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Short Read Sequencing Global Market 2024 - Industry Trends, Share, Size, Growth, Opportunity And Forecast 2033
Short Read Sequencing Global Market
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According to The Business Research Company's, The short read sequencing market size has grown rapidly in recent years. It will grow from $5.74 billion in 2023 to $6.82 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to genomic research initiatives, increased prevalence of genetic disorders, pharmaceutical and biotech research, diagnostic applications, declining sequencing costs..
The short read sequencing market size is expected to see rapid growth in the next few years. It will grow to $12.97 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to precision medicine advancements, rapid growth in personalized genomics, expanding applications in agriculture, surge in microbiome research, rising demand in emerging markets.. Major trends in the forecast period include automation and high-throughput, cloud-based solutions, integration of ai and machine learning, portable sequencing technologies, long-read sequencing synergy..
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Market Drivers and Trends:
The rising prevalence of genetic diseases is expected to propel the growth of the short-read sequencing market going forward. Genetic diseases are conditions caused by abnormalities or mutations in an individual's DNA or genes, leading to physical, developmental, or biochemical abnormalities that can impact their health and well-being. Short-read sequencing is used in genetic diseases to analyze the genome and identify disease-associated variants comprehensively. For instance, in June 2022, according to a report published by RARE-X, an Australia-based patient support platform, there were a total of 10,867 rare diseases, encompassing both genetic and non-genetic conditions. Therefore, the rising prevalence of genetic diseases is driving the growth of the short-read sequencing market.
Technology advancements are the key trend gaining popularity in the short-read sequencing market. Major companies involved in the short-read sequencing market are focused on technology advancements to improve their observation power and sustain their position in the market. For instance, in October 2022, Pacific Biosciences Inc, a US-based producer of excellent, highly accurate sequencing technologies, launched external beta testing of the Onso sequencing system. The system was designed to provide precise data while also being cost-effective. The short-read platform was developed to give oncology researchers sensitive and specific targeted sequence analysis findings.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., GE HealthCare Technologies Inc., Cytiva Lifesciences, Eurofins Scientific SE, Agilent Technologies Inc., Beckman Coulter Inc., Illumina Inc., QIAGEN N.V., PerkinElmer Inc., BGI Genomics Co Ltd, MGI Tech Co. Ltd., GenScript Biotech Corporation., 10x Genomics Inc., Novogene Co. Ltd, Oxford Nanopore Technologies Ltd., Pacific Biosciences of California Inc., Macrogen Inc., Genewiz Inc., Zymo Research Corporation, GenapSys Inc., Fasteris SA, GnuBIO Inc., Paragon Genomics Inc., Nabsys Inc., GATC Biotech AG, Halcyon Molecular Inc.
Short Read Sequencing Market 2024 Key Insights:
• The short read sequencing market size is expected to see rapid growth in the next few years. It will grow to $12.97 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%.
• Short-Read Sequencing Market Driven By Surging Prevalence Of Genetic Diseases
• Short-Read Sequencing Market Advances With Cutting-Edge Technology Innovations
• North America was the largest region in the Short Read Sequencing market in 2023
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