The global genome sequencing market size was valued at USD 2.9 billion in 2020 and is expected to reach USD 5 billion by 2026, growing at a CAGR of 9% during 2021-2026.
The constant increase in cancer cases is proportionately increasing the number of sequencing-based diagnostics and treatment options in the market. With pharma and biotechnological companies displaying a keen interest in genome sequencing, vendors provide an innovative portfolio of next-generation sequencing(NGS) systems, products, and services. Drug companies have launched medicines targeting DNA and RNA, which is expected to influence the global genome sequencing market significantly. Factors such as increasing awareness and strong interests from the individuals to know about their genomics are boosting the demand.
GLOBAL GENOME SEQUENCING MARKET: KEY HIGHLIGHTS
- Consumables are expected to witness an incremental growth of over USD 2 billion by 2026.
- The application of oncology genome sequencing is expected to grow at a CAGR of approx. 10% during 2020–2026.
- The revenue contribution from academic and research institutes is likely to cross over USD 16 billion by 2026
- Consumer genomic service providers are projected to grow at the highest CAGR of approx. 10% during 2020–2026
- North America and Europe are likely to account for the highest genome sequencing market share during the forecast period
Key Opportunities in The Market:
- Increase in the demand for single-cell sequencing
- Introduction Of Portable Devices
- Emergence Of Nanopore, Third Generation Genome Sequencing Platform
MARKET SHARE & SEGMENTS
High innovations and the introduction of high throughput technologies are likely to drive the application of DNA sequencing devices.
The steady rise in the sale of high-end consumables in commercial laboratories, research institutes, academic institutes, and large pharma and biotech companies performing a high volume of sequencing-based processes is a significant factor responsible growth of consumables segment. In 2020, the consumables segment accounted for the largest share in the market, with 81%. The recurring application of consumables to perform a wide range of studies and diagnostics is another critical factor for high sales for consumables. Moreover, increased preference for array-based genotyping consumables for a wide range of analysis, disease-related mutations, and genetic characteristics associated with cancer research is further expected to increase the demand for consumables during the forecast period.
NGS changing the future of oncology
New cancer cases are expected to reach 24 million by 2030, which is likely to augur well for the growth of the oncology segment. As cancer prevalence is growing, the need for effective patient stratification is driving research efforts to identify biomarkers and develop companion diagnostics. DNA sequencing technology has opened new ways of studying cancer-related conditions. With targeted therapies becoming the new standard of care in oncology, NGS-driven diagnostics are widely observed as driving the selection of treatments to provide better outcomes to the patient population. Thus, augmenting the demand for NGS sequencers in cancer research centers. The promising outcome of clinical DNA sequencing to diagnose and treat rare genetic disorders is likely to bode well for the genome sequencing market growth.
Consumer and genomic service providers end-user segment to witness an incremental growth of USD 1 Billion by 2026
The global genome sequencing market by academic & research institutes is expected to grow at a CAGR of 9.5% during the forecast period. The presence of several research institutes and stand-alone genomic laboratories in the US, the UK, Germany, France, and China is a major factor responsible for the growth of the segment. To develop personalized and effective new therapies that restore mobility, enhance the quality of life, and improve surgical outcomes for patients with multiple disorders, these centers perform extensive research on sequence structural levels of genomics. Hence, the increased focus on unraveling genetic components of common and complex diseases, including cancer diagnostics, neurological disorders, infectious diseases, and rare childhood disorders, influences the global DNA sequencing market.
Genomic service providers are increasing drastically over time, especially in underdeveloped and developing countries, research institutes that are not able to afford the DNA sequencing laboratory infrastructure prefer the genomic service providers for their sample analysis. This trend has eventually increased the demand for service providers in the market. Several pharma companies are also collaborating with DNA sequencing service providers to obtain data for their product development. The reduction in the cost of the service has made companies to enter this space of genome sequencing servicing.
North America and Europe are the largest genome sequencing market across the globe. They are the leading countries to increase the usage of genome based healthcare and diagnostics. The US is the largest revenue contributor to the North American market. The advanced healthcare infrastructure and the increased awareness have slowly increased genome sequencing and cell and gene therapies technology penetration. Multiple initiatives for human genome projects in the US have improved patients' flow seeking treatment for several terminal and genetic diseases. With advances in technology and the increased demand for personalized treatment, the US genomic sequencing market is poised for growth. The increased awareness among European patients drives the market of personal genome testing, especially for reproductive health. There is an increased number of consumer genomic service providers in the market.
Illumina, Thermo Fisher Scientific, F. Hoffmann-La Roche, BGI, Pacific Biosciences, Oxford Nanopore Technology are the key market players. The market is competitive and is evolving with the introduction of new technologies the market. Several companies are developing or commercializing products, expanding their manufacturing facilities, partnering with others in the market. For instance, in 2020, Illumina introduced software for whole-genome analysis to examine rare diseases. Similarly, Thermo Fischer scientific has made a strategic partnership with First genetics JCS to promote NGS in Russia. The Oxford Nanopore technology, nanopore-based sequencing, and Pacbio’s SMRT technology-based method revolutionize the industry by reducing cost and increasing throughput, attracting end-users to shift from conventional sanger methods to advanced methods in the market.
The global genome sequencing market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Sequencers & Software
- Reproductive Health
- Complex Disease Research
- Microbial Research
- Academic & Research Institutes
- Pharma & Biotech Companies
- Consumer Genomic Service Providers
- Government & Commercial Laboratories
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa