Targeted Sequencing Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of targeted sequencing was valued at USD 3.6 billion in 2022, and a CAGR of 12.3% is expected during the forecast period. Increasing research initiatives and increasing demand for early disease detection are driving growth in the targeted sequencing market. It is quite helpful in identifying rare disease diagnosis, pharmacogenomics, and identifying genetic variations for crop improvement, better crop yield, and breeding programs. It is also used to detect fetal genetic abnormalities from material blood samples.

Advancements in sequencing technologies are decreasing sequencing costs and increasing adoption in clinical and research settings. The growing prevalence of genetic disease is driving the demand for targeted sequencing. The increasing growth of research and development activities all around the world is driving growth in the market.

Impact of Covid-19

COVID-19 has had a negative impact on the market since the start of the pandemic. Due to stringent lockdowns, social distancing, and disruptions in the supply chain, the market had to face a slowdown. Many research institutions, biotech companies, and diagnostic laboratories temporarily halted or reduced their sequencing activities, leading to a decline in demand for targeted sequencing. As the focus shifted towards COVID-19 testing and research, resources were redirected from other genomic applications, including targeted sequencing, and many research projects unrelated to COVID-19 were put on hold. Despite the initial disruptions, the COVID-19 pandemic highlighted the importance of genomics in public health, particularly for tracking viral spread, and the accelerated adoption of digital health technologies. Genomic testing and analysis were done at a rapid pace during the pandemic. Expanding applications of genomics in various industries are driving growth in the targeted sequencing market.

Growth Drivers

Ongoing advancements in sequencing technologies, increasing adoption in clinical and research settings, and the expanding applications of genomics in various industries are driving significant growth in the market. The importance of genomics in public health preparedness and response is driving growth in the market significantly. Continuous advancements in next-generation sequencing technologies have improved efficiency, accuracy, and cost-effectiveness. It enables high-throughput sequencing of specific genomic regions with greater depth and precision, driving adoption in research and clinical applications.

The growing emphasis on personalized medicine, which involves tailoring medical treatment to individual genetic characteristics, is fueling the demand for targeted sequencing. It enables the identification of genetic variation associated with disease, drug responses, and treatment outcomes, facilitating the development of targeted therapies. The increasing number of cases of cancer, auto-immune disease, and genetic diseases is driving growth in the market significantly.

Increasing economic funding, genomic research initiatives, and academic collaborations are driving innovation and technological advancements in the targeted sequencing market. These investments support research projects aimed at understanding the genetic basis of the disease, identifying novel therapeutic targets, and developing predictive biomarkers for disease diagnosis and treatment response. The growing popularity of direct-to-consumer genetic testing services, which offer personalized genetic testing, Consumers are increasingly interested in exploring their genetic ancestry, assessing their genetic health risks, and gaining insights into their unique genetic makeup. Increasing demand for high depth of coverage in the sequencing market is driving growth in the market significantly.

Segmentation

Product Type

·         Instruments

·         Services

·         Kits/ Panels

·         Others

By End-User

·         Diagnostic and Clinical Laboratories

·         Academic and Research Institutions

·         Pharmaceutical and Biotech Companies

·         Others

By Application

·         Cancer

·         Reproductive Health

·         Heredity Diseases

·         Neurological Disorders

·         Infectious Diseases

·         Rare Diseases

·         Cardiovascular Diseases

·         Others

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Targeted Sequencing Market Product Type Segmentation

On the basis of the Product type, Targeted sequencing market is segmented into Services, Instruments, Kits/Panels and Others. Due to value proposition offered by Services, It is the leading segment, and is expected to dominate the market during the forecast period. These services present an efficient, and expertise centric approach for laboratories, and researchers.

Targeted Sequencing Market by Application Segmentation

On the basis of the application, the target sequencing market is segmented into cancer, reproductive health, heredity diseases, neurological disorders, infectious diseases, rare diseases, cardiovascular diseases, and others. Cancer is the leading segment, and it is expected to dominate the market during the forecast period. Oncology is the department that is expected to dominate the target sequencing market due to the rapidly increasing number of cancer patients all around the globe. Patients with rare diseases are also increasing, and it has become easier to identify and treat patients suffering from auto-immune diseases. Cardiac patients and patients suffering from neurological disorders are also increasing due to lifestyle imbalances.

Regional Outlook

On the basis of the regions, the targeted sequencing market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Increasing research and development activities and advancements in technologies are driving the growth of the market significantly. The United States of America is the hub of research and innovation in every field, be it medical or any other. The presence of key players in the United States of America is driving the demand for targeted sequencing.

The Asia-Pacific region is witnessing moderate growth in the targeted sequencing market due to increasing urbanization and technological advancement in countries like China, Japan, South Korea, India, and Vietnam. In the Asia-Pacific region, key players like BGI Group, Illumina, and Thermo Fisher Scientific are dominating the market due to advanced technologies, extensive product portfolios, and a strong distribution network across the region. The targeted sequencing market in Europe is in good condition due to several factors, like advanced research infrastructure and strong healthcare systems in countries like Germany, Italy, France, Spain, and the United Kingdom.

European countries have robust funding for research and development. Europe has established regulatory frameworks that promote innovation and ensure the safety and efficacy of genomic technologies. Collaborative efforts among academia, industry, and government organizations in Europe drive innovation and the adoption of targeted sequencing technologies. The increasing demand for precision medicine in Europe fuels the demand for targeted sequencing in Europe. The presence of key players in Europe like Roche, Qiagen, and Illumina is driving growth in the market significantly.

Key Players

·         Illumina

·         Thermo Fisher Scientific

·         Qiagen

·         Agilent Technologies

·         BGI Group

·         Roche

·         Oxford Nanopore Technologies

·         Pacific Biosciences

·         PerkinElmer

·         GenScript

·         Other Players