Global Genome Sequencing Equipment/Systems Market Size (2024– 2030)

As of 2023, the Global Genome Sequencing Equipment/Systems Market attained a valuation of $14.85 billion and is anticipated to reach $31.41 billion by 2030. The market is forecasted to expand at a Compound Annual Growth Rate (CAGR) of 11.3% during the projection period spanning from 2024 to 2030. Factors such as the increasing utilization of NGS in precision medicine and molecular diagnostics, the declining expenses associated with genome sequencing, and augmented government funding to bolster genomics initiatives constitute the primary drivers of market growth.

Industry Overview:

Genome sequencing systems serve the purpose of identifying the nucleotide sequence of DNA, playing a pivotal role in the mapping of the human genome. Various sequencing methodologies, including Sanger sequencing, next-generation sequencing, and third-generation sequencing, have been widely adopted to achieve cost-effective genome sequencing within reduced time frames. The continual advancements in next-generation sequencing systems, coupled with decreasing costs, significantly contribute to the market's expansion. Genome sequencing systems find extensive applications in biomarker discovery, agrigenomics, reproductive health, HLA typing, and forensic investigations, among others. Advancements in sequencing technologies and Bioinformatics have facilitated the enhanced identification of DNA variations, including those posing heightened risks for diseases. The ability to test a multitude of genes on a single diagnostic platform simultaneously, coupled with the widespread utilization of Next Generation Sequencing (NGS) and Whole-genome Sequencing (WGS), serves to broaden the utility of DNA sequencing in clinical diagnostics. The emergence of large-scale global projects concerning NGS protocols imparts fresh foundational insights into oncology and precision medicine. Factors such as the escalating incidence of cancer, augmented government funding supporting genomics projects, increased applications of NGS in cancer research, and the entry of new contenders into the genome sequencing systems market are fostering market growth. Additionally, the rising demand for swift and convenient clinical diagnostics, along with heightened funding from both public and private sectors, further contribute to market expansion. Key market players are channeling substantial investments towards cost-effective, enhanced consumables, and portable sequencing technologies, thereby propelling the global genome sequencing systems market.

Impact of COVID-19 Outbreak on Genome Sequencing Equipment/Systems Market

The exponential surge in COVID-19 cases has spurred the demand for genome sequencing technologies, particularly in rapid genomic sequencing initiatives aimed at detecting viral spread and facilitating future treatments. Notably, the partnership forged between the National Health Service of the U.K., Genomics England, and Genetics of Mortality in Critical Care with Illumina resulted in the development of whole-genome sequences for 35,000 COVID-19 affected individuals in the U.K. back in May 2020. This collaboration has significantly propelled the demand for DNA sequencing in the diagnosis of COVID-19. CVS Health's launch of Transform Oncology Care, a precision medicine program initiated in December 2019, leverages genomics technology in crafting personalized cancer treatment strategies. DNA sequencing has revolutionized proteomic and genomic research, emerging as a highly accurate, high-throughput technology extensively employed across various applications such as WGS, de novo assembly, and DNA resequencing. This technology has found widespread adoption in numerous academic research institutes for research endeavors. Illumina's introduction of the NovaSeq 6000 Sequencing System at the Whitehead Institute for Biomedical Research, U.S., in 2020, underscores the technology's continuous advancement. The COVID-19 pandemic, however, disrupted supply chains, impeding product shipments and deliveries to customers while constraining sales operations. Consequently, there was a decline in the sales of sequencing consumables, instrument services, and sequencing services during 2020. A resurgence in testing volumes is being observed as countries gradually ease movement restrictions. The pandemic has accelerated the development of therapeutic drugs and vaccines, highlighting the urgent need for simpler, more precise testing technologies, thereby fostering the growth of testing infrastructures.

MARKET DRIVERS:

The adoption of NGS in precision medicine and molecular diagnostics continues to propel the growth of the genome sequencing market

NGS tools are pivotal in personalized medicine, enabling the identification of gene expression patterns that facilitate the development of precision medicine tailored to individual patient characteristics. The discovery of novel biomarkers for various diseases, particularly cancer, has revolutionized medical diagnostics. A deeper comprehension of genomics coupled with rapid advancements in sequencing technologies has significantly enhanced the efficacy of biomarkers in disease detection. Accurate diagnoses, coupled with personalized medicine, not only enhance survival rates but also alleviate the financial burden on national health insurance programs and governments worldwide. Several pharmaceutical enterprises are making substantial investments in personalized medicine research, thereby fueling market growth.

The declining costs of genome sequencing and augmented government funding supporting genomics projects are key drivers of market expansion

The accessibility of cost-effective, advanced NGS systems, alongside the decreasing costs associated with genome sequencing, are driving the global adoption of cutting-edge NGS technologies. Governments across various nations have made substantial investments in genomics, playing a pivotal role in the development of innovative technologies. Such initiatives are expected to amplify the utilization of genomics products, thereby catalyzing overall market growth.

