Global Immune Repertoire Sequencing Market Highlights Over 2022 - 2031
The global immune repertoire sequencing market is estimated to garner a substantial revenue by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing number of launches of novel medical products, and rising government funding to improve the healthcare infrastructure, especially in developing nations. Along with these, growing prevalence of cancer across the globe, coupled with surge in the usage of immune repertoire sequencing for biomarkers discovery and cancer immunotherapy are also projected to drive market growth significantly in the forthcoming years. As per the World Health Organization, cancer is the leading cause of death globally, causing bout 10 million deaths in 2020, or 1 in every 6 deaths. Furthermore, escalating number of research & development activities to identify disease-related symptoms in the immune systems of patients is projected to offer abundant growth opportunities to the market in the near future.
The market is segmented by application into cancer immunotherapy, biomarker discovery, autoimmune diseases, vaccine development and efficacy, transplant rejection and tolerance, infectious diseases, and others. Out of these, the cancer immunotherapy segment is anticipated to hold the largest share in the global immune repertoire sequencing market on account of the growing use of the technique to study the role of the immune system in the progression and development of cancer. Apart from this, rising emphasis of medical professionals on targeted immunotherapy for cancer treatment is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of end user, the pharmaceutical companies segment is assessed to acquire the largest share during the forecast period owing to the increasing investments by companies to develop new and more effective products for treating infectious diseases. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Immune Repertoire Sequencing Market Regional Synopsis
Regionally, the global immune repertoire sequencing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing number of international collaborations for immune repertoire sequencing in the region. In addition, focus of countries, namely China and Japan, for the integration of new technologies in the healthcare sector is also expected to drive market growth significantly in the coming years. Moreover, the market in North America is projected to occupy the largest share over the forecast period ascribing to the high health spending, and strong presence of market players in the region. According to the Centers for Medicare & Medicaid Services (CMS), the health spending in the United States grew by 9.7% in 2020, reaching a value of USD 4.1 trillion, or USD 12,530 per person.
The global immune repertoire sequencing market is further classified on the basis of region as follows:
Our in-depth analysis of the global immune repertoire sequencing market includes the following segments:
By Product Type
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing number of launches of novel products, and rising government funding to improve the healthcare infrastructure.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022-2031.
The major players in the market are Agilent Technologies, Inc, Illumina, Inc., Pacific Biosciences of California, Inc, QIAGEN N.V., Thermo Fisher Scientific, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, application, end user, and by region.
The pharmaceutical companies segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Lack of skilled personnel in lower economic regions is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing number of international collaborations for immune repertoire sequencing in the region.
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