The short-read sequencing market size is projected to be valued at USD 6,322.03 million in 2023 and is expected to rise to USD 34,401.22 million by 2033. The sales of short-read sequencing are projected to expand at a significant CAGR of 18.46% during the forecast period.
Various Factors Propelling the demand for Short-Read Sequencing are
The short-read sequencing market refers to DNA sequencing technologies that generate relatively short DNA fragments, typically 50-600 base pairs.
Short-read sequencing techniques are widely used in genomic research, clinical diagnostics, and other applications requiring high-throughput DNA sequencing.
The rising prevalence of rare and complex diseases in the population is causing healthcare providers to implement novel cures. The growing awareness of people's strong desire to understand their genomics fuels global demand for short-read sequencing techniques.
The short-read sequencing market has experienced significant growth in recent years, driven by advances in sequencing technology, increasing research and clinical demand for genomic analysis, and decreasing sequencing costs.
The short-read sequencing market is a subset of the broad DNA sequencing market and is characterized by the rapid and inexpensive generation of large amounts of sequencing data.
The short-read sequencing market has applications in various fields, such as genetic research, clinical diagnostics, drug discovery, agriculture, and forensics.
The utilization of cloud computing as a potential data management service and high growth potential in untapped emerging markets are expected to create lucrative opportunities for market participants.
Manufacturers in the market provide a wide range of sequencing platforms and related products and services, such as sample preparation kits, sequencing reagents, and bioinformatics software. Furthermore, the growing adoption of short-read techniques due to their low cost and short run times boosts the global market.
Overall, the short-read sequencing market is expected to continue growing prominently in the coming years owing to advances in sequencing technology, increasing demand for genomic analysis, and new applications and use cases.
| Attributes | Details |
|---|---|
| Short-read Sequencing Market Estimated Size (2023) | USD 6,322.03 million |
| Short-read Sequencing Market CAGR (2023 to 2033) | 18.46% |
| Short-read Sequencing Market Forecasted Size (2033) | USD 34,401.22 million |
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The short-read sequencing market was valued at USD 5,341.3 million in 2022, with a substantial growth trajectory of 17.97% between the analysis period of 2018 to 2022.
Notable sequencing technology advances, such as accuracy, throughput, and read lengths, are driving the short-read sequencing market. Sequencing is becoming more accessible and cost-effective, allowing it to be used in various applications.
Future Market Insights expects the short-read sequencing market to expand at a CAGR of 18.46% from 2023 to 2033. The growth can be attributed to the different reasons discussed below.
One of the key factors driving the demand for the short-read sequencing market is the increasing prevalence of genetic diseases.
According to World Economic Forum data (February 2020), almost 10% of the world's population (475 million people) is affected by rare diseases. Rare diseases are often difficult to recognize and go undetected or lead to misdiagnosis. DNA sequencing, like short-read sequencing, offers advantages such as detecting multiple variant types in a single assay, improving the diagnostic field and operational efficiency. Recognizing these benefits of DNA sequencing, some countries focus on genomic programs to provide better.
The short-read sequencing market is likely to grow significantly during the forecast period (2023 to 2033) due to the increasing prevalence of rare genetic diseases and the increasing emphasis on identifying genetic mutations.
Considering the abovementioned factors, FMI opines that the short-read sequencing market is likely to witness a market value of USD 34,401.22 million by the end of 2033.
The concept of 'precision medicine', which individualizes treatment plans according to tumours' biological behaviour, is considered a new approach to cancer treatment. The clinical applications of precision medicine are diverse and include screening, diagnosis, prognosis, prediction of therapeutic response and resistance, early detection of recurrence/metastasis, and biological cancer stratification.
Precision medicine in cancer treatment aims to achieve therapeutic efficacy in subsets of patients who exhibit specific molecular/predictive biomarkers. Tailoring therapy to a patient's genetic makeup has gained wide acceptance and attention from physicians.
