Genome (DNA) Sequencing Market Set to Revolutionize Healthcare, Projected to Surpass $42.28 Billion by 2030

According to Next Move Strategy Consulting, the global Genome (DNA) Sequencing Market size is anticipated to surpass $42.28 billion by 2030 reflecting a CAGR of 22% during the forecast period till 2030. This surge is underpinned by the burgeoning demand for precision medicine, advancements in genomic research, and the continuous evolution of sequencing technologies.

Market Overview:

The genome (DNA) sequencing market is experiencing unprecedented growth as the healthcare industry increasingly embraces personalized and targeted treatment approaches. The pursuit of genomic insights is becoming integral to diagnostics, disease understanding, and therapeutic interventions. As the demand for precision medicine escalates, the Genome Sequencing market stands at the forefront, facilitating a paradigm shift in healthcare delivery.

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Key Market Drivers:

1. Precision Medicine Revolution: Genome sequencing plays a pivotal role in the paradigm shift towards precision medicine. Tailoring medical interventions to individual genetic profiles allows for more effective disease prevention, diagnosis, and treatment.

2. Research and Development Acceleration: The continuous evolution of sequencing technologies, coupled with substantial investments in research and development, is propelling the Genome Sequencing market forward. This acceleration enhances the accuracy, speed, and cost-effectiveness of sequencing, widening its applications in various fields.

3. Diagnostic Applications: Genome sequencing is increasingly becoming a cornerstone in diagnostic applications, enabling clinicians to identify genetic variations, assess disease risks, and guide therapeutic decisions. This trend is significantly impacting disease management and patient outcomes.

4. Collaborative Initiatives: Collaborative efforts between research institutions, pharmaceutical companies, and healthcare providers are fostering innovation and driving the adoption of genome sequencing technologies. These initiatives aim to unlock the full potential of genomics in understanding diseases and developing targeted therapies.

Market Segmentation:

The genome (DNA) sequencing market include various segments, including:

Product Type: Based on product type, the market is divided into Consumable, Instrument, and Service.

Type: Based on type, the market is classified into Whole Genome Sequencing, Exome Sequencing, and Targeted Sequencing.

Technology: Based on technology, the market is categorised into Sequencing by Synthesis, Ion Semiconductor Sequencing, Sequencing by Ligation, Pyrosequencing, Single Molecule Real-time Sequencing, Chain Termination Sequencing, and Nanopore Sequencing.

Application: Based on application, the market is segmented into Biomarkers and Cancer, Research, Diagnostics, Reproductive Health, Personalized Medicine, Forensics, Agriculture & Animal Research, and Others.

Regional: Based on regional, the market is categorised into North America, Europe, Asia Pacific, and RoW.

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Outlook and Future Prospects:

The integration of artificial intelligence and machine learning in genomics is driving more efficient analysis of data, allowing researchers to predict gene mutations in patient DNA, which is expected to expected to create significant growth opportunities for the genome sequencing market in the near future.

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The lack of skilled professionals to operate and maintain sequencing equipment as well as analyze sequencing data is the factor restraining the growth of the market during the forecast period. In addition, the high cost of genome sequencing as well as the complexity of genomes in accurately distinguishing disease-causing variants is the major factor restraining the growth of the genome sequencing market.

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Regional Analysis:

North America has the largest share of the genome sequencing industry and is expected to remain the leading market in the future. This is attributed to the increasing government investments in R&D activities focused on genome editing technologies in countries, such as the U.S. and Canada.

For instance, in March 2022, the National Institutes of Health (NIH) awarded USD 89 million for additional projects in the Somatic Cell Genome Editing (SCGE) Program to advance genome editing across the U.S. and Canada. This program was created by NIH to improve genome-editing technologies and make genome-editing therapies widely available.

On the contrary, Asia-Pacific is expected to show a steady rise in the genome (DNA) sequencing market due to the increasing prevalence of chronic diseases such as cancer & HIV, which can be treated with the help of genome editing technology. According to the government's HIV Estimation 2021 report, the number of People Living with HIV (PLHIV) in India is 2.4 million.

Competitive Landscape:

The genome (DNA) sequencing market trends comprises of various market players such as Illumina Inc., Thermo Fischer Scientific Inc., Oxford Nanopore Technologies Plc, Agilent Technologies, Inc., PerkinElmer Inc., QIAGEN, Eurofins Scientific, F. Hoffmann-La Roche Ltd, Takara Bio Inc., Hamilton Company, and others.

For instance, in August 2022, Thermo Fisher Scientific received clearance from the U.S. Food & Drug Administration (FDA) for in-vitro diagnostic use of ImmunoCAP Specific IgE (sIgE) Allergen Components for wheat and sesame allergies. These market players are adopting various strategies such as product launches and business expansion to maintain their dominance in the genome (DNA) sequencing market.

For instance, in May 2022, PerkinElmer announced expansion of ultrarapid whole genome sequencing (urWGS) through PerkinElmer Genomics. This addition to the company's portfolio of whole genome sequencing (WGS) provides physicians with comprehensive, meaningful results in five days to help inform clinical management and improve outcomes for critically ill patients in neonatal and pediatric intensive care units (NICUs and PICUs).

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This release was published on openPR.