Gene Sequencing Market Size, Share, Trends | 2032

Report Description

Gene Sequencing Market Outlook 2032

The global gene sequencing market size was USD XX Billion in 2023 and is projected to reach USD XX Billion by 2032, expanding at a CAGR of XX% during 2024–2032. The market growth is attributed to the government initiatives aimed at reducing healthcare costs.

The continuous development of new sequencing technologies promises enhanced accuracy and speed. Notably, deep sequencing, a cutting-edge technique, completes the sequencing of an entire genome in less than 24 hours. Additionally, the market is witnessing sustained growth in gene therapy products, which leverage genes to repair or prevent diseases.

The gene sequencing market growth is fueled by the utilization of Next-Generation Sequencing (NGS) technology in cancer genomics and personalized medicine. The market expansion is propelled by various factors, such as advancements in DNA sequencing technology, a surge in applications for clinical diagnosis & drug discovery, and increased investments in research & development.

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Impact of Artificial Intelligence (AI) on the Gene Sequencing Market

Businesses that depend on genomic data analysis for medicinal research and development as well as diagnostic decision-making are highly impacted by the quick development of artificial intelligence (AI) technologies. Integrating the 3D genomic structural data, the epigenome, and the linear DNA sequence data of coding and non-coding areas are necessary to fully utilize genomic data for therapeutic and diagnostic decision-making. Different imaging modalities, DNA sequencing, biochemical assays, and other data modalities provide information on these distinct genetic traits. Furthermore, it is necessary to integrate genetic data analysis with patient and medical data to make correct therapeutic and diagnostic decisions.

AI systems develop into effective instruments for therapeutic and diagnostic decision-making that help overcome some of the difficulties brought on by the complexity of the human genome. They recognize complex patterns within enormous data sets and combinations of many data modalities. The market is expanding due to the widespread use of gene sequencing technology and the existence of multiple large players.

Gene Sequencing Market Dynamics

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Major Drivers

Rising demand for genomic data to boost research and clinical applications further contributes to the market growth. The expansion in the gene sequencing market is propelled by technological advancements, leading to accurate sequencing. With ongoing improvements in sequencing technology, accessibility and affordability are increasing, boosting the market.

Rising utilization of genomic information in healthcare is expected to drive an increased demand for DNA sequencing services, ultimately enhancing patient care. Various industries, particularly the healthcare industry, is expected to positively influence the market in the coming years. Furthermore, the emergence of new applications and technologies that find utility in diverse sectors, including agriculture, spur the market.

Increasing demand for personalized medicine drive the market. This evolving field of medicine leverages an individual's genomic information to forecast their susceptibility to specific diseases and customize treatments accordingly.

Existing Restraints

Substantial expense linked with gene sequencing stands as a significant obstacle to the widespread adoption of gene sequencing. The intricate nature of DNA sequencing data adds a layer of complexity, making effective interpretation and utilization challenging. Additionally, a shortage of skilled personnel trained in gene sequencing further restricts the accessibility of this technology, hampering the market.

Concerns about the privacy of genetic data among patients are hindering the expansion of the market. According to a study by the National Center for Biotechnology Information (NCBI), only 10% of biopharmaceutical companies have fully anonymized their data. Companies that fail to anonymize data expose themselves to the risk of data theft and exploitation by other entities, posing a potential impediment to the market development.

Emerging Opportunities

Increasing tendency to outsource gene sequencing services plays a role in the market growth, as service providers possess the expertise and experience required to handle the substantial data sets generated by next-generation sequencing platforms. The market scope continues to expand in the coming years, as gene sequencing technology matures and discovers novel applications in research and medicine.

Sequence-based gene expression analysis has evolved into a digital substitute for analog techniques. The accuracy and simplicity of genome (DNA) sequencing have advanced to a noteworthy level. Enhancements and automation of gene sequencing have augmented sequencing data, empowering researchers to efficiently manage their time and achieve significant milestones in the Human Genome Project. 

Scope of the Gene Sequencing Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

Gene Sequencing Market Segment Insights

Product Segment Analysis

On the basis of product, the gene sequencing market is segmented into instruments, consumables, and services. The consumable segment dominates the gene sequencing market with a large market share, due to the extensive availability of reagents & kits catering to all aspects of library construction, encompassing DNA fragmentation, enrichment, amplification, and quality control.

This segment encompasses a diverse array of reagents and kits designed for each stage of library construction, including adapter ligation, DNA fragmentation, quality control, enrichment, and amplification. The majority of these tools are adaptable to low-input and formalin-fixed specimens, offering ready-to-use components and streamlined workflows for increased efficiency.

The instrument segment is expected to register a robust compound annual growth rate (CAGR) throughout the forecast period, due to the increasing demand for high-throughput sequencing and the continuous development of advanced sequencing technologies. Additionally, the rising popularity of PCR-based methods for DNA sequencing further contributes to the favorable growth rate of this segment.

