Sequencing Market Size, Share, Revenue, Major Players, Competitive Landscape, Emerging Growth And 2023 Global Forecast

Sequencing Market - By Type (Next Generation Sequencing, Third Generation Sequencing And Sanger Sequencing), By Products (Consumables, Software, Sequencing Services And Instruments), And By Region, Opportunities And Strategies – Global Forecast To 2023 By The Business Research Company

The global sequencing market reached a value of nearly $7.9 billion in 2018, having grown at a compound annual growth rate (CAGR) of more than 14.5% since 2014. Growth in the sequencing market in the historic period resulted from use of sequencing techniques for drug development, increased funding from government and private organizations and lower cost of analysis. High initial investment and data storage costs for end users is negatively affected growth in the historic period.

The Key drivers of the sequencing market include:
Drug Development - The use of sequencing techniques for drug development drove the market during the historic period. For instance, in 2018, Veracyte, a genomic diagnostics company, and Loxo Oncology, a biopharmaceutical company, partnered for drug development research for cancer drugs, using RNA sequencing to analyze gene expressions. Sequencing techniques are used for identifying rare genetic mutations by scanning a large number of biological databases, thereby shortening the time required to identify new drug candidates. (Approximately 90% of potential medicines fail during clinical trials and most of these failures are due to an incomplete understanding of the biological target of a drug for that disease). This rise in demand for sequencing equipment from the pharmaceutical companies drove the market during this period.

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Sequencing Market Segmentation:
The sequencing market is segmented by type, by products and services, and by geography.
By Type - The sequencing market is segmented by type into
a) Next Generation Sequencing
b) Third Generation Sequencing
c) Sanger Sequencing
d) Global Sequencing
Third generation sequencing had the highest growth rate of nearly 15.5% during the historic period. This rapid growth can be attributed to due to portability and the faster sequencing speed it offers t han NGS and Sanger sequencing.

By Products And Services - The sequencing market is segmented by products and services into
a) Consumables
b) Sequencing Services
c) Instruments and Software
d) Global Sequencing
Growth has accelerated in all the segments of the global sequencing market by products and services.

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By Geography - The sequencing market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

Some of the major key players involved in sequencing market are
• Illumina, Inc.
• Thermo Fisher Scientific, Inc.
• Eurofins Scientific SE
• Myriad Genetics, Inc.
• QIAGEN N.V.

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