The short-read sequencing market is set to undergo remarkable growth, with an anticipated value of US$ 6,322.03 million in 2023, poised to escalate to an impressive US$ 34,401.22 million by 2033. This surge represents a substantial compound annual growth rate (CAGR) of 18.46% projected for short-read sequencing sales during the forecast period.
The global short-read sequencing market is a notably expanding industry that includes technologies and services that enable high-throughput sequencing of DNA or RNA fragments. Short-read sequencing technologies can produce millions or billions of short DNA or RNA reads, with typical lengths ranging from 50 to 300 base pairs.
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Several key factors are driving the short-read sequencing market, including rising demand for genomic analysis in clinical diagnostics, personalized medicine, drug discovery, and agriculture. The growing demand for and use of cancer therapeutics has accelerated the adoption of short-read technologies for companion diagnostics. Short-read sequencing is a quick way to detect genetic abnormalities.
Since short-read platforms can measure multiple biomarkers and map genomic sequences in a single test, these methods are considered ideal for targeted therapies and precision medicine. Technological advancements, such as the development of high-throughput sequencing platforms and the increased use of cloud computing and big data analytics, are also fueling the market growth further.
Key Takeaways from the Short-Read Sequencing Market
- By 2030, the services segment is expected to be the growing in the short-read sequencing industry. Between 2023 and 2030, it is expected to hold a CAGR of 21.96%. Key players offer a diverse range of next-generation short-read sequencing services, bolstering the research and development portfolio.
- North America is expected to have the prominent revenue share in the global short-read sequencing market, with 49.77%. This can be attributed to the region’s high cancer prevalence and a supportive regulatory environment, among other factors. The region’s sophisticated healthcare infrastructure and programs are expected to aid in the growth of the market.
- In 2022, the sequencing segment held a strong market share of 56.64% in the workflow segment. The high penetration of market participants in this step of the workflow contributes to the step’s revenue generation. Due to market competition, novel and portable platforms that can easily sequence DNA have been introduced.
- The academic & research institutes segment accounted for the controllable market share of 48.67% in 2022 due to an increase in research infrastructure and a surge in the development of healthcare facilities. This factor contributes greatly to driving the segment to dominate the end-user segment.
- China is expected to record a CAGR of 9.3% between 2023 and 2023. Regional players are expanding their presence in the global short-read sequencing industry. China is growing more prominently in terms of capacity expansion than the leading Western markets.
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Competitive Landscape:
The high demand for short-read sequencing for a variety of applications has created numerous market opportunities for the key players. To increase their market share, key players engage in strategic initiatives such as mergers, acquisitions, and collaborations.
Latest Developments:
- Hoffman La Roche Ltd. acquired Stratos Genomics, an early-stage sequencing technology company, to advance the development of Roche’s nanopore sequencer in May 2020.
- Agilent Technologies introduced a new product in January 2020 to address key challenges laboratories face when preparing DNA sequencing libraries for research. The new Agilent SureSelect XT HS2 DNA Kit represents the cutting-edge in library preparation and target enrichment, providing researchers with a comprehensive solution to select the workflow options that best suit their needs.
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)
Key Segments Covered in the Short-Read Sequencing Market Report
Product Outlook:
- Instruments
- Consumables
- Services
Workflow Outlook:
- Pre-Sequencing
- Sequencing
- Data Analysis
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Application Outlook:
- Whole Genome Sequencing
- Whole Exome Sequencing
- Targeted Sequencing & Resequencing
- DNA-based
- RNA-based
- Others
End-use Outlook:
- Academic & Research Institutes
- Hospitals & Clinics
- Pharmaceutical & Biotechnology Companies
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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