contribute to diseases, making it possible to develop personalized treatment plans based on an individual’s unique genetic makeup.
The next-generation sequencing segment is further driven by the growing number of chronic illnesses across the globe, along with the introduction of technologically enhanced systems, improved regulatory and reimbursement situations for NGS-based diagnostic procedures, and the use of NGS in precision medicine and molecular diagnostics. Moreover, government measures to assist technological advancements are projected to be important in driving market revenue growth.
Sequencing Reagents Market by Type
Based on the type, the global sequencing reagents market can be further segmented into library kits, template kits, control kits, sequencing kits, and others.
The sequencing kits segment registered the largest revenue share in the global market in 2022, ascribing to their high usage rate. Additionally, the sequencing library is an essential component for NGS, a high-throughput technique used to determine the sequence of DNA or RNA molecules. The sequencing library preparation involves fragmenting the DNA or RNA sample, adding sequencing adapters to each fragment, and amplifying the fragments to generate sufficient quantities of sequencing-ready libraries. The demand for sequencing libraries is expected to grow significantly high.
NGS equipment provides massive amounts of data, allowing the simultaneous sequencing of thousands of samples. A vast number of sequencing libraries are required for these high-throughput capabilities. Several processes are involved in the library preparation process, including fragmentation, adapter ligation, and amplification. This complexity makes it challenging for researchers to prepare libraries in-house, driving them to purchase pre-made sequencing libraries from commercial vendors. NGS technology is continually evolving, with new platforms and applications emerging regularly. These advancements require new sequencing library designs and reagents, leading to a constant demand for new sequencing library products.
Sequencing Reagents Market by Application
Based on the application, the global sequencing reagents market can be further segmented into oncology, reproductive health, clinical investigation, Agri genomics & forensics, and others.
The oncology segment is estimated to grow at the highest revenue CAGR during the forecast period. The increasing number of cancer patients has pushed researchers to invest heavily in developing innovative medications and clinical trials to provide better and enhanced therapy, resulting in the rise of the global sequencing reagents market in the oncology segment. Furthermore, due to the rapid development of sequencing technologies, oncologists can access genetic information and mutations linked with cancer and related genes. Moreover, NGS-based tumor transcriptomics, genomes, and epigenomics analysis influence biomarker identification for cancer diagnosis and tumor classification. Improvements in sequencing capabilities will almost certainly aid in establishing precise new cancer clinical trials for discovering genetic vulnerabilities in patients.
Sequencing Reagents Market by End User
Based on the end user, the global sequencing reagents market can be further segmented into academic research, clinical research, hospitals & clinics, pharmaceutical & biotechnology companies, and others.
The clinical research segment is expected to grow rapidly throughout the projected period. Increasing adoption of CLIA-waive or clinically approved high throughput technology-based diagnostic tests is expected to affect the market advancement of this category. The traditional Sanger technique and its related chemicals are still widely used in clinical and research settings.
Sequencing Reagents Market by Region
The global sequencing reagents market can be further segmented based on the region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America leads the global sequencing reagents market. High commercial sales, government funding, and increased sequencing research efforts are all important aspects driving revenue growth in this region.
In terms of revenue, Europe comes as the second-largest geographical market for sequencing reagents. Increasing public, commercial, and government funding in sequencing research, the availability of established R&D infrastructure, and the growing chronic illness burden are important factors driving market expansion in this region.
The Asia Pacific region is expected to be the rapidly emerging market for sequencing reagents. The focus of leading market participants on revenue growth possibilities, corporate expansion in developing countries, economic development, healthcare infrastructure improvement, and increased R&D investment are all essential elements contributing to this region’s rapid growth.
Sequencing Reagents Market Competitive Landscape
Global healthcare companies create, manufacture, and market medicines, vaccines, and consumer health products. They continue to use their market leadership, pharmaceuticals business, and robust research operations to generate outstanding operational success. Expansion activities, attractive pipeline products, and regulatory approvals may offer the organization revenue growth potential. However, severe competitors, product liability lawsuits, and government regulations may impact its profitability.
The prominent players operating in the global sequencing reagents market are:
Sequencing Reagents Market Strategic Developments
Sequencing reagents are essential to modern molecular biology research, and their utilization extends across a wide range of applications. These reagents enable researchers to determine the order of nucleotides in DNA or RNA molecules, which is a critical step in understanding genetic information and its role in disease and evolution.
The increase in the prevalence of chronic diseases, technological advancements, and the rise in the usage of NGS technology are the key trends governing the revenue growth of the global sequencing reagents market.
Key companies operating in the global sequencing reagents therapeutics market are BGI, Pacific Biosciences of California Inc., Oxford Nanopore Technologies, and Agilent Technologies Inc.
The lack of skilled professionals is one of the major factors hindering the revenue growth of the global sequencing reagents market.
The global sequencing reagents market is expected to grow at a revenue CAGR of 12.7% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain