Genome Sequencing Market Size (2023 - 2030)

The Global Genome Sequencing Market was valued at USD 8.19 Billion and is projected to reach a market size of USD 24.58 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 17%. Global market expansion is being fueled by technological breakthroughs in DNA sequencing, improvements in healthcare infrastructure and research facilities, and increased spending on research and development activities.

INDUSTRY OVERVIEW

Genomics is a branch of biology concerned with the study of genes and their activities, as well as the structure, evolution, and mapping of genomes in living organisms.  Genomic research includes structural and functional analysis, DNA sequencing, bioinformatics for sequencing, and recombinant DNA. DNA sequencing is a method for identifying the structure of a DNA molecule in the lab. Using different sequencing methodologies available on the market, the arrangement of four nucleotide bases, namely Guanine, Cytosine, Adenine, and Thymine, may be detected. The Human Genome Project was a significant step forward in studying the entire human genome sequence. The use of DNA sequencing techniques has risen dramatically in recent years, thanks to a variety of applications in fields such as medicine, agriculture, forensics, biological research, and others. Starting with Sanger sequencing, the industry is rapidly expanding, with millions of sequencing analyses performed every day. This is due to technological developments in the sector, which have increased the speed, precision, fidelity, and scale of sequencing techniques.

The expanding government funding to support genomics studies, the rising cancer incidence and the developing uses of next-generation sequencing in cancer research are all likely to increase the genome sequencing market in the forecast term. In addition, the entry of new major players and start-ups, as well as the expanding application areas of genome sequencing, are expected to fuel the market's expansion. However, rising genomic equipment costs, a scarcity of qualified specialists, and the secure storage of vast amounts of sequenced data are just a few of the reasons expected to stymie the market's expansion throughout the forecast period. Furthermore, the use of genomics in specialised or tailored treatment will create further potential for the genome sequencing industry to flourish shortly. During the historical period, the genomic sequencing market grew. Additionally, the future is heading toward digital DNA data storage, which will enhance the usage of DNA sequencing as well as innovation.

COVID-19 IMPACT ON AI IN THE GENOME SEQUENCING MARKET

The outbreak of COVID-19 had a favourable influence on the healthcare industry growth. In the foreseeable future, technological advancements, the need for controlling costs, and improved accessibility to medical systems are expected to be key parts of healthcare reforms. Amid the continuing pandemic, digital health and telemedicine have come to the forefront. The COVID-19 pandemic boosted demand for DNA sequencing technology in the development of treatments and diagnostics, which strengthened the Genome Sequencing market. The Helix COVID-19 NGS test in August 2020 was authorized by the FDA for use only by Helix Laboratory; it is an amplicon-based next-generation sequencing (NGS) test for the rapid identification of nucleotides from the SARS-CoV-2 in individuals suspected of COVID-19 infection. The market is predicted to increase at a significant rate throughout the forecast period as a consequence of growing DNA sequencing-based research and development initiatives in the development of COVID-19 diagnostic tools or effective therapeutics.

MARKET DRIVERS: 

The market is expected to grow because of the increasing demand for illness management, prevention, and treatment, as well as advances in bioinformatics

The industry is expected to be bolstered by the demand for illness management, prevention, and treatment, as well as advances in bioinformatics. The current COVID-19 epidemic, as well as the demand for innovative therapies and vaccinations, present a better potential for the worldwide genome sequencing market.

Increasing incidences of diseases such as cancer, and diabetes and the rising adoption of Genomic treatment solutions in precision medicine are propelling the market growth

Genome testing raises public awareness of genetic problems and can provide personalised health, disease risk, and other information. Global expansion is being fueled by new technological advancements and an increase in the prevalence of various hereditary disorders such as diabetes, cancer, cystic fibrosis, and Alzheimer's disease. Industry expansion is expected to be fueled by real-time drug development, cutting-edge diagnostic technology, and improved therapeutics. As a result of this technology, consumers may be able to take a more proactive approach to their health. DNA samples are obtained in a simple and non-invasive method regularly, and the findings are generally available shortly. Increased consumer knowledge, disposable income, and healthcare expenditure, as well as greater acceptance of personalised medicine to treat hereditary disorders, are all driving market growth.

MARKET RESTRAINTS:

Stringent rules and regulations by authorities in the development and deployment of medical software tools and platforms may hamper the growth of the genomics Sequencing market:

The delayed pace of approval by the relevant authorities, as well as the rigorous rules and regulations governing the development and deployment of medical software tools and platforms throughout the world, are posing a significant barrier to market expansion. The genomics industry is a highly specialised one. Standardization and quality testing are required for the product. When it comes to approving any product or medicine, the authorities adhere to tight laws and restrictions. The quality control and standardisation procedure might take longer than expected, affecting the total market growth.