Advanced sequencing technologies, such as next-generation sequencing, aid in cancer gene mapping, tumor analysis, and the development of specific therapeutics. In addition, it has the advantage of simultaneously analyzing a wide range of genetic alterations, including copy number variations, mutations, fusions of multiple genes, and translocations. This has led to personalized medicines being approved by regulatory bodies around the world. For example,
According to the USA Food and Drug Administration, 39% of all drugs approved in 2020 were classified as personalized medicine. Therefore, the increasing importance of precision medicine and its advantages in disease control are expected to contribute to the growth of the DNA sequencing market during the forecast period.
In 2022, the targeted sequencing and resequencing segment held a significant market share of 68.21%. Short-read sequencing of cancer-associated genes from multiple genome sets has been improved by advanced platforms. This enables medical specialists to understand the genetic makeup of tumor cells and recommend appropriate therapeutics.
Pipettes, tips, and assay kits have a wide range of applications in short-read procedures, driving the market. The main market share can be attributed to the following:
These elements are expected to drive the segment during the forecast period.
Data analysis allows for the analysis of gene expression, which can be used to study disease progression and diagnosis. It is crucial in clinical research studies. QIAGEN Digital Insights, for example, launched the NGS data analysis platform in January 2023 to perform whole genome analysis for clinical research studies in 25 minutes. These product launches have the potential to significantly boost segment growth in the coming years.
North America held a prominent share of the short-read sequencing industry in 2022, accounting for almost 49.77% of the market size. The region is paving the way for countries to use DNA sequencing for healthcare and diagnostics in the medical industry. The United States and Canada are the region's top revenue contributors to the DNA sequencing market. The market cost of sequencing has decreased as technology has advanced. This is increasing patient interest in personal DNA sequencing for future personalized treatment.
Europe is a significant market for short-read sequencing, owing to the presence of leading sequencing technology companies such as Oxford Nanopore Technologies and Qiagen, as well as a strong research and development infrastructure. Growing demand for genomic analysis in clinical diagnostics, personalized medicine, and agriculture is also a feature of the region.
This can be attributed to the region's increased research activities. The growing interest of key global players in increasing their regional revenues by expanding into the region's emerging markets also contributes toward regional growth. Regional players are also increasing their presence in the global short-read sequencing industry. Developing countries are growing more prominently in terms of capacity expansion than key Western markets.
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The short-read sequencing market is highly competitive and is characterized by the presence of several key players, including
Other key players operating in the market include Qiagen N.V., PerkinElmer, Inc., Agilent Technologies, Inc., and Eurofins Scientific SE.
The short-read sequencing market is characterized by ongoing innovation, with new products and technologies being introduced on a regular basis. Key players in the market are investing heavily in research and development to maintain their competitive edge and expand their presence in new and existing markets.
Recent Developments
| Attributes | Details |
|---|---|
| Growth Rate | CAGR of 18.46% from 2023 to 2033 |
| Base Year of Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and Volume in Units and F-CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | By Product, By Workflow, By Application, By End-use, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | Illumina, Inc.; Thermo Fisher Scientific, Inc.; Pacific Biosciences of California, Inc.; BGI; QIAGEN; Agilent Technologies; PerkinElmer, Inc.; ProPhase Labs, Inc. (Nebula Genomics); Psomagen; Azenta US, Inc. (GENEWIZ) |
| Customization & Pricing | Available upon Request |
From 2018 to 2022, global sales increased at a CAGR of 17.97%.
The market is to continue to climb at an 18.46% CAGR through 2033.
The market is forecast to attain USD 34,401.22 million by 2033.
The market is estimated to be valued at USD 6,322.03 million in 2023.
The targeted sequencing and resequencing sector make up 68.21% of the market share.
The consumables segment constitutes 62.65% of the market share.
| Expected Market Value (2023) | USD 945.6 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 2,080.2 million |
| Projected Growth Rate (2023 to 2033) | 8.2% CAGR |
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Short-read Sequencing Market
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