Targeted Sequencing Industry Report 2024: A $3.479 Billion Market in a Growth Phase with Illumina Dominating – Global Analysis and Forecasts 2023-2033 – ResearchAndMarkets.com
Targeted Sequencing Industry Report 2024: A $3.479 Billion Market in a Growth Phase with Illumina Dominating – Global Analysis and Forecasts 2023-2033 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Targeted Sequencing Market – A Global and Regional Analysis: Focus on Application, Product Type, Target Enrichment Methods, Type of Target Capture, End User, and Region – Analysis and Forecast, 2024-2033” report has been added to ResearchAndMarkets.com’s offering.
In 2023, the targeted sequencing market held a value of $3,479.8 million. The market is expected to grow at a CAGR of 12.28% during the forecast period 2024-2033 and attain a value of $10,987.4 million by 2033, driven by increasing research initiatives, rising demand for precision medicine, and geographical expansion of key players.
The global targeted sequencing market has been characterized by intense competition, as established entities and emerging players compete for a share of the market. The anticipated growth and transformation of the market bring forth both challenges and opportunities, which are expected to make it a dynamic landscape to observe in the upcoming years.
The targeted sequencing market in the North America region has been witnessing significant growth of 12.39% in the forecast period, marked by increasing research and development in the region and early adoption of advanced technologies. In 2023, North America accounted for a share of 49.90% of the global targeted sequencing market.
Industry Impact
Targeted sequencing is expected to be a period of wider adoption in clinical settings across various applications. For instance, use in early disease detection, personalized treatment selection, and monitoring treatment response. Additionally, continuous price reduction and higher throughput are driving the widespread adoption at the patient level. Increasing focus on automation in targeted sequencing workflows, single-cell sequencing, advancements in bioinformatics, liquid handling, and nucleic acid preparation are expected to continue to transform targeted sequencing methods. The industry is likely to witness the dynamic contributions of genomics and precision diagnostics.
The industry’s advancements in targeted sequencing research and development continually address population health trends, disease prevalence, and treatment outcomes. As a result, the targeted sequencing market’s impact extends beyond technological integration for diagnosis, making it an integral component of global health strategies and broader ecosystem.
Cancer to Dominate the Global Targeted Sequencing Market (by Application)
The cancer segment dominated the global targeted sequencing market (by application) in FY2023.
Targeted sequencing panels are rapidly becoming the standard of care in the management of patients with advanced cancer. NGS-based gene panel tests have successfully identified driver mutations in colorectal cancer, breast cancer, and lung cancers, which has subsequently resulted in the development and use of targeted therapies associated with improved outcomes.
Academic and Research Institutions to Dominate the Global Targeted Sequencing Market (by End User)
The academic and research institutions segment dominated the global targeted sequencing market (by end user) in FY2023.
Growing research initiatives undertaken by universities and research institutes in exploring new applications for targeted sequencing are driving the academic and research institutions segment growth.
Services to Dominate the Global Targeted Sequencing Market (by Product Type)
The global targeted sequencing market (by product type) was dominated by the services segment in FY2023. This is largely due to the value proposition offered by targeted sequencing services. These services present an economically viable, efficient, and expertise-centric approach for laboratories and researchers.
Hybridization Capture to Dominate the Global Targeted Sequencing Market (by Target Enrichment Method)
The global targeted sequencing market (by target enrichment method) was dominated by the hybridization capture segment in FY2023. The hybridization capture-based method is more suitable for research and discovery projects. Therefore, scientists and clinicians tend to employ hybridization capture for large panels for the detection of SNPs, fusion genes, copy number variations (CNV), and others.
Targeted DNA Sequencing to Dominate the Global Targeted Sequencing Market (by Target Capture)
The global targeted sequencing market (by target capture) was dominated by the targeted DNA sequencing segment in FY2023. Targeted DNA sequencing allows researchers to focus time and expense on the data analysis of only the regions of interest.
Key Market Players and Competition Synopsis
The global targeted sequencing industry is in a growth phase and constantly evolving. Illumina, Inc. holds a significant market share in terms of technology and consumables and is expected to retain its dominance. The market dominance can be attributed to its huge product portfolio and highly accurate sequencing instruments. Other established players in the market include PerkinElmer, Inc., Beijing Genomics Institute (BGI), Thermo Fisher Scientific, Inc., and Agilent Technologies, Inc.
Key Attributes:
Report Attribute | Details |
No. of Pages | 138 |
Forecast Period | 2024 – 2033 |
Estimated Market Value (USD) in 2024 | $3.87 Billion |
Forecasted Market Value (USD) by 2033 | $10.98 Billion |
Compound Annual Growth Rate | 12.2% |
Regions Covered | Global |
Some of the prominent companies in this market are:
- Agilent Technologies, Inc.
- Azenta, Inc.
- BGI Group
- CD Genomics
- F. Hoffmann-La Roche Ltd
- Daicel Corporation
- Thermo Fisher Scientific, Inc.
- Danaher Corporation
- Illumina, Inc.
- LGC Limited
- PacBio
- Revvity, Inc.
- Psomagen
- QIAGEN N.V.
- Takara Bio Inc.
Market Dynamics
Trends: Current and Future Impact Assessment
- Increasing Number of Targeted Sequencing Products and Services in the Market
- Increasing Synergistic Partnerships between Market Players
Market Drivers
- Increasing Demand for High Depth of Coverage in Sequencing
- Cost and Data Management Benefits of Targeted Sequencing as Compared to WGS
Market Restraints
- Lack of Advanced Genomic Testing Centers
- Lack of Knowledge about New Genes
Market Opportunities
- Increasing Use in Clinical Research and Trials for Better Disease Pathogenesis and/or Clinical Relevance
- Increasing Adoption in Targeted Therapeutics in Oncology
Targeted Sequencing Workflow
- Research and Development Review
- Patent Filing Trend (by Country, Year)
- Regulatory Landscape
For more information about this report visit https://www.researchandmarkets.com/r/31w9rs
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900