REPORT DESCRIPTION

Market Size and Overview:

The Global Genome Sequencing Market was valued at USD 8.19 Billion and is projected to reach a market size of USD 24.58 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 17%.

Advancements in DNA sequencing technology, enhancements in healthcare infrastructure, and increased investment in research and development activities are driving the global market expansion.

INDUSTRY OVERVIEW

Genomics, a branch of biology focusing on the study of genes, their activities, and the mapping of genomes in living organisms, encompasses structural and functional analysis, DNA sequencing, bioinformatics for sequencing, and recombinant DNA. DNA sequencing, a laboratory method identifying DNA molecule structures, utilizes various sequencing methodologies to detect the arrangement of nucleotide bases—Guanine, Cytosine, Adenine, and Thymine. The Human Genome Project marked a significant milestone in comprehending the entire human genome sequence. The widespread adoption of DNA sequencing techniques in fields like medicine, agriculture, forensics, and biological research is attributed to technological advancements, notably in speed, precision, fidelity, and scale, progressing from Sanger sequencing to millions of daily sequencing analyses.

Anticipated factors driving the genome sequencing market include increased government funding for genomics studies, rising cancer incidences, and expanding applications of next-generation sequencing in cancer research. Entry of new players, growing application areas, and potential uses in specialized treatment further contribute to market expansion. However, challenges such as escalating genomic equipment costs, a shortage of qualified specialists, and secure storage of vast sequenced data are expected to impede market growth. The integration of genomics into tailored treatment options presents an additional avenue for industry growth. Historical trends indicate market expansion, and the future direction leans towards digital DNA data storage, enhancing the utilization and innovation of DNA sequencing.

COVID-19 IMPACT ON AI IN THE GENOME SEQUENCING MARKET

The COVID-19 outbreak positively influenced healthcare industry growth, emphasizing technological advancements, cost control needs, and improved medical system accessibility. Amid the pandemic, digital health and telemedicine gained prominence. The demand for DNA sequencing technology surged during the pandemic for treatment and diagnostics, exemplified by the FDA authorization of Helix COVID-19 NGS test in August 2020. This test employs next-generation sequencing for rapid SARS-CoV-2 nucleotide identification in suspected COVID-19 cases. The market is expected to witness significant growth due to ongoing research and development initiatives for COVID-19 diagnostics and therapeutics.

MARKET DRIVERS:

The genome sequencing market is projected to grow driven by increased demand for illness management, prevention, treatment, and advances in bioinformatics. The current COVID-19 scenario and demand for innovative therapies and vaccines further enhance the market's potential.

Rising incidences of diseases like cancer and diabetes, coupled with the adoption of genomic treatment in precision medicine, propel market growth. Genome testing, providing personalized health information, gains traction globally due to technological advancements, increased consumer awareness, disposable income, and healthcare expenditure.

MARKET RESTRAINTS:

Stringent regulations governing the development and deployment of medical software tools and platforms pose a challenge to genomics sequencing market growth. Delays in approval processes, along with rigorous quality control standards, hinder the overall expansion of the genomics industry.

A shortage of skilled professionals in the genomics market is anticipated to impede growth, particularly in emerging sectors like regenerative medicine. The continuous demand for qualified personnel and expertise presents a significant barrier to market expansion.

GENOME SEQUENCING MARKET - BY PRODUCTS

• Consumables
• Instruments
• Services

The genome sequencing market is categorized into Consumables, Instruments, and Services based on products. In 2021, Consumables led the market, contributing 43.3 percent to the total revenue. The prevalence of reagents and kits for all stages of library development, coupled with optimized procedures and ready-to-use components, drove the Consumables sector's growth. The market's expansion is further facilitated by continuous launches of reagents and kits, enhancing the accessibility and affordability of Whole Genome Sequencing (WGS). For instance, Illumina Inc.'s introduction of the NovaSeq 6000 v1.5 Reagent Kit in August 2020 exemplifies efforts to make WGS technology cost-effective, reducing the sequencing cost of a human genome by USD 600. These innovative kits are compatible with WGS, single-cell genomics, and liquid biopsies. Sequencing services address various sequencing challenges, providing accurate results through patented reagents and optimized platforms. The services sector, characterized by rapid turnaround times, exceptional customer service, and technical support, is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) in the genome sequencing market.

GENOME SEQUENCING MARKET - BY TECHNOLOGY

• Sanger Sequencing,
• Next-Generation Sequencing (NGS)
• Third Generation DNA Sequencing

The genome sequencing market is segmented into Sanger Sequencing, Next-Generation Sequencing, and Third Generation DNA Sequencing based on technology. In 2020, Next-Generation Sequencing dominated the DNA sequencing market, holding a revenue share of 58.6 percent. Advancements in sequencing technologies have resulted in faster, more cost-effective, and precise genome sequencing. The increased adoption of Next-Generation Sequencing as a standard clinical diagnostic test, particularly in response to the COVID-19 pandemic, has positively influenced the segment's revenue share. Third-generation sequencing technologies, such as Nanopore and Single-Molecule Real-Time sequencing, are expected to witness significant growth in the DNA sequencing market. Overcoming the limitations of second-generation methods, these technologies facilitate easy sample preparation without the need for rapid Polymerase Chain Reaction (PCR) amplification and provide long reads for detecting recurring locations in complex genomes.

