According to FutureWise analysis the market for gene sequencing in 2023 is US$ 10.77 billion, and is expected to reach US$ 49.24 billion by 2031 at a CAGR of 20.92%.
Scientists now have the ability to quickly develop Gene Sequencing technology, which allows them to produce information on genetic variation and outline gene expression at an unprecedented scale. Scientists will soon be able to sequence whole human genomes using the Gene Sequencing technology in just a few years. Scientists and clinicians will be able to use this technology as a standard tool. Many sequencing platforms are currently in development and have the potential for greater resolution and throughput. Massively parallel sequencing technologies are currently changing almost every field of genetics. Pharmacogenomics is no exception. The detection of new genetic variations that could influence drug response is the most important application of the latest sequencing technologies in the field. With a 43.3% revenue share in 2019, consumables dominated Gene Sequencing. A larger market share is due to the wide range of kits and reagents available to support all stages of library construction (DNA fragmentation, enrichment and adapter ligation), as well as quality control and quality control. These tools have streamlined workflows and are compatible with low-input specimens and formalin-fixed specimens. Sequencing by synthesis, sequencing by ion semiconductor, sequencing by ligation, pyrosequencing, single-molecule real-time sequencing, chain termination sequencing, and nanopore sequencing are some of the technology platforms that fall under this category. Based on product type, sequencing by synthesis is the most popular platform for gene sequencing and the largest contributor to Gene Sequencing market. This market is expected to see the fastest growth during the forecast period. Gene Sequencing finds applications in biomarker, cancer, diagnostics and personalized medicine. Modern technological advances have greatly improved the speed of sequencing and reduced both the cost and number of protocol steps. These factors have made Gene Sequencing technology the preferred choice for studying biomarkers. Because of the advancement in technology, the Gene Sequencing market offers tremendous opportunities for new players. The key players are now exploring new opportunities and leveraging their technological advances. Market players have the opportunity to expand in the future with the advent of next-generation Gene Sequencing (NGS).
FutureWise Market Research has instantiated a report that provides an intricate analysis of Gene Sequencing Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Gene Sequencing Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.