The global sequencing market size was valued at USD 15.59 billion in 2023 and is poised to grow from USD 19.05 billion in 2024 to hit around USD 115.85 billion by 2033, at a CAGR of 22.21% during the forecast period 2023- 2032.
The increasing demand for applications such as personalized medicine and genetic testing is expected to drive the growth of the sequencing market during the forecast period.
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Key Takeaways
· North America has held the largest share in 2023.
· By product & services, consumables to lead the market as a major segment.
· By workflow, sequencing segment to sustain its dominance in the upcoming period.
· By application, oncology segment dominated the market in 2023
“The sequencing market is all about the technologies and services that allow us to read and understand the genetic code of living organisms. This involves identifying the order of DNA or RNA nucleotides, which are the building blocks of life. By doing this, scientists can learn a lot about how organisms’ function, how diseases develop, and how we might treat them.”
Sequencing Market at a Glance
The sequencing market is a rapidly expanding sector driven by the increasing application of DNA and RNA sequencing technologies across various fields. Sequencing is the process of determining the order of nucleotides in DNA or RNA, and it has become a fundamental tool in modern biology and medicine. With the advancements in technology, sequencing has become faster, more accurate, and more affordable, leading to its widespread adoption.
One of the main drivers of the sequencing market is its significant role in personalized medicine. By understanding an individual’s genetic makeup, healthcare providers can tailor treatments to the specific needs of the patient, leading to more effective and targeted therapies. This is particularly important in the treatment of cancers, where sequencing can help identify the most appropriate drugs and treatment plans based on the genetic mutations present in the tumor.
Another important application of sequencing is in genetic testing. This allows individuals to learn about their ancestry, identify genetic disorders, and understand their risks for certain diseases.
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Emphasis on Personalized Medicine to Expand the Market’s Growth
One of the most drivers of the sequencing market is the rise of personalized medicines. Next-generation sequencing (NSG) technology has revolutionized the way we understand and treat diseases by enabling the identification of genetic variations. These variations can influence a person’s risk of developing certain diseases, how a disease progresses, and how an individual responds to treatment.
Personalized medicine aims to tailor medical treatment to the individual characteristics of each patient. By analyzing a patient’s genetic profile, healthcare providers can develop more effective treatment plans that are specifically designed for that person.
A recent example of the impact of personalized medicine is the field of oncology. Cancer treatments have historically been based on the type and stage of cancer, but NGS has enabled a more nuanced approach. For instance, in 2023, a study highlighted how NGS was used to identify specific genetic mutations in patients with lung cancer. This allowed doctors to prescribe targeted therapies that were more effective than standard chemotherapy. As a result, patients experienced better outcomes, including higher survival rates and fewer side effects.
Rising Cancer Research to Boost the Market’s Growth
Increasing cancer research is a significant driver of the sequencing market. Next generation sequencing (NGS) is an incredibly powerful tool that enables scientists to uncover the genetic mutations responsible for cancer development and progression. By providing details insights into the genetic landscape of cancer, NGS plays a crucial role in the fight against this complex disease.
One of the most important aspects of NGS in cancer research is its ability to identify specific genetic mutations that can drive cancer. These mutations often vary from patient to patient, making it challenging to develop universal treatment.
- For instance, in 2022, researchers used next-generation sequencing to study a group of patients with advanced melanoma. They discovered a particular mutation in the BARF gene that was present in a significant number of patients. This finding led to the development of a targeted therapy that inhibits that BRAF protein, effectively slowing down or even stopping the progression of the cancer.
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Challenges with Data Analysis to Hamper the Market’s Growth
One significant restraint on the growth of the sequencing market is the challenge of data analysis. Next-generation sequencing (NGS) produces vast amounts of data, which can be both a blessing and a curse. While this data is incredibly valuable, analyzing and interpreting it accurately requires advanced computational tools and expertise in bioinformatics. Unfortunately, the shortage of skilled personnel in this field can create a significant bottleneck for many institutions.
NGS technology can sequence millions of DNA fragments in a single run, generating terabytes of data that need to be processed and analyzed. This data includes not just the sequences themselves but also information about genetic variations, mutations, and other anomalies.
A recent example highlighting this challenge is the COVID-19 pandemic. The rapid spread of the virus created an urgent need for genome sequencing to track mutations and understand the virus’s evolution. Many countries ramped up their sequencing efforts, producing an unprecedented amount of genomic data.
· For instance, in 2022, a major hospital in the United States launched a large-scale genomic sequencing project aimed at identifying genetic markers for various cancers. Despite having state-of-the-art sequencing equipment, the project faced significant delays due to a lack of bioinformatics personnel.
Application in Non-human Fields to Offer Opportunities
In agriculture, next generation sequencing is playing a critical role in crop improvement. By sequencing the genomes of various plants, researchers can identify traits associated with higher yields, disease resistance, and environmental tolerance. For example, scientists have used NGS to develop drought-resistant corn varieties, ensuring food security in regions prone to water scarcity.
Animal breeding is another area where NGS is making significant strides. Traditionally, selective breeding relied on phenotypic traits, which could take generations to manifest. With NGS, breeders can now identify and select desirable genetic traits much faster. For instance, in dairy cattle, sequencing can help identify genes associated with higher milk production or disease resistance, leading to healthier herds and improved dairy yields.
Environmental science is also benefiting from the advancements in NGS. Researchers use this technology to monitor biodiversity, track the spread of invasive species, and understand ecological dynamics. A notable example is the use of environmental DNA (eDNA) sequencing to monitor aquatic ecosystems.