The lack of a skilled workforce in the genomics market is projected to hamper the market growth:

As the genome sequencing industry expands, it may encounter significant employment challenges, particularly in emerging industries such as regenerative medicine. A shortage of competent professionals will have a detrimental impact on the genomics market's continuous expansion. Over the years, the necessity for qualified personnel and experience has remained constant. This issue is anticipated to intensify, posing a significant impediment to market expansion.

GENOME SEQUENCING MARKET REPORT COVERAGE:

This research report on Genome Sequencing Market has been segmented and sub-segmented based on Products, By Technology, By Workflow, By Application, By End - User and By Region.

GENOME SEQUENCING MARKET - BY PRODUCTS

• Consumables

• Instruments

• Services

Based on the products, the genome sequencing market is segmented into Consumables, Instruments and Services. In 2021, consumables led the genome sequencing market, accounting for 43.3 per cent of total revenue. A growing proportion of the market is due to the widespread availability of reagents and kits for all stages of library development, such as DNA fragmentation, enrichment, adapter ligation, amplification, and quality control. The majority of these instruments include optimized and simplified procedures, and ready-to-use components, and are compatible with low-input and formalin-fixed specimens. The market for genome sequencing is also driven by the continuous launch of reagents and kits to make WGS more accessible and inexpensive. For example, Illumina Inc. announced the NovaSeq 6000 v1.5 Reagent Kit in August 2020, which made the WGS technology more cost-effective and accessible to all laboratories, lowering the cost of sequencing a human genome by USD 600. These novel kits are compatible with WGS, single-cell genomics, and liquid biopsies.Various sequencing problems, such as unequal base allocations and numerous hairpin loops, are solved by sequencing services. The service providers' patented reagents and optimised technological platforms provide very accurate results, and their highly experienced personnel supports client-specific requests. They provide quick turnaround times, excellent customer service, and technical support, which is likely to propel the services sector of the market for genome sequencing to the fastest CAGR in the industry.

GENOME SEQUENCING MARKET - BY TECHNOLOGY

• Sanger Sequencing,

• Next-Generation Sequencing (NGS)

• Third Generation DNA Sequencing

Based on Technology, the genome sequencing market is segmented into Sanger Sequencing, Next-Generation Sequencing and Third Generation DNA Sequencing. In 2020, next-generation sequencing led the DNA sequencing market, with a revenue share of 58.6 per cent. Genome sequencing has become quicker, more inexpensive, and more precise as a result of dramatic advancements in these technologies. Furthermore, NGS technology is gaining traction as a standard clinical diagnostic test, particularly in light of the COVID-19 pandemic, which has a favourable influence on the segment's revenue share. Third-generation sequencing technologies, such as Nanopore and Single-Molecule Real-Time sequencing, are estimated to rise at a significant CAGR in the DNA sequencing market throughout the projection period. This method overcomes the limitations of second-generation methods by allowing for easy sample preparation without the need for faster PCR amplification. Long reads in the hundreds of kilobases range are also available for the detection of recurring locations in complex genomes.

GENOME SEQUENCING MARKET- BY WORKFLOW OUTLOOK

• Pre-sequencing

• Sequencing

• Data Analysis

Based on workflow outlook, the genome sequencing market is segmented into Pre-sequencing, Sequencing and Data Analysis. In the market for genome sequencing, sequencing is the most important phase in the process and therefore contributed to a revenue share of 52.8 per cent in 2021. This stage allows for genomic sequence profiling and DNA-protein interactions. It is an essential component of the complete genome sequencing workflow in research and discovery projects, accounting for a higher percentage of the market. Sequencers' capacity to create a vast amount of data in a short period ramps up our understanding of human health and medical therapies. Furthermore, the introduction of Paired-End (PE) sequencing has resulted in an upgrade in this process, adding to segment growth in the genome sequencing market. PE sequencing allows DNA fragments to sequence from both ends, resulting in twice as many readings in the same amount of time. Sequences aligned as read-pairs enable more accurate read alignment and indel identification than single-read data.

Over the forecast, the data analysis workflow is expected to develop at a rapid rate. Commercial cloud computing systems have advanced significantly in recent years. This results in the creation of additional data centres, the inclusion of services, price reductions, and significant revenues for the operation of existing genomics software. These platforms have led to breakthroughs in data integration tools that aid in the interpretation and processing of large amounts of sequenced data.

