Global Short Read Sequencing Market Size
Medical Equipment

Top 5 Insights From The Short Read Sequencing Market Report 2024

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Short Read Sequencing Global Market Report 2024, the short read sequencing market is expected to show promising growth in the forecast period.

The short read sequencing market has witnessed remarkable growth in recent years, with projections indicating further expansion. This growth is fueled by various factors, including technological advancements, increasing prevalence of genetic disorders, and expanding applications across different sectors.

Rapid Expansion and Projections

  • The short read sequencing market has experienced significant growth, with a size of $5.74 billion in 2023, projected to reach $6.82 billion in 2024.
  • Compound Annual Growth Rate (CAGR) for the market stands at an impressive 18.9%.
  • Forecasts suggest continued expansion, with expectations of reaching $12.97 billion by 2028, with a CAGR of 17.4%.

Driving Forces of Growth
The growth trajectory of the short read sequencing market is underpinned by several key factors:

  1. Genomic Research Initiatives
  • Increasing focus on genomic research initiatives is driving demand for short-read sequencing technologies.
  1. Prevalence of Genetic Disorders
  • The rising prevalence of genetic disorders necessitates advanced sequencing technologies for diagnosis and treatment.
  1. Pharmaceutical and Biotech Research
  • Short-read sequencing plays a crucial role in pharmaceutical and biotech research, aiding in drug discovery and development processes.
  1. Diagnostic Applications
  • Applications of short-read sequencing in diagnostics are expanding, contributing to market growth.
  1. Declining Sequencing Costs
  • Declining costs associated with sequencing technologies are making them more accessible, further fueling market growth.

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Market Dynamics
Short-Read Sequencing Market Driven By Surging Prevalence Of Genetic Diseases

  • Genetic diseases are on the rise, increasing the demand for advanced sequencing technologies.
  • Short-read sequencing facilitates comprehensive analysis of genomes, aiding in the identification of disease-associated variants.
  • Notable companies driving innovation in the market include F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., and Illumina Inc.

Short-Read Sequencing Market Advances With Cutting-Edge Technology Innovations

  • Technology advancements are at the forefront of market trends, with companies continuously innovating to enhance their offerings.
  • Examples include Pacific Biosciences Inc.’s launch of the Onso sequencing system and its acquisition of Omniome Inc., enriching its portfolio with combined long-read and short-read sequencing technologies.

Market Segmentation
The short read sequencing market is segmented based on various factors:

  1. Product: Instruments, Consumables, Services.
  2. Technology: Next-Generation Sequencing, Sanger Sequencing.
  3. Workflow: Pre-Sequencing, Sequencing, Data Analysis.
  4. Application: Clinical Investigation, Oncology, Reproductive Health, Consumer Genomics, Agri genomics and Forensics, HLA Typing/ Immune System Monitoring.
  5. End Users: Academic Research, Hospitals and Clinics, Clinical Research, Pharmaceutical and Biotechnology Companies.

Regional Insights

  • North America led the short read sequencing market in 2023.
  • Asia-Pacific is poised to be the fastest-growing region in the forecast period, highlighting emerging market opportunities.

The short read sequencing market is witnessing robust growth, driven by advancements in technology, increasing prevalence of genetic disorders, and expanding applications across various sectors. With projections indicating continued expansion, the market presents significant opportunities for innovation and investment. As companies continue to push the boundaries of sequencing technologies, the landscape of genomics and biomedical research is poised for further transformation, ultimately benefiting healthcare outcomes and scientific discoveries worldwide.

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