Report : South and Central America Sequencing Reagents Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Next Generation Sequencing, Sanger Sequencing, and Third Generation Sequencing), Application (Agrigenomics and Forensics, Clinical Investigation, Oncology, Reproductive Health, and Other Applications), Reagent Type (Control Kits, Library Kits, Template Kits, Sequencing Kits, and Other Reagent Types), and End User (Hospitals and Clinics, Research Institutes, Pharmaceutical and Biotechnology Companies, and Other End Users)
The next generation sequencing segment by technology is estimated to lead the market growth during the forecast period.
According to a new market research study of “South and Central America Sequencing Reagents Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Technology, Application, Reagent Type, End User and Country.” The South and Central America sequencing reagents market is expected to reach US$ 737.60 million by 2028 from US$ 307.70 million in 2020; it is estimated to grow at a CAGR of 11.6% from 2021 to 2028. The report highlights trends prevailing in the South and Central America sequencing reagents market and the factors driving market along with those that act as hindrances.
The South and Central 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 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.
With the second wave of COVID-19 outbreak, there has been an increasing number of confirmed cases in Latin American countries. Currently, Brazil is rapidly increasing its clinical programs to fight against the novel coronavirus. There is a rising focus on genomic sequencing and tests. For instance, in July 2020, Vale Institute of Technology (ITV) and Fiocruz announced that they are planning to carry out the most extensive genome sequencing study of the Sars-CoV-2. Vale invested R$ 2.4 million in the research. Such initiatives would bolster the growth of the South and Central America sequencing reagents market in long run.
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.
QIAGEN, Takara Bio Inc., THERMO FISHER SCIENTIFIC INC., TriLink BioTechnologies Inc, F. HOFFMANN-LA ROCHE LTD., Illumina, Inc., FLUIDIGM CORPORATION and LGC Biosearch Technologies are among the leading companies operating in the South and Central America sequencing reagents market.
The report segments in South and Central America Sequencing Reagents Market as follows:
- Next Generation Sequencing
- Sanger Sequencing
- Third Generation Sequencing
By Reagent Type
- Control Kits
- Library Kits
- Template Kits
- Sequencing Kits
- Other Reagent Types
- Agri genomics and Forensics
- Clinical Investigation
- Reproductive Health
- Other Applications
By End User
- Hospitals and Clinics
- Research Institutes
- Pharmaceutical and Biotechnology Companies
- Other End Users
- Rest of South and Central America
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