PUBLISHER: Grand View Research | PRODUCT CODE: 1446504
PUBLISHER: Grand View Research | PRODUCT CODE: 1446504
The global sequencing market size is anticipated to reach USD 62.48 billion by 2030, growing at a CAGR of 22.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing investments by governments and private organizations in genomic research and development and the increasing demand for personalized medicine and precision treatments have led to a rise in the adoption of these technologies, which are expected to boost the market further. For instance, in December 2022, the UK government announced a USD 222.36 million investment in genomics research in partnership with the National Health Service (NHS). This investment aimed to explore the effectiveness of using whole-genome sequencing to treat and find rare genetic diseases in newborn babies.
The rising number of infectious diseases such as Campylobacter infection, Hepatitis A, B, C, HIV, Influenza (Flu), and Meningococcal disease has been a major driver of the market. According to WHO, in 2022, 39 million people are living with HIV. As per the Hepatitis B Foundation, approximately 1.5 million people are newly infected due to hepatitis B each year. As the number of outbreaks and epidemics increases, there is a growing demand for accurate and rapid sequencing technologies that can help identify the pathogens responsible for these diseases. With the advancement of technologies, it has become easier and faster to sequence the genomes of pathogens, enabling healthcare providers and researchers to understand the spread of these diseases better and develop targeted treatments and vaccines. As a result, the market is expected to continue to grow in the coming years, driven by the need to combat infectious diseases and improve global health.
The COVID-19 pandemic has had a significant impact on the market. With the rapid spread of the virus, there has been an increased demand for these technologies to understand the virus better and track its mutations. This has led to a surge in demand for sequencing instruments, reagents, and services. However, the pandemic has also disrupted supply chains and caused delays in research projects, which has had a negative impact on the market growth.
The market faces several challenges, including high costs associated with sequencing and data analysis, limited accuracy and reliability of these technologies, and difficulties in managing and interpreting large amounts of data generated by sequencing. In addition, there are concerns regarding data privacy and ethical implications related to sequencing genetic information. There is still a need for standardization and quality control in sequencing, improved accessibility, and affordability for researchers and clinicians.