MARKET RESTRAINTS:

A shortage of adequately trained professionals in the genome sequencing systems market poses a restraining factor.

The utilization of Genomics data encompasses various applications, including diagnostics, pharmacogenomics, and toxicogenomics. The scrutiny of vast volumes of data generated in genomics research presents a significant challenge. Given the intricacies and the demand for in-depth knowledge in genomics, the recruitment of skilled professionals proficient in analyzing and comprehending genomic sequencing data is imperative. The dearth of such skilled professionals leads to numerous challenges faced by end-users in the analysis of genomic data.

Budgetary constraints among end-users in developing economies hinder the growth of the genome sequencing systems market

In developing countries, external funding predominantly drives academic research and development activities. The acquisition of high-quality, advanced premium equipment, and technologies necessitates substantial funding, posing a challenge for many academic and research institutes due to budgetary limitations. Despite continuous efforts by governmental bodies to provide funding for research endeavors, tangible results may take time to materialize. This limitation impedes the widespread adoption of NGS technologies in developing nations.

Genome Sequencing Equipment/Systems Market – By Products & Services

• Consumables
• Instruments
• Services

In accordance with Products & Services, the Genome Sequencing Systems Market undergoes segmentation into Consumables, Instruments, and Services. Predominantly, the consumables segment retained the largest share within the genome sequencing systems market. The extensive application of consumables in genomic systems, coupled with the rising number of genomic tests conducted globally, serves as the primary driver for market growth. The continual introduction of reagents and kits to enhance the affordability and accessibility of Whole Genome Sequencing (WGS) propels the growth of the consumables segment within the genome sequencing systems market. The service providers' exclusive reagents and cutting-edge technology platforms ensure precise performance. They offer swift turnaround times, technical assistance, and exceptional customer service, factors projected to propel significant growth within the services segment of the Genome Sequencing Systems market during the forecast period.

Genome Sequencing Equipment/Systems Market – By Technology

• Sanger Sequencing
• Next-Generation Sequencing
• Whole Genome Sequencing (WGS)
• Whole Exome Sequencing (WES)
• Targeted Sequencing & Resequencing
• Third Generation DNA Sequencing
• Nanopore Sequencing
• Single-Molecule Real-Time Sequencing (SMRT)

In line with Technology, the Genome Sequencing Systems Market is stratified into Sanger Sequencing, Next-Generation Sequencing, and Third Generation DNA Sequencing. The Third-Generation DNA Sequencing segment anticipates a substantial Compound Annual Growth Rate (CAGR) throughout the forecast period in the genome sequencing systems market. This technology addresses the limitations of second-generation techniques, offering simplified sample preparation without necessitating PCR amplification, thus ensuring expedited speeds. Moreover, it generates extended reads exceeding numerous kilobases to identify repetitive sites within complex genomes.

The Next-Generation Sequencing segment is poised to secure a notable market share during the forecast period owing to revolutionary advancements in these technologies. The reduced cost of sequencing has rendered genome sequencing more precise, rapid, and cost-effective. Furthermore, the adoption of Next-Generation Sequencing (NGS) technology as a routine clinical diagnostic test, particularly in cases of COVID-19 infection, positively impacts the revenue share of this segment.

Genome Sequencing Equipment/Systems Market – By Application

• Oncology
• Metagenomics
• Epidemiology
• Drug Discovery and Development
• Clinical Investigation
• Agrigenomics & Forensics
• HLA Typing/Immune System Monitoring
• Reproductive Health
• Consumer Genomics
• Others

Regarding Applications, the Genome Sequencing Systems Market is classified into Oncology, Metagenomics, Epidemiology, Drug Discovery and Development, Clinical Investigation, Agrigenomics & Forensics, HLA Typing/Immune System Monitoring, Reproductive Health, Consumer Genomics, and Others. The Drug Discovery and Development segment commanded the largest share within the genome sequencing systems market. This expansion is attributed to the escalating research endeavors focusing on diseases such as cancer and genetic disorders, alongside the diminishing costs associated with sequencing.

The Oncology segment is anticipated to secure a significant revenue share during the forecast period, owing to the considerable potential of Next-Generation Sequencing (NGS) technology in clinical research. This technology plays a pivotal role in the development of cancer diagnostics and therapeutics.

The consumer genomics segment is poised to exhibit the swiftest growth rate throughout the forecast period due to the rapid proliferation of genealogy, paternity testing, and heightened personal health awareness. Biotechnology entities such as Helix Opto LLC and AncestryDNA are actively engaged in the provision of personal genome services within the consumer genomics sector.

