Genome Sequencing Market: Current Analysis and Forecast (2022-2028)

Genome Sequencing Market: Current Analysis and Forecast (2022-2028)

The genome sequencing market is expected to register a CAGR of approx. 13% over the period of 2022-2028. The process of mapping and sequencing a person's individual DNA is known as genome sequencing. The term "genome" refers to the complete blueprint of a person's human body. A person's genes, which are a bundle of DNA, can cause a disease or increase the likelihood of disease. Genome sequencing helps to identify any significant differences in the genes, which can increase the likelihood of disease. DNA sequencing is inexpensive, has high accuracy and speed, and can produce results from small samples. DNA sequencing technologies have advanced from the first to the third generation. Because of their features, DNA sequencing systems have gained traction, which may have a positive impact on the DNA sequencing market. The growing demand for genome sequencing can be attributed to the growing emphasis on NGS-based diagnostics and surging incidences of cancer across the globe. For instance, the number of cancer cases in the US will increase 49% each year, from 1,534,500 in 2015 to 2,286,300 in 2050, with the largest percentage increase among adults aged ≥75 years, as per the predictions by CDC. Owing to the glaring statistics the increase in cancer prevalence has created a buzz among biotechnology and pharmaceutical companies for investing in the development of effective and reliable diagnostic tools which boosts the demand for genome sequencing across the globe and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the genome sequencing market is anticipated to grow on account of the rapid advancements in sequencing technology and bioinformatics. In addition, changes in lifestyle and various health-related issues drive market growth. However, some of the restraints in the market including the Lack of trained professionals and the high cost of establishing and maintaining a sequencing facility are impeding the growth of this market all over the world.

• Based on the product, the genome sequencing market is segmented into consumables, instruments, and services. The consumables segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. A larger share of the segment is attributed to the broad availability of reagents and kits to address all stages of library construction, including DNA fragmentation, enrichment, adapter ligation, amplification, and quality control. The majority of these tools support low-input and formalin-fixed specimens and have streamlined and simplified workflows, ready-to-use components, and components.
• Based on the technology, the market is fragmented into sanger sequencing, next-generation sequencing, polymerase chain reaction, microarrays, and others. The next-generation sequencing segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The rapid advancements in these technologies, combined with the decreasing cost of sequencing, have made genome sequencing faster, more affordable, and more accurate. Additionally, the use of NGS technology for routine clinical diagnostic tests is growing, especially in light of the COVID-19 infection pandemic, which enhances the segment's revenue share.
• Based on the application, the market is fragmented into oncology, reproductive health, complex disease research, drug discovery and development, precision medicine, agriculture and animal research, and others. The oncology segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The technology has enormous potential for clinical research as well as the creation of cancer diagnostics and therapeutics. Recent advancements in NGS technology have shown its potential as a high-throughput, low-cost method for identifying and characterizing clinically useful genetic variants across a wide range of genes quickly and in a single test.
• Based on the end-user, the market is fragmented into academic & research centers, pharmaceutical and biotechnology companies, consumer genomic service providers, government institutes, and others. The academic & research centers segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. Sanger technology and NGS are widely used in academic and institutional research projects because of their widespread acceptance. Additionally, an increase in funding and investment initiatives boosts the demand for DNA sequencing products in these organizations, leading to a higher revenue share.
• For a better understanding of the market adoption of genome sequencing, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the genome sequencing industry owing to the continuous technological developments by key players, high investment in R&D, availability of technologically advanced healthcare infrastructure, rising need for personalized medicine and the presence of several government initiatives in the U.S. and Canada supports research in drug development and treatment of cancer.
• Some of the major players operating in Agilent Technologies Inc; Thermo Fisher Scientific, Inc.; Illumina, Inc.; Qiagen NV; BGI Genomics Co Ltd; Oxford Nanopore Technologies PLC; Macrogen Inc; PerkinElmer, Inc.; Pacific Biosciences of California Inc; Bio-Rad Laboratories, Inc. among others. Several M&A’s along with partnerships have been undertaken.