According to a new report published by UnivDatos Markets Insights, the Genome Sequencing Market was valued at more than USD xx million in 2020 and is expected to grow at a CAGR of around 13% from 2022-2028. The analysis has been segmented into Product (Consumables, Instruments, Services); Technology (Sanger Sequencing, Next-Generation Sequencing, Polymerase Chain Reaction, Microarrays, Others); Application (Oncology, Reproductive Health, Complex Disease Research, Drug Discovery and Development, Precision Medicine, Agriculture and Animal Research, Others); End-User (Academic & Research Centers, Pharmaceutical and Biotechnology Companies, Consumer Genomic Service Providers, Government Institutes, Others); Region/Country.
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The genome sequencing market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the genome sequencing market. The genome sequencing market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the genome sequencing market at the global and regional levels.
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Market Overview
The demand for the genome sequencing market is growing due to its wide range of applications such as preventive diagnostics, personalized medicine, detection of biomarkers for cancer, pharmacogenetic testing and rising government funding and initiatives in genomic projects. For instance, in 2020, the Department of Biotechnology (DBT) initiated the ambitious “Genome India Project” (GIP) in India to collect 10,000 genetic samples from citizens across India, to build a reference genome. Owing to these glaring statistics the demand for genome sequencing is anticipated to grow in the forthcoming years as a few priority areas of research include precision health, rare genetic disorders, mutation spectrum of genetic and complex diseases in the Indian population, genetic epidemiology of multifactorial lifestyle diseases, and translational research boosted the growth of the genome sequencing industry. Moreover, modern computer technology advancements and the increasing applications of next-generation sequencing are fueling the demand for the genome sequencing market. Furthermore, growing applications in genome sequencing in anticancer therapy and pharmacogenomics are expected to drive the market for the genome sequencing market in the coming years.
Some of the major players operating in the market are 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.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The COVID-19 pandemic boosted demand for DNA sequencing technology in the development of therapeutics and diagnostics, which boosted the market. For instance, in August 2020, the Helix COVID-19 NGS test was authorized by FDA under an Emergency Use Authorization (EUA) for use only by Helix Laboratory; it is an amplicon-based next-generation sequencing (NGS) test intended for the qualitative detection of nucleic acid from the SARS-CoV-2 in upper respiratory specimens from individuals suspected of COVID-19 infection. As a result of the increased DNA sequencing-based research and development activities in the development of diagnostic tools or effective COVID-19 therapeutics, the market is expected to maintain its significant growth rate during the forecast period.
The global genome sequencing market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· 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.
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Genome sequencing Market Geographical Segmentation Includes:
· North America (U.S., Canada, and Rest of North America)
· Europe (Germany, U.K., Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
· Rest of the 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.
The major players targeting the market include
· 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.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the genome sequencing market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the genome sequencing market?
• Which factors are influencing the genome sequencing market over the forecast period?
• What are the global challenges, threats, and risks in the genome sequencing market?
• Which factors are propelling and restraining the genome sequencing market?
• What are the demanding global regions of the genome sequencing market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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