Meticulous Research®—a leading global market research company, published a research report titled ‘Sequencing Kits Market Size, Share, Forecast, & Trends Analysis by Type (Nucleic Acid Extraction & Amplification, Library Preparation) Technology (NGS, Sanger) Application (Drug Discovery, Oncology, Reproductive Health) End User – Global Forecast to 2031.’
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In the latest comprehensive analysis by Meticulous Research®, the sequencing kits market is projected to soar to a valuation of $25.29 billion by 2031, showcasing a formidable compound annual growth rate (CAGR) of 15.5% throughout the forecast period. This remarkable expansion is fueled by a multitude of factors, including the escalating prevalence of cancer & genetic disorders, surging healthcare expenditures, increasing research funding, and a surge in genome mapping initiatives. Additionally, decreasing sequencing costs, a growing imperative for early disease detection & prevention, and notable technological advancements in sequencing products contribute significantly to market proliferation. However, challenges such as the high costs of sequencing kits and ethical & legal dilemmas surrounding DNA sequencing-based diagnoses pose barriers to market growth.
Furthermore, government-backed large-scale genomic sequencing projects, expanding applications of genome sequencing in disease diagnostics and precision medicine, and the burgeoning economies of emerging markets offer promising growth avenues for stakeholders. Nonetheless, evolving regulatory landscapes, low probability of actionable mutations, and a scarcity of sequencing professionals in developing nations represent significant hurdles to market expansion.
Moreover, the emergence of portable sequencing technologies and burgeoning partnerships & collaborations among Next-Generation Sequencing (NGS) product manufacturers to enhance product offerings represent notable trends in the sequencing kits market.
Sequencing Kits Market: Detailed Analysis
The sequencing kits market is meticulously segmented based on type, technology, application, end-user, and geography, offering profound insights into industry dynamics and market outlook. Notably, the nucleic acid extraction & amplification kits & reagents segment is projected to command the largest share of the sequencing kits market in 2024, propelled by growing adoption in research and development activities across various end-user segments. Moreover, in the technology realm, the dominance of next-generation sequencing (NGS) is anticipated, owing to its high accuracy and growing integration in clinical and research settings.
When delving into applications, the research segment is expected to lead the market, driven by growing genetic disorder prevalence and increasing adoption of sequencing-based tests in laboratories. Likewise, pharmaceutical & biotechnology companies are poised to dominate end-user segments in 2024, driven by rising research activities and the quest for genomic insights.
Geographically, North America is poised to capture the largest market share, followed by Europe and Asia-Pacific. Factors such as the rising cancer burden, surging demand for precision medicine, and substantial investments in research and development underscore North America's dominance in the market.
Key Market Players
Key players in the sequencing kits market landscape include Illumina, Inc., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., and PerkinElmer, Inc., among others. These industry frontrunners are at the forefront of innovation, driving market expansion and shaping the trajectory of genomic research and diagnostics.
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