GENOME SEQUENCING MARKET - BY APPLICATION

• Oncology

• Reproductive Health

• Clinical Investigation

• Agrigenomics & Forensics

• HLA Typing/Immune System Monitoring

• Metagenomics, Epidemiology & Drug Development

• Consumer Genomics

• Others

Based on application, the genome sequencing market is divided into Oncology, Reproductive Health, Clinical Investigation, Agrigenomics & Forensics, HLA Typing/Immune System Monitoring, Metagenomics, Epidemiology & Drug Development and Consumer Genomics among others. Oncology led the genome sequencing market in terms of revenue in 2021, accounting for 24.4 per cent of the total. Clinical research and the development of cancer diagnostics and therapies might benefit greatly from this technique. NGS technology has recently proved its ability to identify and characterise clinically relevant genetic variations spanning several genes at an unprecedented speed in a single test, demonstrating its capabilities as a high-throughput and cost-effective technique.

Additionally, doctors and businesses appreciate the importance of these technologies in companion diagnostics and precision medicine. Consumer genomics is poised to increase at the quickest rate in the DNA sequencing market over the projected period. This is due to the increasing growth of paternity testing, genealogy, ancestry, and health awareness. Along with the advent of other small-mid-sized firms engaging in the consumer genomics market, biotechnology companies like AncestryDNA, Helix Opto LLC, and 23andMe are participating in providing the "Personal Genome Service."

GENOME SEQUENCING MARKET - BY END-USER

• Academic Research

• Clinical Research

• Hospitals & Clinics

• Pharmaceutical & Biotechnology Companies

• Others

Based on end-user, the genome sequencing market is divided into Academic Research, Clinical Research, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies and others. Due to the widespread use of Sanger technology and NGS in academic and institutional research initiatives, the academic research sector led the market for DNA sequencing in 2021, with a revenue share of 55.4 per cent. Furthermore, increased financing and investment initiatives boost demand for DNA sequencing products in these organisations, resulting in a higher revenue share.

GENOME SEQUENCING MARKET - BY REGION

• North America

• Europe

• The Asia Pacific

• Latin America

• The Middle East

• Africa

By region, the genome sequencing market is grouped into North America, Europe, Asia Pacific, Latin America, The Middle East and Africa. In 2019, North America dominated the genome sequencing industry, accounting for 44.3 per cent of total revenue. North America has the largest share of the genome sequencing market due to ongoing technical breakthroughs by major companies, significant R&D expenditure, and the availability of technologically sophisticated healthcare infrastructure.

Furthermore, government efforts and expenditures intended at boosting precision medical practices in the United States are likely to aid the market's growth trajectory in North America throughout the forecast period. In addition, technical advancements have lowered the cost of sequencing on the market. This has piqued patients' interest in personal genome sequencing for future individualised medicines, lifestyle, dietary studies, and other genomics research. The market for DNA sequencing in the Asia Pacific is poised to develop at a healthy rate throughout the forecast period. International enterprises' strategic endeavours to increase their presence owing to the large client base are projected to provide several prospects for regional growth.

GENOME SEQUENCING MARKET - BY COMPANIES

The market is fairly competitive due to the presence of a few major companies. The major market players are undergoing strategies like Product launches, clinical trials, innovative research and seeking approvals from government agencies to expand their global footprints and product ranges. These strategies help them cater for the increased consumer demand. Major Companies are getting into partnerships for research and development purposes for the development of new products and also to have a wider customer base globally.  Some of the major players operating in the genome sequencing market include:

1. Agilent Technologies, Inc.

2. Thermo Fisher Scientific, Inc.

3. Illumina, Inc.

4. QIAGEN

5. F. Hoffmann-La Roche Ltd.

6. Oxford Nanopore Technologies Ltd.

7. Macrogen, Inc.

8. Perkin Elmer, Inc.

9. Pacific Biosciences of California, Inc.

10. BGI

11. Bio-Rad Laboratories, Inc.

12. Myriad Genetics

13. PierianDx

14. Intrexon Bioinformatics Germany GmbH

15. Eurofins Scientific

NOTABLE HAPPENING IN AI IN THE GENOME SEQUENCING MARKET

• PRODUCT LAUNCH - Sysmex Corporation introduced the XR-Series automated haematology analyzer, its next-generation flagship model in the haematology domain, in March 2021.

• COLLABORATION- QIAGEN and Japan's Sysmex Corporation established a worldwide strategic agreement in July 2021 for the development and promotion of cancer companion diagnostics, leveraging both QIAGEN's expertise in this sector and Sysmex's Plasma-Safe-SeqS technology for next-generation sequencing (NGS).

• PRODUCT LAUNCH- Face2Gene LABS was launched in June 2019 by PerkinElmer and FDNA, an artificial intelligence startup, to deliver genomic services in conjunction with Next-Generation Phenotyping (NGP) technologies for more accurate and efficient diagnosis. Perkin Elmer's dedication to the diagnosis of patients with genetic and uncommon illnesses was demonstrated by this project, which provided high-quality genomic testing alternatives and efficiency.