DUBLIN–(BUSINESS WIRE)–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 global short-read sequencing market size is expected to reach USD 18.67 billion by 2030, expanding at 18.46% CAGR from 2023 to 2030.
The rising demand for personalized medicine and companion diagnostics is anticipated to drive the demand for short-read technologies.
In addition, initiatives taken by key players to enhance their market presence are expected to boost revenue generation opportunities in the short-read sequencing industry. For instance, in January 2023, Illumina Inc. collaborated with Nashville Biosciences LLC and Amgen to conduct the whole-genome sequencing of around 35,000 DNA samples.
Other major players have also entered into partnerships and collaborations for the expansion of short-read technologies in the Asia Pacific. The region offers a large customer pool of patients suffering from chronic disorders that can be diagnosed easily using short-read methods. Major application areas of short-read methods include reproductive screening, oncology, noninvasive prenatal testing, infectious disease, and pharmacogenomics.
Furthermore, a rise in the adoption of sequencing platforms for genomic research purposes is expected to have a positive impact on the overall market growth. For instance, in July 2022, IISc, Bengaluru launched a sequencing lab for virus genome sequence analysis studies. The lab also received funding from CryptoRelief to combat the COVID-19 pandemic.
Moreover, the COVID-19 pandemic resulted in increased exposure to the new strains of the SARS-CoV-2 virus which displayed a high level of contagiousness and resistance to drugs and treatments. Early detection of the virus variant lineage was essential to treat the viral infection and improve public health prospects.
Although the market was negatively affected in 2020 due to the lockdowns, short-read genome analysis methods were in the growing demand for virus characterization and had a positive impact on the global short-read sequencing industry in 2021. In addition, the pandemic also led to increasing awareness about short-read techniques, which coupled with the development of cost-effective genome sequencing approaches is expected to boost revenue.
Short-read Sequencing Market Report Highlights
- By product, the consumables segment dominated the market with a share of 62.65% in 2022. The high use of consumables such as micropipettes, assay kits, and others as well as repeat purchase of these products is driving the demand for short-read consumables
- Sequencing accounted for the largest share of 56.64% in the workflow segment in 2022. The high penetration of the market participants in this step of the workflow adds to the robust revenues generated from the step
- By application, the targeted sequencing & resequencing segment captured a majority share of 68.21% in 2022 due to its increasing applications in the research for the detection and treatment of cancer and other chronic diseases
- The academic & research institutes segment accounted for the largest market share of 48.67% in 2022 due to the growing research infrastructure and a surge in the development of healthcare facilities which drive the segment to dominate the end-use segment
- North America has established a strong regional position in the market with a 49.77% share in 2022. This is due to the increasing government funding leading to the increase in the research and development activities in this region
Market Dynamics
Drivers
- Increasing adoption of Short-read sequencing due to its cost – effectiveness and short run times
- Decreasing costs for genetic sequencing
- Rise in the adoption of Short-read sequencing for personalized medicine and companion diagnostics
Restraints
- Limitation of Short-read sequences to resolve complex genomic
- 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/9fneao
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