by DNA sequencing includes determination of complete or partial DNA base sequence of whole genome or exome. DNA sequencing aids in finding hereditary diseases, genetic mutations, and paternity testing. Declining prices along with technological advances have led to increased adoption of DNA sequencing for medical applications.
The global DNA Sequencing Market is estimated to be valued at US$ 6802.2 Mn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The declining cost of DNA sequencing has propelled growth of the market over the past few years. There has been an 80% decline in the cost of whole human genome sequencing from $2.7 billion in 2001 to around $600 in 2022. The decreasing cost enables more expansive applications of DNA sequencing beyond research and allows for more widespread clinical use and adoption of sequencing technologies. Lower costs have expanded the markets for clinical genetic testing and consumer genomics. Further reductions in DNA sequencing costs are expected to aid market growth over the forecast period by increasing accessibility and applications of DNA sequencing.
SWOT Analysis
Strength: DNA sequencing technologies offer various advantages like accuracy in detection of genetic anomalies, reduced costs of sequencing over time, and large-scale analysis of entire genomes or groups of genes.
Weakness: Regulatory and ethical issues related to the use of DNA sequencing data, challenges in data analysis and storage due to the huge amount of data generated, and lack of skilled professionals can limit the growth of this market.
Opportunity: Increased investments by key players, growing application areas in healthcare and agriculture, and declining costs of DNA sequencing are expected to present major growth opportunities.
Threats: Concerns regarding misuse of DNA data like for surveillance and identification of individuals can restrict adoption. Lack of standards and established guidelines for clinical applications also pose threats.
Key Takeaways
The Global DNA Sequencing Market Size is expected to witness high growth over the forecast period owing to factors like rising healthcare expenditure, declining costs of sequencing, and widening applications of sequencing in disease diagnostics, drug discovery, precision medicine, and agricultural research.
North America dominates currently due to large presence of global players, rising R&D investments, and growing demand for precision medicine and personalized therapeutics. Europe and Asia Pacific also offer lucrative opportunities for market players due to rising healthcare spending, growing diagnostic markets, and increasing government support for precision medicine programs.
Key players operating in the DNA sequencing market are Ecolab Inc., BASF SE, Solvay S.A., FQE Chemicals, Innospec Inc., Stepan Company, Dow Inc., Kemira Oyj, GE Water and Process Technologies, Aries Chemical Inc. These players focus on expanding their sequencing portfolios and capabilities through acquisitions and partnerships to strengthen their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