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Technology Analysis

On the basis of technology, the gene sequencing market is segregated into third generation DNA sequencing, next-generation sequencing, and sanger sequencing. The next-generation sequencing segment holds a large market share and is anticipated to maintain its dominance throughout the forecast period. Next-generation sequencing technology has brought about a revolution in genomics, leading to numerous advancements in the diagnosis and treatment of genetic disorders. The cost-effectiveness and high throughput nature of the technology drive the segment. Additionally, the increasing array of applications for NGS is further propelling the segment. 

The third-generation DNA sequencing segment is anticipated to hold a significant market share during the forecast period, owing to new generation of sequencing technologies that aim to address some limitations of previous generations, such as short read lengths and the need for amplification. These technologies offer advantages such as long read lengths, real-time sequencing capabilities, and the potential for single-molecule sequencing. The ability to observe the sequencing process in real-time is advantageous for various applications, including rapid identification of genetic variations.

These technologies often reduce or eliminate the need for PCR amplification, minimizing biases introduced during the amplification process. Some third-generation technologies sequence individual DNA molecules directly, avoiding the need for PCR amplification and reducing the risk of errors introduced during amplification.

Application Analysis

Based on application, the gene sequencing market is divided into clinical investigation, oncology, forensics & agrigenomics, reproductive health, HLA typing, and others. The oncology segment is expected to attribute a large market revenue share during the forecast period, owing to advancing treatment and cancer diagnostics in clinical research.

The NGS technology, currently recognized for its cost-effectiveness, employs a high-throughput approach to swiftly identify and characterize clinically actionable genetic variants across multiple genes within a single test. The pervasive adoption of gene sequencing plays a pivotal role in propelling the oncology segment, particularly for purposes such as cancer diagnosis, treatment selection, and monitoring treatment response. Furthermore, the rising global cancer patient population and heightened awareness among healthcare providers regarding DNA sequencing technology boost the segment. 

The clinical investigation segment is likely to hold a substantial position in the gene sequencing market with a CAGR of 21.5% during the forecast period, due to the application of DNA sequencing technologies for various medical purposes, including diagnostics, disease monitoring, and treatment planning.

Clinical investigation in gene sequencing is integral to identifying biomarkers associated with diseases, aiding in the development of targeted therapies. Genomic information helps in patient stratification for clinical trials, ensuring targeted and effective outcomes. Advancements in sequencing technologies, including third-generation sequencing, offer new opportunities for clinical investigations with improved accuracy and long read lengths.

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End-user Analysis

Based on end-user, the gene sequencing market is fragmented into clinical research institutes, academic research institutes, biotechnology & pharmaceutical companies, hospitals & clinics, and others.

The biotechnology and pharmaceutical companies segment is holds a large market share, as they have been actively involved in providing technologies, services, and products related to DNA sequencing. Partnerships, acquisitions, and collaborations are common in the biotechnology and pharmaceutical industries, influencing the landscape of the gene sequencing market. Gene sequencing is crucial for pharmaceutical companies, as it allows them to understand the genetic basis of diseases, to identify potential drug targets and develop personalized medicines.

The hospitals and clinics segment are expected to hold a substantial share in the market, owing to the adoption of DNA sequencing technologies for various clinical applications. The integration of gene sequencing into healthcare settings allows for personalized medicine, improved diagnostics, and enhanced treatment strategies.

Hospitals use gene sequencing to identify specific genetic mutations in cancer patients, enabling targeted therapies and personalized treatment plans. Clinics employ gene sequencing for the diagnosis of genetic disorders, enabling early detection and intervention.

Gene sequencing data helps healthcare professionals tailor treatment plans based on a patient genetic profile, maximizing treatment effectiveness and minimizing adverse effects. Hospitals utilize gene sequencing to identify genetic variations influencing drug responses, guiding the selection of appropriate medications and dosage.

Regional Outlook

In terms of region, the global veterinary eye care therapeutics market is classified as Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. North America dominated the market with a high revenue share of 44.3% in 2023. Key players in the US market are implementing a number of strategic efforts to boost their market position in the country. Its considerable research in oncology, genomics, and whole genome-based medicine drives the market in the region. The substantial uptake of DNA sequencing technology is also ascribed to advanced medical infrastructure & research, finance, highly qualified workforce, and businesses striving to improve research techniques to find new technologies for diagnosis and treatment.

In the US, the National Institutes of Health (NIH) has invested heavily in developing new genomic technologies and applications. Its Cancer Genome Atlas (TCGA) project has a Sequence Read Archive (SRA), which contains more than 2 petabytes (PB) of data from over 10,000 cancer patients.
The gene sequencing market in Europe accounts expands rapidly, due to the increasing adoption of organic growth strategies across the region. The market growth is anticipated to be driven by the product releases by notable companies in the region to increase their product portfolio over the course of the projected period. Germany is expected to hold a large market share during the forecast period, due to sedentary lifestyles, aging population, rise in cancer patients, and the effective reimbursement scenarios in the country.

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