A recent example illustrating the growing application of NGS is the use of metagenomics in soil analysis. Researchers have begun using NGS to study the complex microbial communities in soil, which play a crucial role in nutrient cycling and plant health.
North America to Sustain as a Leader in the Market
North America has been a dominant force in the sequencing market, contributing to the largest revenue share in 2023. This region’s leadership can be attributed to continuous technological advancements and significant investments in research and development. The United States and Canada, with their well-established healthcare infrastructures, are at the forefront of this growth. Notably, initiatives like the AMD program in the U.S. are enhancing capabilities by integrating next-generation sequencing tools in public health systems, thereby driving market expansion.
Asia Pacific to Grow on a Rapid Pace in the Sequencing Market
The Asia Pacific region is expected to witness the fastest growth in the sequencing market during the forecast period. Countries such as China, Japan, and India are at the center of this expansion. The presence of regional companies like BGI Genomics and the availability of NGS services from providers like First BASE Laboratories Sdn Bhd are driving market growth. In India, the “10,000 genomes” initiative by the Department of Biotechnology (DBT) aims to establish an Indian whole-genome sequencing reference database, highlighting the region’s commitment to advancing genomic research.
India is a particularly noteworthy market within the Asia Pacific region. With its vast and genetically diverse population, India offers significant opportunities for genomic research. The conclusion of the “10,000 genomes” initiative is a major milestone, aiming to create a comprehensive reference database for whole-genome sequencing in India. Recent developments in India also include the establishment of advanced sequencing facilities and collaborations with global genomic companies.
By Product & Services, the Consumables to Lead the Market as a Major Segment
The consumables segment, which includes kits, reagents, and accessories, dominated the sequencing market in 2023. Consumables are essential for the sequencing process as they are used in every step, from sample preparation to the actual sequencing and data analysis. The high frequency of use and the need for constant replenishment make consumables a critical component, driving significant revenue.
By Workflow, the Sequencing Segment to Sustain its Dominance in the Upcoming Period
Within the workflow category, the sequencing segment held the largest revenue share in 2023. Sequencing involves the actual process of determining the order of nucleotides in DNA or RNA. Advances in sequencing technology have significantly reduced costs and increased speed and accuracy, making this segment the backbone of the entire genomic analysis process.
By Application, the Oncology Segment to Lead the Market
Oncology was the dominant application segment in 2023, reflecting the critical role of sequencing in cancer research and treatment. Sequencing technologies help identify genetic mutations and alterations that drive cancer, enabling personalized treatment plans and improving patient outcomes. The rising prevalence of cancer worldwide continues to boost the demand for sequencing in oncology.
Top Companies in the Sequencing Market:
· Illumina
· Thermo Fisher Scientific
· BGI Group (China)
· Agilent Technologies
· Oxford Nanopore Technologies
· PerkinElmer
· Macrogen (South Korea)
· QIAGEN
· Pacific Biosciences
Major Breakthroughs in the Sequencing Market:
· In April 2024, Merck, a leading name in science and technology, introduced a groundbreaking genetic stability test. Known as the AptegraTM CHO genetic stability assay, this innovative test leverages bioinformatics and whole-genome sequencing to accelerate biosafety testing for clients, facilitating a smoother transition to commercial production.
· In March 2024, Nucleus Genomics, a cutting-edge genetic testing and analysis company, launched a new DNA analysis solution aimed at providing personalized treatment options for everyone. Customers can now pre-order Nucleus’s advanced clinical-grade whole-genome sequencing (WGS) service, which offers a comprehensive analysis of their entire DNA profile. The detailed WGS results will be available starting in the summer, with platform members receiving access to additional health reports and, over time, insights into physical traits such as height and muscle strength. This service is offered at a membership cost of $39 per year, with the 30x WGS kit priced at $399.
· In August 2023, PacBio announced a research collaboration with the University of Washington to analyze the ability of HiFi long-read WGS. This is anticipated to increase the analytical rates in individuals with various genetic conditions.
· In June 2023, Illumina, Inc. launched its novel PrimateAI-3D, an Artificial Intelligence (AI) software to predict accurately disease-causing genetic mutations in individuals, boosting the demand for the industry products to understand the genetic makeup.
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Segments Covered in Sequencing Market Report
By Product & Services
- Platform
- 1st Generation of Sequencing Device
- 2nd Generation of Sequencing Device
- 3rd Generation of Sequencing Device
- Consumables
- Kits
- DNA Library Preparation
- RNA Library Preparation
- Target Enrichment Library Quantification
- Purification & Quality Control
- Others
- Reagents
- Sample Prep
- Library Preparation and Amplification
- Sequencing
- Accessories
- Collection Tubes
- Plates
- Others
- Kits
- Services
- Software
By Workflow
- Pre-Sequencing
- Sequencing
- Data Analysis
By Application
- Oncology
- Diagnostics and Screening
- Oncology Screening
- Sporadic Cancer
- Inherited Cancer
- Companion Diagnostics
- Other Diagnostics
- Research Studies
- Clinical Investigation
- Infectious Diseases
- Inherited Diseases
- Idiopathic Diseases
- Non-Communicable/Other Diseases
- Reproductive Health
- NIPT
- Aneuploidy
- Microdeletions
- PGT
- Newborn Genetic Screening
- Single Gene Analysis
- NIPT
- HLA Typing/Immune System Monitoring
- Metagenomics, Epidemiology & Drug Development
- Agrigenomics & Forensics
- Consumer Genomics
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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