GENOME SEQUENCING MARKET- BY WORKFLOW OUTLOOK

• Pre-sequencing
• Sequencing
• Data Analysis

The genome sequencing market is divided into Pre-sequencing, Sequencing, and Data Analysis based on workflow outlook. Sequencing, the most crucial phase, accounted for 52.8 percent of the revenue share in 2021. This phase, integral to genomic sequence profiling and DNA-protein interactions, plays a pivotal role in research and discovery projects. Advances such as Paired-End (PE) sequencing have enhanced the sequencing process, with PE sequencing allowing DNA fragments to be sequenced from both ends, resulting in more readings in the same time frame. The data analysis workflow is expected to grow rapidly over the forecast period, driven by advancements in commercial cloud computing systems. These systems have led to breakthroughs in data integration tools, facilitating the interpretation and processing of large amounts of sequenced data.

GENOME SEQUENCING MARKET - BY APPLICATION

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

The genome sequencing market is categorized into Oncology, Reproductive Health, Clinical Investigation, Agrigenomics& Forensics, HLA Typing/Immune System Monitoring, Metagenomics, Epidemiology & Drug Development, Consumer Genomics, and others based on application. Oncology led the market in 2021, contributing 24.4 percent to the total revenue. The technique's potential in clinical research, cancer diagnostics, and therapies positions it as a vital tool. Next-Generation Sequencing's ability to rapidly identify and characterize clinically relevant genetic variations further enhances its utility. Consumer genomics is expected to exhibit the highest growth rate, driven by increased demand for paternity testing, genealogy, ancestry, and health awareness.

GENOME SEQUENCING MARKET - BY END-USER

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

The genome sequencing market is segmented into Academic Research, Clinical Research, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, and others based on end-users. Academic research led the market in 2021, contributing 55.4 percent to the total revenue. The widespread use of Sanger technology and Next-Generation Sequencing in academic and institutional research initiatives fueled this dominance. Increased financing and investment initiatives in academic institutions further supported the demand for DNA sequencing products.

GENOME SEQUENCING MARKET - BY REGION

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East and Africa

The genome sequencing market is grouped into North America, Europe, Asia Pacific, Latin America, The Middle East, and Africa based on region. In 2019, North America accounted for 44.3 percent of the total revenue, dominating the genome sequencing industry. The region's leadership is attributed to ongoing technological breakthroughs, substantial Research and Development (R&D) expenditures, and advanced healthcare infrastructure. Government efforts to promote precision medical practices in the United States are expected to further fuel market growth. The Asia Pacific market is anticipated to grow at a healthy rate, driven by international enterprises' strategic endeavors to expand their presence and cater to the large client base in the region.

GENOME SEQUENCING MARKET - BY COMPANIES

1. Agilent Technologies, Inc.
2. Thermo Fisher Scientific, Inc.
3. Illumina, Inc.
4. QIAGEN
5. F. Hoffmann-La Roche Ltd.
6. Oxford Nanopore Technologies Ltd.
7. Macrogen, Inc.
8. Perkin Elmer, Inc.
9. Pacific Biosciences of California, Inc.
10. BGI
11. Bio-Rad Laboratories, Inc.
12. Myriad Genetics
13. PierianDx
14. Intrexon Bioinformatics Germany GmbH
15. Eurofins Scientific

SIGNIFICANT DEVELOPMENTS IN AI IN THE GENOME SEQUENCING MARKET

PRODUCT LAUNCH - In March 2021, Sysmex Corporation unveiled its XR-Series automated haematology analyzer, marking a significant advancement in the haematology domain.

COLLABORATION - A global strategic agreement was established in July 2021 between QIAGEN and Japan's Sysmex Corporation. This collaboration focuses on the development and promotion of cancer companion diagnostics, leveraging QIAGEN's expertise and Sysmex's Plasma-Safe-SeqS technology for next-generation sequencing (NGS).

PRODUCT LAUNCH - Face2Gene LABS, introduced in June 2019 by PerkinElmer and FDNA, represents a notable venture into genomic services. This collaboration, involving an artificial intelligence startup, utilizes Next-Generation Phenotyping (NGP) technologies to enhance the accuracy and efficiency of diagnosis. The initiative underscores PerkinElmer's commitment to providing high-quality genomic testing alternatives for patients with genetic and rare illnesses.