PUBLISHER: BIS Research | PRODUCT CODE: 1458547
PUBLISHER: BIS Research | PRODUCT CODE: 1458547
Global Targeted Sequencing Market Overview
In 2023, the targeted sequencing market held a value of $3,479.8 million. The market is expected to grow at a CAGR of 12.28% during the forecast period 2024-2033 and attain a value of $10,987.4 million by 2033. The global targeted sequencing market is primarily driven by increasing research initiatives, rising demand for precision medicine, and geographical expansion of key players.
Market Lifecycle Stage
KEY MARKET STATISTICS | |
---|---|
Forecast Period | 2024 - 2033 |
2024 Evaluation | $3.87 Billion |
2033 Forecast | $10.98 Billion |
CAGR | 12.28% |
The global targeted sequencing market has been characterized by intense competition, as established entities and emerging players compete for a share of the market. The anticipated growth and transformation of the market bring forth both challenges and opportunities, which are expected to make it a dynamic landscape to observe in the upcoming years.
Industry Impact
Targeted sequencing is expected to be a period of wider adoption in clinical settings across various applications. For instance, use in early disease detection, personalized treatment selection, and monitoring treatment response. Additionally, continuous price reduction and higher throughput are driving the widespread adoption at the patient level. Increasing focus on automation in targeted sequencing workflows, single-cell sequencing, advancements in bioinformatics, liquid handling, and nucleic acid preparation are expected to continue to transform targeted sequencing methods. The industry is likely to witness the dynamic contributions of genomics and precision diagnostics.
The industry's advancements in targeted sequencing research and development continually address population health trends, disease prevalence, and treatment outcomes. As a result, the targeted sequencing market's impact extends beyond technological integration for diagnosis, making it an integral component of global health strategies and broader ecosystem.
Market Segmentation:
Segmentation 1: by Application
Cancer to Dominate the Global Targeted Sequencing Market (by Application)
The cancer segment dominated the global targeted sequencing market (by application) in FY2023.
Targeted sequencing panels are rapidly becoming the standard of care in the management of patients with advanced cancer. NGS-based gene panel tests have successfully identified driver mutations in colorectal cancer, breast cancer, and lung cancers, which has subsequently resulted in the development and use of targeted therapies associated with improved outcomes.
Segmentation 2: by End User
Academic and Research Institutions to Dominate the Global Targeted Sequencing Market (by End User)
The academic and research institutions segment dominated the global targeted sequencing market (by end user) in FY2023.
Growing research initiatives undertaken by universities and research institutes in exploring new applications for targeted sequencing are driving the academic and research institutions segment growth.
Segmentation 3: by Product Type
Services to Dominate the Global Targeted Sequencing Market (by Product Type)
The global targeted sequencing market (by product type) was dominated by the services segment in FY2023. This is largely due to the value proposition offered by targeted sequencing services. These services present an economically viable, efficient, and expertise-centric approach for laboratories and researchers.
Segmentation 4: by Target Enrichment Method
Hybridization Capture to Dominate the Global Targeted Sequencing Market (by Target Enrichment Method)
The global targeted sequencing market (by target enrichment method) was dominated by the hybridization capture segment in FY2023. The hybridization capture-based method is more suitable for research and discovery projects. Therefore, scientists and clinicians tend to employ hybridization capture for large panels for the detection of SNPs, fusion genes, copy number variations (CNV), and others.
Segmentation 5: by Target Capture
Targeted DNA Sequencing to Dominate the Global Targeted Sequencing Market (by Target Capture)
The global targeted sequencing market (by target capture) was dominated by the targeted DNA sequencing segment in FY2023. Targeted DNA sequencing allows researchers to focus time and expense on the data analysis of only the regions of interest.
Segmentation 6: by Region
The targeted sequencing market in the North America region has been witnessing significant growth of 12.39% in the forecast period, marked by increasing research and development in the region and early adoption of advanced technologies. In 2023, North America accounted for a share of 49.90% of the global targeted sequencing market.
Demand - Drivers, Restraints, and Opportunities
Market Drivers:
Increasing Demand for High Depth of Coverage in Sequencing: Increasing depth of coverage is a pivotal driving factor in the targeted sequencing market, as it directly influences the accuracy and reliability of genomic analyses.
Market Restraints:
Lack of Advanced Genomic Testing Centers: There is difficulty in establishing and maintaining different sequencing technology platforms, including their supportive genomic data analysis software tools, which also require maintenance in terms of upgrades.
Market Opportunities:
Increasing Opportunities in Early Diagnosis: With the rise in advancements in NGS, early diagnosis and gene editing have been more feasible with techniques such as targeted sequencing.
How can this report add value to an organization?
Workflow/Innovation Strategy: The targeted sequencing market (by application) has been segmented into detailed segments of the application of targeted sequencing based on applications, including cancer, reproductive health, hereditary diseases, neurological disorders, infectious diseases, cardiovascular diseases, rare diseases, and other applications.
Growth/Marketing Strategy: Constant advancement and innovation to enhance performance and efficiency can enable prominent players to command premium prices while maintaining growth in revenue and volume.
Competitive Strategy: Key players in the global targeted sequencing market have been analyzed and profiled in the study, including manufacturers involved in new product launches, acquisitions, expansions, and strategic collaborations. Moreover, a detailed competitive benchmarking of the players operating in the global targeted sequencing market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations are expected to aid the reader in understanding the untapped revenue pockets in the market.
Methodology
Key Considerations and Assumptions in Market Engineering and Validation
Primary Research
The key data points taken from the primary sources include:
Secondary Research
Open Sources
The key data points taken from the secondary sources include:
Key Market Players and Competition Synopsis
The global targeted sequencing industry is in a growth phase and constantly evolving. Illumina, Inc. holds a significant market share in terms of technology and consumables and is expected to retain its dominance. The market dominance can be attributed to its huge product portfolio and highly accurate sequencing instruments. Other established players in the market include PerkinElmer, Inc., Beijing Genomics Institute (BGI), Thermo Fisher Scientific, Inc., and Agilent Technologies, Inc.
Some of the prominent companies in this market are:
Companies that are not a part of the aforementioned pool have been well-represented across different sections of the report (wherever applicable).
Scope and Definition