North America Sequencing Reagents Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology, Application, Reagent Type, and End User

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

According to this study, the North America sequencing reagents market is expected to reach US$ 5,464.95 million by 2028 from US$ 2,090.93 million in 2020; it is estimated to grow at a CAGR of 12.8% from 2021 to 2028. The report highlights trends prevailing in the North America sequencing reagents market and the factors driving market along with those that act as hindrances.

The North America 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 form an essential part of the sequencing reactions, which can be used across various other applications as well. Now, sequencing reagents 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 growth of the sequencing reagent market. In addition, continuous funding by manufacturers and governments in the field of genomics is expected to bolster the market growth during the forecast period. In the recent years, next generation sequencing price have declined substantially. Owing to factors such as advances in the field of genomics and developments in different methods and strategies for sequencing, there is a notable decline in the cost of sequencing, which is propelling the market growth.

In North America, the US is adversely affected due to the COVID-19 outbreak pandemic. Across the various healthcare sectors, the effect of a pandemic can be felt, resulting in burden on the health care industry. Scientists are collaborating to generate and share genomic sequence data information and apply it to disease diagnosis and control efforts. The US is increasing its ability to track the mutations of novel coronavirus with genomic sequencing as experts warned that new variants drive up number of cases and hospitalizations. The sequencing of the genome can aid in the fight against COVID-19 and the newly emerging variants. All such developments would boost the growth of the North America sequencing reagents market.

The growth of the market is attributed to a few key driving factors such as the increasing volume of funding activities for various research studies and the declining cost of sequencing procedures. However, the dearth of skilled professionals hinders the market growth.

Pacific Biosciences of California, Inc., 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 North America sequencing reagents market.

The report segments in North America 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

• US
  
• Canada
  
• Mexico