The Global Targeted Sequencing Market Size is valued at 3.49 billion in 2023 and is predicted to reach 10.06 billion by the year 2031 at a 14.31% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The demand for personalized treatment strategies is a significant driver for the targeted sequencing market.
- Targeted sequencing offers opportunities to detect cancer-related mutations, driving the targeted sequencing market.
- North America dominated the market and accounted for a global revenue share in 2023.
- The key challenge for the targeted sequencing market is the presence of technological obsolescence.
A specific group of genes or genome regions are identified and sequenced in the process known as targeted sequencing. Researchers are able to focus their time, resources, and data analysis on specific areas of interest due to targeted sequencing, which also allows sequencing at significantly higher coverage levels. A large range of targeted sequencing library prep kits are available, including kits with probe sets centered on specific fields of interest such as cancer, cardiomyopathy, or autism.
Expansion of genome mapping initiatives, the expansion of next-generation sequencing (NGS) applications, rising healthcare costs, and technological advancements in sequencing platforms are all causing the targeted sequencing market development during the forecast period. Furthermore, major companies all over the globe have strengthened their R&D capacities. This heavy emphasis on COVID-19 vaccine research provided a lucrative opportunity for NGS adoption throughout the pandemic period. For example, a group of Chinese researchers used the Oxford Nanopore Technologies (U.K.) product MinION Mk1C to sequence COVID-19 samples.
However, the lack of skilled professionals and ethical and regulatory restrictions related to targeted sequencing technology are anticipated to hinder market development over the projection period.
Recent Developments:
- In January 2023, Agilent Technologies Inc. unveiled its latest acquisition: Avida Biomed, a pioneering player in the life sciences sector. Avida Biomed specializes in crafting cutting-edge target enrichment workflows tailored for clinical researchers who leverage next-generation sequencing (NGS) methods to delve into cancer studies..
Competitive Landscape:
Some of the Targeted Sequencing Market players are:
- Agilent Technologies, Inc.
- Azenta US, Inc. (GENEWIZ)
- BGI Group (MGI Tech Co., Ltd.)
- CD Genomics
- Daicel Corporation (Daicel Arbor Biosciences)
- (Integrated DNA Technologies, Inc.)
- Hoffmann-La Roche Ltd
- Illumina, Inc.
- LGC Limited (LGC Biosearch Technologies)
- PerkinElmer Inc.
- Psomagen
- QIAGEN N.V.
- Takara Bio Inc.
- Tecan Trading AG
- Thermo Fisher Scientific Inc.
- Twist Bioscience
Market Segmentation:
The targeted sequencing market is segmented on the basis of product type, target enrichment method, type of target capture, application, and end-user. On the basis of product type, the market is segregated into instruments, kits/panels and assays, services, and other product types. By target enrichment method, the market is segmented into hybridization capture, amplicon sequencing, and other Target Enrichment Methods.
The target capture segments include targeted DNA sequencing, targeted RNA sequencing, and other types of target capture. By application, the market is segmented into oncology, reproductive health, hereditary diseases, neurological disorders, infectious diseases, cardiovascular diseases, rare diseases, and other applications. The end-user segment includes diagnostic and clinical laboratories, academic and research institutions, pharmaceutical & biotech companies, and other end users.
Based On Application, The Oncology Segment Is Accounted As A Major Contributor In The Targeted Sequencing Market
The oncology category is expected to hold a major share of the global Targeted Sequencing Market in 2024. This is attributed to the number of diagnostic methods, and cancer treatment rates are growing along with the frequency of the disease. 18.1 million new cases of cancer were recorded in 2018, and the International Agency for Research on Cancer (IARC) of the World Health Organization (WHO) predicts that the number will rise to 24.1 million cases by 2030 and 29.5 million new cases by 2040. Therefore, there is a growing market for next-generation sequencing technologies due to the increasing need for cancer therapy, related medications, and genetic analysis techniques to find anomalies in gene expression and function.
Diagnostic And Clinical Laboratories Segment Witness Growth At A Rapid Rate
The diagnostic and clinical laboratories segment is projected to boost at a rapid rate in the global targeted sequencing market. Due to their easy accessibility, a growing number of cancer patients are visiting diagnostic labs for diagnosis and treatment, propelling the next-generation sequencing market for this end-user sector. The development of the next-generation sequencing market for clinical diagnostic laboratories is also supported by improvements in healthcare infrastructure in both developed and developing countries.
The North America Targeted Sequencing Market Holds A Significant Revenue Share In The Region
The North America Targeted Sequencing Market is expected to register the highest market share in terms of revenue in the near future. With the COVID-19 epidemic in the area, targeted sequencing technology is becoming more and more common as a standard clinical diagnostic test. For instance, the United States (U.S.) Food and Drug Administration received Breakthrough Device Designation for Pathogenomix Inc.'s Patho-Seq assay in January 2022. This firm specializes in next-generation sequencing pathogen diagnostics (FDA). Moreover, the Asia-Pacific region is anticipated to grow at the fastest rate over the projection period owing to the region's rapid economic development, rising cancer incidence, and increased government attention to the improvement of the healthcare sector.
Other prominent growth drivers of the Asia-Pacific next-generation sequencing market include government initiatives and funding for extensive genome sequencing studies to develop targeted medications.
Targeted Sequencing Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 3.49 Bn |
|
Revenue forecast in 2031 |
USD 10.06 Bn |
|
Growth rate CAGR |
CAGR of 14.31% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Product Type, Target Enrichment Method, Type Of Target Capture, Application, And End-User |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Agilent Technologies, Inc., Azenta US, Inc. (GENEWIZ), BGI Group (MGI Tech Co., Ltd.), CD Genomics, Daicel Corporation (Daicel Arbor Biosciences), Danaher. (Integrated DNA Technologies, Inc.), F. Hoffmann-La Roche Ltd, Illumina, Inc., LGC Limited (LGC Biosearch Technologies), PacBio., PerkinElmer Inc., Psomagen, QIAGEN N.V., Takara Bio Inc., Tecan Trading AG, Thermo Fisher Scientific Inc., Twist Bioscience. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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