Genome Sequencing Equipment/Systems Market – By End Use

• Academic Research
• Pharmaceutical & Biotechnology Companies
• Clinical Research
• Hospitals & Clinics
• Others

In terms of End Use, the Genome Sequencing Systems Market is categorized into Academic Research, Pharmaceutical & Biotechnology Companies, Clinical Research, Hospitals & Clinics, and Others. Notably, the Academic Research segment secured the largest revenue share within the genome sequencing systems market owing to the extensive adoption of Sanger technology and Next-Generation Sequencing (NGS) in academic research projects. Additionally, the upsurge in funding programs for DNA sequencing products and drug discovery initiatives within these entities contributes to the augmented revenue share. The escalating healthcare expenditure and burgeoning collaborations among leading companies and research institutes further propel market growth.

Genome Sequencing Equipment/Systems Market - By Region:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Geographically, the North American Genome Sequencing Equipment/Systems Market dominated the global genome sequencing systems market in 2021, commanding the largest revenue share. This can be attributed to the ongoing technological advancements, the presence of technologically advanced healthcare infrastructure, substantial investments in Research and Development (R&D) activities, and numerous government initiatives aimed at supporting research in drug development and cancer treatment. For instance, the BC Cancer Foundation's Personalized Onco-Genomics program utilizes transcriptome and whole-genome analyses to identify cancer genes and corresponding drugs. Such public initiatives are poised to drive the application of these technologies within the region.

The Genome Sequencing Equipment/Systems Market in Europe is expected to witness a notable growth rate during the forecast period. This growth can be attributed to the rising incidence of cancer, the expanding applications of next-generation sequencing technologies, increasing government funding to bolster genomics projects, and the growing utilization of genomics within personalized medicine.

The Asia Pacific Genome Sequencing Equipment/Systems Market anticipates a lucrative growth rate throughout the forecast period. This surge is attributed to strategic initiatives undertaken by international firms to broaden their footprint in response to the substantial customer base. Factors such as the rising prevalence of chronic ailments, the escalating demand for genetic testing, advancements in healthcare infrastructure and research facilities, the increasing adoption of advanced sequencing processes, and heightened investments for the development of cost-effective products collectively drive the growth of the genome sequencing equipment/systems market in the APAC region.

Prominent Companies in the Genome Sequencing Systems Market:

1. Illumina, Inc.
2. Thermo Fisher Scientific
3. ABBOTT LABORATORIES
4. QIAGEN N.V.
5. Agilent Technologies Inc.
6. Bio-Rad Laboratories
7. DANAHER CORPORATION
8. Oxford Nanopore Technologies Ltd.
9. Myriad Genetics Inc.
10. F. Hoffmann-La Roche Ltd.
11. Veritas Genetics
12. PACIFIC BIOSCIENCES OF CALIFORNIA INC.
13. BGI

Recent Developments in the Global Genome Sequencing Equipment/Systems Market:

Partnership: In January 2022, Singular Genomics announced a partnership with New England Biolabs® to offer NEBNext® Kits for the G4 Sequencing Platform. This collaboration integrates G4’s attributes of speed, accuracy, flexibility, and power with the NEBNext DNA and RNA Library Prep Kits, providing established and high-quality workflows to customers.

Investment: In March 2022, Illumina, Inc. invested in seven new genomics companies, marking its entry into the fourth global funding cycle of Illumina Accelerator Cambridge, UK, and the San Francisco Bay Area.

Expansion: In March 2021, Bio-Rad Laboratories, Inc., a leading global provider of life science research and clinical diagnostic products, expanded its partnerships with diagnostics companies by introducing InteliQ products. These products include various barcoded, load-and-go quality control tubes that enhance workflow efficiencies, complemented by Bio-Rad’s Unity QC data management solutions, which further enhance laboratory analytical performance.

Product Launch: In January 2020, Illumina unveiled a New Sequencing System, developed in partnership with Roche, alongside a Software Suite aimed at expediting the availability of distributable Next-Generation Sequencing (NGS)-based in-vitro diagnostic tests on Illumina's diagnostic (Dx) sequencing systems.

Product Launch: In January 2020, Illumina announced the development of a regulatory-cleared version of the high-throughput NovaSeq system to meet the rising demand for a Diagnostic (Dx) platform supporting deeper sequencing at higher throughput.

Investment: In February 2020, GenapSys raised USD 75 million to facilitate the global expansion of its tabletop DNA sequencer and combat the coronavirus outbreak.

Product Approval: In June 2020, Illumina obtained Emergency Use Authorization (EUA) from the FDA for its COVIDSeq Test, designed for sequencing the complete genome of the novel SARS-CoV-2 virus. This test, combined with Illumina's high-throughput NovaSeq 6000 hardware, can process over 3,000 samples and deliver results within 24 hours.