PUBLISHER: The Business Research Company | PRODUCT CODE: 1619634
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619634
Genome sequencing is the process of determining the complete DNA sequence of an organism's genome. It involves identifying the precise order of nucleotides (adenine, cytosine, guanine, and thymine) in the genome, which encompasses all of an organism's genetic material. This sequencing provides detailed information about the genetic blueprint of an organism, allowing scientists to understand genetic variations, identify mutations, and study the relationships between genes and traits or diseases.
The primary types of genome sequencing products include consumables, systems, software, and services. Consumables are single-use items required for preparing DNA samples, facilitating reactions, and capturing sequencing data, which are crucial for each step of the sequencing process to ensure accurate and efficient results. They encompass various technologies such as polymerase chain reaction (PCR), sequencing, microarray, nucleic acid extraction, and purification, among others. These products are used in a range of applications, including diagnostics, drug discovery, precision medicine, environmental genomics, and research. They are utilized by various end-users, including hospitals and clinics, biotechnology and pharmaceutical companies, contract research organizations (CROs), government and research centers, academic institutions, and others.
The genome sequencing market research report is one of a series of new reports from The Business Research Company that provides genome sequencing market statistics, including genome sequencing industry global market size, regional shares, competitors with a genome sequencing market share, detailed genome sequencing market segments, market trends, and opportunities, and any further data you may need to thrive in the genome sequencing industry. This genome sequencing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The genome sequencing market size has grown rapidly in recent years. It will grow from $8.33 billion in 2023 to $9.89 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth observed in the historic period can be attributed to increased research funding, heightened awareness of personalized medicine, a rise in genomic data, expansion of clinical applications, and growing demand for biomarker discovery.
The genome sequencing market size is expected to see rapid growth in the next few years. It will grow to $19.87 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The anticipated growth during the forecast period can be attributed to advancements in genomic research, a rise in the prevalence of genetic disorders, increasing cancer rates, integration with other omics, and growing public awareness and acceptance. Key trends expected to shape this period include advancements in next-generation sequencing (NGS) technologies, integration with artificial intelligence (AI) and machine learning (ML), expansion of direct-to-consumer (DTC) genetic testing, development of portable sequencing devices, and the growth of personalized medicine.
The increasing incidence of cancer is expected to drive the growth of the genome sequencing market. Cancer, characterized by the uncontrolled growth and spread of abnormal cells, can lead to death if not managed effectively. The rising occurrence of cancer is attributed to factors such as an aging population, lifestyle choices, environmental exposures, and genetic predispositions. Genome sequencing plays a crucial role in identifying genetic mutations and predispositions to cancer, enabling early detection and personalized treatment plans. It helps reveal inherited cancer risks and track the development of cancerous cells. For example, the World Health Organization projected in February 2024 that new cancer cases are expected to exceed 35 million by 2050, representing a 77% increase from the 20 million cases reported in 2022. Consequently, the growing occurrence of cancer is fueling the expansion of the genome sequencing market.
Leading companies in the genome sequencing market are focusing on developing advanced solutions, such as next-generation sequencing (NGS)-based assays, to enhance the accuracy of genetic analysis and support personalized medicine approaches. NGS-based assays are sophisticated genomic technologies that enable rapid and high-throughput sequencing of DNA or RNA, allowing for the simultaneous sequencing of millions of fragments and generating large volumes of data quickly and cost-effectively. For instance, in April 2023, Centogene N.V., a Germany-based provider of genetic diagnostics for rare diseases, launched CentoGenome, an enhanced NGS-based assay. This assay offers lifelong diagnostic support with proactive diagnosis confirmation and reclassification programs at no additional cost, ensuring continuous patient care and precise disease management. CentoGenome utilizes a PCR-free approach to reduce bias and improve sequencing quality, providing better coverage of challenging genomic regions and enhancing insights into coding, regulatory, and intronic areas. The platform features an automated bioinformatics pipeline and medical expert analysis, leveraging CENTOGENE's extensive bio databank of data from approximately 700,000 patients across more than 120 countries. This comprehensive dataset enhances the detection of disease-causing variants, including those associated with spinal muscular atrophy and Parkinson's disease.
In January 2023, QIAGEN N.V., a Germany-based provider of sample and assay technologies for research, acquired Verogen Inc. for an undisclosed amount. This acquisition allows QIAGEN to offer a wide range of forensic solutions based on PCR, digital PCR, and NGS technologies and to gain exclusive distribution rights. Verogen Inc., based in the US, specializes in next-generation sequencing (NGS) solutions for forensic genomics.
Major companies operating in the genome sequencing market are F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Merck KGaA, Siemens Healthineers, Becton, Dickinson and Company, Eurofins Genomics, Agilent Technologies Inc., PerkinElmer, Illumina Inc., bioMerieux, Bio-Rad Laboratories Inc., QIAGEN N.V., 10x Genomics Inc., BGI Group, Oxford Nanopore Technologies plc, Pacific Biosciences of California Inc., GENEWIZ Inc., LI-COR Inc., CENTOGENE N.V., Bioneer Corporation, Strand Life Sciences Pvt Ltd., Nebula Genomics
North America was the largest region in the genome sequencing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the genome sequencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the genome sequencing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The genome sequencing market consists of revenues earned by entities by providing services such as whole genome sequencing, targeted sequencing, and agri-genomics. The market value includes the value of related goods sold by the service provider or included within the service offering. The genome sequencing market also includes sales of reagents, automated pipettors, and genotyping kits. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Genome Sequencing Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on genome sequencing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for genome sequencing ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The genome sequencing market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.