July 10, 2020
As per the report titled ’ Global Genetic Sequencing Test Market: World Market Analysis By Technology Type, By Test Type, By Products, By End User, By Country: Opportunities and Forecast (2019-2024)’, available with Market Study Report LLC, global genetic sequencing test market was valued at USD 3750 million in the year 2018, and is poised to garner immense traction over 2019-2024.
Increasing geriatric population, growing prevalence of diseases, decreasing sequencing cost, and escalating demand for better healthcare are driving the growth of global genetic sequencing test market. With companies launching new sequencing products that feature high efficiency and require lesser times for results, many healthcare set-ups, research institutes, biotechnology centers are using it, which in turn, is boosting market size. However, developing countries which lack funding have not been able to utilize this technology to the fullest.
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Based on the technology used, global genetic sequencing test market is widely classified into first generation sequencing, and next generation sequencing. The latter segment provides long reads that reduce the cost and annotation time. However, first generation sequencing is costly but is still used to validate the results produced by next generation sequencing.
Geographically, U.S. holds a notable share of the global genetic sequencing test market owing to the presence of top players which makes technology readily available, and increasing investments made in the healthcare sector. Besides this, countries like China, India, Germany, Netherlands, and Saudi Arabia are poised to record momentous growth rate due to surging investments in R&D sector.
Major companies which operate in global genetic sequencing test market are Illumina, Inc., Agilent Technologies, Inc., F. Hoffmann- La Roche Holding AG, Pacific Biosciences Inc., Qiagen, BGI, Thermo Fisher Scientific, Bio-Rad Laboratories, Inc., Oxford Nanopore Technologies Limited, and Macrogen, Inc. among others.