Global 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.
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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 global 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.
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Based on the product, the genome sequencing market is segmented into consumables, instruments, and services. The consumables segment accounted for a significant market share in 2020, 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 in 2020, 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 benefits the segment’s revenue share.
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For a better understanding of the market adoption of the 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 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; and Bio-Rad Laboratories, Inc.
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Global Genome sequencing Market Segmentation
Market Insight, by Product
- Consumables
- Instruments
- Services
Market Insight, by Technology
- Sanger Sequencing
- Next-Generation Sequencing
- Polymerase Chain Reaction
- Microarrays
- Others
Market Insight, by Application
- Oncology
- Reproductive Health
- Complex Disease Research
- Drug Discovery and Development
- Precision Medicine
- Agriculture and Animal Research
- Others
Market Insight, by End-Users
- Academic & Research Centers
- Pharmaceutical and Biotechnology Companies
- Consumer Genomic Service Providers
- Government Institutes
- Others
Market Insight, by Region
- North AmericaUnited States
- Canada
- Rest of North America
- EuropeFrance
- Germany
- Italy
- Spain
- United Kingdom
- Rest of Europe
- Asia-PacificChina
- India
- Australia
- Japan
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- 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.
4-july-19 The global personalized medicine (PM) market registering a CAGR of 10.6% over the forecast period, according to a new report by Grand View Research, Inc.
Growing number of approved companion diagnostics and biomarker products have been proved promising avenues for the development of advanced precision diagnostic tests.
Several personalized diagnostics and therapeutic products based on companion diagnostics are under clinical trials and development pipelines, which also add an incremental opportunity to accelerate this market.Gene therapies are widely utilized to diagnose both chronic and genetic disorders according to individual's genetic makeup.
Growing adoption of gene sequencing and data analytics technologies is anticipated to escalate precision medicine market growth.
Decreasing cost of whole genome sequencing, advancement in cell biology sector, and the development of "Human Genome Project" are several other factors influencing the demand for gene therapy hence, boosting the overall market.
Moreover, key leaders are undergoing numerous strategic developments to launch novel personalized products, which will also contribute to the market expansion.Grasp advance knowledge on Personalized Medicine Market:- https://www.radiantinsights.com/research/personalized-medicine-marketFor instance, in September 2018, Vertex Pharmaceuticals collaborated with Genomics for the delivery of precision medicine based on individual's genetic differences and lifestyle.
