Europe Sequencing Reagents Market is expected to reach US$ 4,021.33 million by 2028

PRESS RELEASE BY The Insight Partners 04 Jun 2021

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The next generation sequencing segment by technology is estimated to lead the market growth during the forecast period.

According to The Insight Partners market research study of “Europe Sequencing Reagents Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Technology, Application, Reagent Type, End User and Country.” The Europe sequencing reagents market is expected to reach US$ 4,021.33 million by 2028 from US$ 1,819.68 million in 2021; it is estimated to grow at a CAGR of 12.0% from 2021 to 2028. The report highlights trends prevailing in the Europe sequencing reagents market and the factors driving market along with those that act as hindrances.

The Europe sequencing reagents market, by technology, is segmented into next generation sequencing, sanger sequencing, and third generation sequencing. The next generation sequencing segment held the largest share of the market in 2020. However, the sanger sequencing segment is anticipated to register the highest CAGR in the market during the forecast period. 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. The cost of genome sequencing has been dropping radically, nearly a million-fold in the past six-seven years. In the recent years, next generation sequencing price have declined substantially. Many of the testing services cost a couple hundred dollars and the lowered cost and higher speed could not only give them a larger margin in profits but the ability to process faster and possibly bring in a higher load of consumers. The rapid reduction in costs has now helped in clinical research, but even greater speed and a lowered price point will likely be enticing to health start-ups for the help of consumers. Hence, major market players such as Illumina and Roche have introduced breakthrough technologies that have enabled the cost and time reduction in the sequencing. Owing to factors such as advances in the field of genomics, development in different methods and strategies for sequencing, there is a notable decline in the cost of sequencing. Additionally, according to the International Diabetes Federation (IDF), the diabetes prevalence among the population is likely to increase by about 35% during the forecast period across globe. As incidence of chronic diseases are increasing at a faster pace, the research on genomics for life-threatening illnesses has progressed rapidly over the last five years, which is driving the market growth.

The rapid growth of COVID-19 confirmed cases in Europe has had a major impact on the European economy. Genome sequencing has increasingly become an important tool for studying disease outbreaks. Many countries have started reporting genomic sequences of the coronavirus from patient samples. The demand for the sequencing kits has been high since the COVID-19 pandemic emerged, thus many companies are increasing their production of reagent kits. In recent days, laboratories in Europe have ramped up genomic sequencing capabilities. The countries in the region are preferring in-house analysis than outsourcing the job. Many private and government organizations are raising funds for sequencing-based studies. Hence, COVID-19 outbreak is propelling the growth of the Europe sequencing reagents market.

The growth of the market is attributed to a few key driving factors such as the declining cost of sequencing procedures and the increasing prevalence of chronic diseases. However, the dearth of skilled professionals hinders the market growth.

QIAGEN, Takara Bio Inc., THERMO FISHER SCIENTIFIC INC., TriLink BioTechnologies Inc, BGI, F. HOFFMANN-LA ROCHE LTD., Illumina, Inc., FLUIDIGM CORPORATION and LGC Biosearch Technologies are among the leading companies operating in the Europe sequencing reagents market.

The report segments in Europe Sequencing Reagents Market as follows:

By Type

  • Automated Medication Dispensing Systems
  • Automated Packaging & Labeling Systems
  • Automated Storage & Retrieval Systems
  • Automated Compounding Devices
  • Tabletop Tablet Counters

By End User

  • Hospital Pharmacy
  • Retail Pharmacy
  • Others

By Country

  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
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