Dublin, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The "Short-read Sequencing Market Size, Share & Trends Analysis Report By Product (Instruments, Consumables), By Workflow, By Application, By End-Use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The projected global size of the short-read sequencing market is set to soar to USD 18.67 billion by 2030, experiencing a robust 18.46% CAGR between 2023 and 2030. The burgeoning demand for personalized medicine and companion diagnostics is poised to be a driving force behind the ascendancy of short-read technologies. Furthermore, key industry players' proactive initiatives to amplify their market presence are anticipated to catalyze revenue generation in the short-read sequencing sector. A pertinent example is the collaboration between Illumina Inc., Nashville Biosciences LLC, and Amgen in January 2023, where they orchestrated the whole-genome sequencing of approximately 35,000 DNA samples.
A trend of notable significance involves major players entering partnerships and collaborations to expand the footprint of short-read technologies in the Asia Pacific region. This region presents a considerable customer base, primarily comprising patients grappling with chronic conditions that can be effectively diagnosed using short-read techniques. The substantial application domains for short-read methods encompass reproductive screening, oncology, noninvasive prenatal testing, infectious disease, and pharmacogenomics.
Additionally, the adoption of sequencing platforms for genomic research is projected to exert a positive impact on overall market growth. A concrete instance is the launch of a sequencing lab for virus genome analysis studies by IISc, Bengaluru, in July 2022. This lab received funding from CryptoRelief to combat the COVID-19 pandemic.
The pandemic also underscored the necessity for early detection of new SARS-CoV-2 virus strains, which displayed heightened contagiousness and resistance to treatments. This underscored the significance of virus variant lineage identification for effective treatment and public health management. Despite the market's downturn in 2020 due to lockdowns, the growing demand for virus characterization through short-read genome analysis methods yielded a positive influence on the global short-read sequencing industry in 2021. Furthermore, the pandemic has bolstered awareness about short-read techniques, coupled with the evolution of cost-effective genome sequencing strategies that are expected to further augment revenue.
Report Highlights
- Within the product landscape, the consumables segment emerged as the dominant force, commanding a share of 62.65% in 2022. The heightened usage of consumables like micropipettes and assay kits, coupled with recurring purchases of these items, is propelling the demand for short-read consumables.
- Sequencing accounted for the lion's share, amounting to 56.64%, within the workflow segment in 2022. The substantial presence of market participants at this workflow stage significantly contributes to the robust revenue stream.
- In terms of application, the targeted sequencing & resequencing segment held a commanding majority share of 68.21% in 2022. This dominance is attributed to the growing use of this method in research dedicated to detecting and treating cancer and other chronic diseases.
- The academic & research institutes segment was the largest market segment, capturing a 48.67% share in 2022. This dominance emanates from the burgeoning research infrastructure and the surge in healthcare facility development, which together have positioned this segment as a leader in end-use.
- North America has firmly established its regional dominance, holding a 49.77% share in 2022. This ascendancy can be traced back to the augmented government funding that has stimulated research and development activities in the region.
Market Dynamics
Market Drivers:
- Increased adoption of short-read sequencing due to cost-effectiveness and rapid turnaround times
- Declining costs of genetic sequencing
- Growing utilization of short-read sequencing for personalized medicine and companion diagnostics
Market Restraints:
- Limitation of short-read sequences in resolving complex genomic issues
- Ethical and legal challenges associated with genomic sequencing
Companies Mentioned
- 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)
For more information about this report visit https://www.researchandmarkets.com/r/tgv35t
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