Genome Sequencing Market Trends Reports, Share Analysis 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Genome Sequencing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The genome sequencing market size has grown rapidly in recent years. It will grow from $8.33 billion in 2023 to $9.89 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to increasing research funding, growing awareness of personalized medicine, rise in genomic data, expansion of clinical applications, and increasing demand for biomarker discovery.

The genome sequencing market size is expected to see rapid growth in the next few years. It will grow to $19.87 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to growth in genomic research, an increase in the prevalence of genetic disorders, increasing cancer occurrence, integration with other omics, and rising public awareness and acceptance. Major trends in the forecast period include advancements in next-generation sequencing (NGS) technologies, integration with artificial intelligence (AI) and machine learning (ML), expansion of direct-to-consumer (DTC) genetic testing, development of portable sequencing devices, and the rise of personalized medicine.

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Market Drivers and Trends:

The increasing occurrence of cancer is expected to propel the growth of the genome sequencing market going forward. Cancer is a group of diseases characterized by the uncontrolled growth and spread of abnormal cells, which can lead to death if not controlled. The occurrence of cancer is rising due to several factors, including the aging population, lifestyle factors, environmental exposures, and genetic predispositions. Genome sequencing helps identify genetic mutations and predispositions to cancer, enabling early detection and personalized treatment plans. It reveals inherited cancer risks and assists in tracking the development of cancerous cells. For instance, in February 2024, according to the World Health Organization, a Switzerland-based intergovernmental organization, new cancer cases are projected to reach over 35 million by 2050, representing a 77% increase compared to 20 million cases in 2022. Therefore, the increasing occurrence of cancer is driving the growth of the genome sequencing market.

Major companies operating in the genome sequencing market are focused on developing advanced solutions, such as next-generation sequencing (NGS)-based assays, to enhance the accuracy of genetic analysis and enable personalized medicine approaches. Next-generation sequencing (NGS)-based assays refer to advanced genomic technologies that will allow rapid and high-throughput sequencing of DNA or RNA to analyze genetic material. NGS allows for the simultaneous sequencing of millions of fragments of DNA or RNA, generating large volumes of data quickly and at a lower cost. For instance, in April 2023, Centogene N.V., a Germany-based provider of genetic diagnostics for rare diseases, launched CentoGenome, an enhanced Next Generation Sequencing (NGS)-based assay. It offers lifelong diagnostic support with proactive diagnosis confirmation and reclassification programs at no extra cost, ensuring continuous patient care and precise disease management. Utilizing a PCR-free approach, CentoGenome reduces bias and enhances sequencing quality, providing better coverage of challenging genomic regions and improving insights into coding, regulatory, and intronic areas. The platform features an automated bioinformatics pipeline and medical expert analysis, utilizing CENTOGENE's extensive bio databank of data from about 700,000 patients in over 120 countries. This comprehensive dataset boosts the detection of disease-causing variants, including those associated with spinal muscular atrophy and Parkinson's disease.

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Major Key Players of the Market:

F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Merck KGaA, Siemens Healthineers, Becton, Dickinson and Company, Eurofins Genomics, Agilent Technologies Inc., PerkinElmer, Illumina Inc., bioMérieux, Bio-Rad Laboratories Inc., QIAGEN N.V., 10x Genomics Inc., BGI Group, Oxford Nanopore Technologies plc, Pacific Biosciences of California Inc., GENEWIZ Inc., LI-COR Inc., CENTOGENE N.V., Bioneer Corporation, Strand Life Sciences Pvt Ltd., Nebula Genomics

Genome Sequencing Market 2024 Key Insights:

• The genome sequencing market size is expected to see rapid growth in the next few years. It will grow to $19.87 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%.
• Rising Cancer Incidence Fuels Growth In The Genome Sequencing Market
• Advancements In NGS-Based Assays Enhance Genetic Analysis And Personalized Medicine
• North America was the largest region in the genome sequencing market in 2023

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