Sequencing Market Definition
The sequencing market consists of sales of sequencing instruments, consumables, software and services. It includes the instruments, consumables, software and services used for sequencing deoxyribonucleic acid (DNA) or ribonucleic acid (RNA) samples of human, animal, plant and microbial species.
Sequencing Market Size
The global sequencing market reached a value of nearly $7.9 billion in 2018, having grown at a compound annual growth rate (CAGR) of more than 14.5% since 2014.
Growth in the sequencing market in the historic period resulted from use of sequencing techniques for drug development, increased funding from government and private organizations and lower cost of analysis. High initial investment and data storage costs for end users is negatively affected growth in the historic period.
The rapid growth in the forecast period is expected due to continued investments in research and development projects relating to chronic diseases and rising demand for sequencing lab services for diagnosis of immunological and neurological disorders. Factors such as legal and ethical issues could hinder the growth of this market in the future.
Sequencing Market Drivers
The Key drivers of the sequencing market include:
Drug Development - The use of sequencing techniques for drug development drove the market during the historic period. For instance, in 2018, Veracyte, a genomic diagnostics company, and Loxo Oncology, a biopharmaceutical company, partnered for drug development research for cancer drugs, using RNA sequencing to analyze gene expressions. Sequencing techniques are used for identifying rare genetic mutations by scanning a large number of biological databases, thereby shortening the time required to identify new drug candidates. (Approximately 90% of potential medicines fail during clinical trials and most of these failures are due to an incomplete understanding of the biological target of a drug for that disease). This rise in demand for sequencing equipment from the pharmaceutical companies drove the market during this period.
Sequencing Market Restraints
The key restraints on the sequencing market include:
High Initial Investment and Data Storage Costs for End Users - The sequencing market was limited by the high initial costs of instruments during the historic period (which remained high although they fell). For example, Illumina’s HiSeq X10 sequencing equipment which is capable of conducting sequencing process at a low cost of around $1,000 per genome, requires an initial investment of $10 million. The market was also affected by the additional costs for storage and processing equipment required for the large amount of data generated through sequencing techniques. For instance, the size of a BAM file (a semi compressed alignment file) for a single 30X human whole-genome sample is around 90 GB. These factors limited the demand for sequencing instruments and restrained the market during the historic period.
Sequencing Market Trends
Major trends influencing the sequencing market include:
Increasing Use of Semiconductor Sequencing - Companies are using semiconductor sequencing for enhancing DNA sequencing. Semiconductor sequencing is a type of next generation sequencing that enables reading DNA sequences electronically. For example, in 2014 DNA Electronics Ltd (DNAe) commercialized its semiconductor DNA sequencing technology consisting of semiconductor chip for diagnosis of infectious disease. Ion Torrent’s semiconductor sequencing technology allows sequencing of templates of a length of up to 200 to 400?base pairs that directly translates chemically encoded information into voltage signals that are detected by a semiconductor device and so offers high throughput.
Innovations in the Sequencing Market - Sequencing companies are using innovative technologies and methods for DNA or RNA sequencing. This has increased genomic research and development of personalized medicines. Genomics is the study of genetic material of organisms to determine the entire sequence of DNA that helps to identify changes or variants in genes. Personalized medicine is the medical treatment specific to individual characteristics of the patient. Advances in sequencing technologies help to store and manage large amounts of data efficiently and deliver faster results. Technological advances such as next generation sequencing have enhanced DNA sequencing and driven research on various diseases.
Opportunities In The Sequencing Market
Opportunities – The top opportunities in the global sequencing market will arise in the next generation sequencing segment which will gain $10 billion of global annual sales by 2023. The sequencing market size will gain the most in the USA. Sequencing market-trend-based strategies include the use of nanopore technologies, collaborating and partnering with technology companies to enhance product features, and use of cloud-based computing database to enable efficient sequencing data storage and processing. Player-adopted strategies in the sequencing industry include expansion through mergers and acquisitions and development of new products through collaborations.
Sequencing Market Segmentation
The sequencing market is segmented by type, by products and services, and by geography.
By Type -
The sequencing market is segmented by type into
Third generation sequencing had the highest growth rate of nearly 15.5% during the historic period. This rapid growth can be attributed to due to portability and the faster sequencing speed it offers than NGS and Sanger sequencing.
- a) Next Generation Sequencing
- b) Third Generation Sequencing
- c) Sanger Sequencing
- d) Global Sequencing
By Products And Services -
The sequencing market is segmented by products and services into
Growth has accelerated in all the segments of the global sequencing market by products and services.
- a) Consumables
- b) Sequencing Services
- c) Instruments and Software
- d) Global Sequencing
By Geography - The sequencing market is segmented into
North America is the largest market for sequencing, accounting for almost 51% of the global market. It was followed by Europe and Asia Pacific and then the other regions. Going forward, the Asia-Pacific will be the fastest growing region in this market.
- o North America
- o Europe
- o Asia Pacific
- o Rest of the World (ROW)
Sequencing Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • Illumina, Inc.
- • Thermo Fisher Scientific, Inc.
- • Eurofins Scientific SE
- • Myriad Genetics, Inc.
- • QIAGEN N.V.
- • Agilent Technologies, Inc.
- • PerkinElmer, Inc.
- • Roche Holding AG
- • Bio-Rad Laboratories, Inc.
- • Pacific Biosciences of California, Inc.
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