The global short-read sequencing market is poised for substantial growth, with a projected market value of USD 6,322.03 million in 2023. According to recent research, this market is expected to surge to approximately USD 34,401.22 million by 2033, reflecting a significant compound annual growth rate (CAGR) of 18.46% throughout the forecast period.
The increasing adoption of short-read sequencing technologies in genomics, personalized medicine, and agricultural research is a key driver of this market growth. These technologies provide accurate and cost-effective solutions for various applications, including whole-genome sequencing, targeted sequencing, and RNA sequencing.
Furthermore, advancements in sequencing technologies and bioinformatics tools are expected to enhance the efficiency and accuracy of short-read sequencing, further propelling its adoption across various sectors, including healthcare, agriculture, and environmental studies.
Various Factors Propelling the demand for Short-Read Sequencing are
The short-read sequencing market refers to DNA sequencing technologies that generate relatively short DNA fragments, typically 50-600 base pairs.
Short-read sequencing techniques are widely used in genomic research, clinical diagnostics, and other applications requiring high-throughput DNA sequencing.
The rising prevalence of rare and complex diseases in the population is causing healthcare providers to implement novel cures. The growing awareness of people’s strong desire to understand their genomics fuels global demand for short-read sequencing techniques.
The short-read sequencing market has experienced significant growth in recent years, driven by advances in sequencing technology, increasing research and clinical demand for genomic analysis, and decreasing sequencing costs.
The short-read sequencing market is a subset of the broad DNA sequencing market and is characterized by the rapid and inexpensive generation of large amounts of sequencing data.
The short-read sequencing market has applications in various fields, such as genetic research, clinical diagnostics, drug discovery, agriculture, and forensics.
The utilization of cloud computing as a potential data management service and high growth potential in untapped emerging markets are expected to create lucrative opportunities for market participants.
Short-read Sequencing has Become a Key Component in Advancing the Concept of Precision Medicine
The concept of ‘precision medicine’, which individualizes treatment plans according to tumours’ biological behaviour, is considered a new approach to cancer treatment. The clinical applications of precision medicine are diverse and include screening, diagnosis, prognosis, prediction of therapeutic response and resistance, early detection of recurrence/metastasis, and biological cancer stratification.
Precision medicine in cancer treatment aims to achieve therapeutic efficacy in subsets of patients who exhibit specific molecular/predictive biomarkers. Tailoring therapy to a patient’s genetic makeup has gained wide acceptance and attention from physicians.
Advanced sequencing technologies, such as next-generation sequencing, aid in cancer gene mapping, tumor analysis, and the development of specific therapeutics. In addition, it has the advantage of simultaneously analyzing a wide range of genetic alterations, including copy number variations, mutations, fusions of multiple genes, and translocations. This has led to personalized medicines being approved by regulatory bodies around the world. For example,
According to the USA Food and Drug Administration, 39% of all drugs approved in 2020 were classified as personalized medicine. Therefore, the increasing importance of precision medicine and its advantages in disease control are expected to contribute to the growth of the DNA sequencing market during the forecast period.
Competitive Landscape/Key Players Operating in Short-Read Sequencing Market
The short-read sequencing market is highly competitive and is characterized by the presence of several key players, including
- Illumina, Inc.: Illumina is the dominant player in the short-read sequencing market, with a market share of over 70%. The company offers a range of sequencing instruments, reagents, and software, including the popular NovaSeq and HiSeq sequencing systems.
- Thermo Fisher Scientific, Inc.: Thermo Fisher Scientific is a leading provider of sequencing instruments, reagents, and software, including the Ion Torrent sequencing system. The company has a strong presence in the clinical diagnostics and research markets.
- Oxford Nanopore Technologies, Ltd.: Oxford Nanopore Technologies is a leading provider of nanopore-based sequencing technology, including the portable MinION sequencing system. The company has a strong presence in the research market and is notably expanding into clinical diagnostics and other applications.
- BGI Group: BGI Group is a leading provider of sequencing services and instruments, including the BGISEQ sequencing system. The company has a strong presence in China and is significantly expanding into other markets.
- Pacific Biosciences of California, Inc.: Pacific Biosciences of California is a provider of long-read sequencing technology, including the Sequel II and Sequel IIe sequencing systems. The company has a strong presence in the research market and is expanding into clinical diagnostics and other applications.
Other key players operating in the market include Qiagen N.V., PerkinElmer, Inc., Agilent Technologies, Inc., and Eurofins Scientific SE.
The short-read sequencing market is characterized by ongoing innovation, with new products and technologies being introduced on a regular basis. Key players in the market are investing heavily in research and development to maintain their competitive edge and expand their presence in new and existing markets.
Recent Developments
- PacBio announced the release of two genome sequencing systems, the Revio long-read sequencing system, and the Onso short-read sequencing system, in October 2022. Revio also includes deep-learning methods for detecting DNA methylation in regular sequencing libraries.
- Element Biosciences revealed technical details about its long-awaited Aviti DNA sequencer in March 2022. The new benchtop instrument uses a variation on sequencing-by-synthesis chemistry, which Element claims reduces reagent usage and costs around USD 7 per GB.
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
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)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
