Gene Sequencing Market is predicted to reach USD 81.428 billion at a CAGR of 22.00% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Gene Sequencing Market”.

The gene sequencing market is estimated to register a CAGR of 22.00% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global gene sequencing market - Intrexon Bioinformatics Germany GmbH, QIAGEN, Myriad Genetics, Eurofins Scientific, PierianDx, Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., Pacific Biosciences of California, Inc., and Illumina, Inc.

Market Highlights

The global gene sequencing market is accounted to register a CAGR of 22.00% during the forecast period and is estimated to reach USD 81.428 billion by 2032.

One of the primary factors driving the growth of the gene sequencing industry is the increasing prevalence of genetic illnesses. Over the past few years, there has been a significant increase in the number of people suffering from diseases like cancer, Alzheimer's disease, and cystic fibrosis. As a result, there is a growing need for effective and precise gene sequencing techniques to support diagnostic and treatment protocols. Additionally, the market for gene sequencing is expanding more quickly due to patients' and healthcare providers' growing inclination for individualized medicine.

Access Full Report @ https://www.marketresearchfuture.com/reports/gene-sequencing-market-21841

Segment Analysis

The global gene sequencing market has been segmented into product type, application, workflow, and end user.

On the basis of product type, the market is segmented into Consumables, Instruments, and Services. The consumables segment was attributed to holding the largest market share in 2023. The expanding need for DNA sequencing services and the rising uptake of next-generation sequencing technologies fuel the segment's rise. Segmental expansion is also aided by the increasing use of consumables in DNA sequencing operations.

Based on application, the global gene sequencing market has been segmented into Oncology, Reproductive Health, Clinical Investigation, Consumer Genomics, Metagenomics, and Others. The oncology segment was expected to hold the largest market share in 2023. The growing oncology market is primarily driven by the growing use of DNA sequencing for cancer diagnosis, treatment selection, and response tracking. Furthermore, the global cancer patient population is expanding, and healthcare practitioners are becoming more knowledgeable about DNA sequencing technology, accelerating the growth pace of this market.

Based on workflow, the global gene sequencing market has been segmented into Pre-Sequencing, Sequencing, and Data Analysis. The sequencing segment was expected to hold the largest market share in 2023. The category is growing mostly due to the increasing number of uses for gene sequencing, including drug discovery and precision medicine.

Based on end user, the global gene sequencing market has been segmented into Academic Research, Clinical Research, Hospitals, Pharmaceutical Companies, and Others. The academic research segment was expected to hold the largest market share in 2023. The US, UK, Germany, France, China, and several research institutes and standalone genomic laboratories are mostly responsible for the widespread use of genome sequencing technologies. These centers carry out large-scale studies on the sequence structural levels of genomics in order to create personalized and effective novel treatments.

Regional Analysis

The global gene sequencing market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe gene sequencing market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The gene sequencing market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World gene sequencing market comprises the Middle East, Africa, and Latin America.

The largest market share for gene sequencing was maintained by the North American regional sector. The main revenue-generating nations in the North American region are the US and Canada. North America's sophisticated healthcare system and growing patient awareness would probably lead to growth in the genome sequencing market. Furthermore, since the introduction of NGS, there has been an increase in the need for individualized medication. Personalized treatment avoids damaging healthy body parts by targeting just sick cells. There are fewer adverse consequences to go along with this improved efficiency.

Moreover, the Europe market has been persistently growing over the forecast period because of rising R&D expenditures and ongoing scientific research, which has increased demand for cutting-edge NGS technologies. For instance, in March 2020, a group of Italian researchers examined the SARS-CoV-2 genome from specimens obtained locally using Thermo Fisher Scientific's NGS research assay, and their findings indicated that the genome of the fast-spreading virus is stable.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The government initiatives of developing countries to establish a genetic database are expected to cause the expansion because of the vast population in this region. Later on, preventative and preventive medicine will make use of this database. For instance, the CSIR Institute of Genomics and Integrative Biology (IGIB) is leading the Genomics for Public Health in India (IndigenGen) project, launched in March 2020. In the coming years, 20,000 Indians are expected to be enrolled for whole genome sequencing to expand the database.

Furthermore, the rest of the world's gene sequencing market is divided into the Middle East, Africa, and Latin America. With more product releases and approvals anticipated in the next years, the rest of the world will probably be an important market for genome sequencing. The growing incidence of uncommon diseases, the aging population, and the increase in cancer patients in the area have led to a need for more specialized drugs, such as genome sequencing-based tailored medicines.

Key Findings of the Study

• The global gene sequencing market is expected to reach USD 81.428 billion by 2032, at a CAGR of 22.00% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market. Due to the large population in this area, government activities by developing nations to create genetic databases are anticipated to cause the expansion.


• Based on application, the oncology segment was attributed to holding the largest market in 2023, with an approximate market share of 40%.


• 
  Intrexon Bioinformatics Germany GmbH, QIAGEN, Myriad Genetics, Eurofins Scientific, PierianDx, Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., Pacific Biosciences of California, Inc., and Illumina, Inc. are the key market players.