by The DNA sequencing market is estimated to be valued at US$ 6,802.2 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
DNA sequencing refers to the methods and technologies used for decoding the genetic information of an organism’s DNA. It allows scientists and researchers to gain insight into genotype-phenotype relationships and understand the origins of genetic diseases. Some key applications of DNA sequencing include diagnosing and treating inherited disorders, understanding cancer biology, and tracing human evolutionary history.
Market Dynamics:
Two key drivers expected to propel the growth of the DNA sequencing market include rising prevalence of chronic diseases and increasing applications of DNA sequencing. According to the World Health Organization, chronic diseases accounted for over 70% of global deaths in 2020. Genetic factors play a role in the development of many chronic conditions like cancer, diabetes, and cardiovascular diseases. DNA sequencing allows comprehensive screening for genetic mutations associated with various chronic illnesses. This is driving increased adoption of DNA sequencing technologies among healthcare providers and researchers. Furthermore, DNA sequencing finds numerous applications beyond healthcare such as population genetics, forensic sciences, environmental science, and agricultural research. Advancements in DNA sequencing techniques have made them more affordable and accessible for various commercial applications. This wide applicability of DNA sequencing technologies is anticipated to fuel market growth over the forecast period.
SWOT Analysis
Strength: The DNA Sequencing Market Size has strengths such as rapidly declining costs of sequencing technologies that are making DNA sequencing more affordable. Continuous technological advancements are increasing sequencing speed and throughput. Rising applications of DNA sequencing in various fields such as oncology, agriculture, and biomedical research.
Weakness: High capital investment requirement for setting up DNA sequencing facilities may restrain small laboratories and research institutes from adopting the technology. Requirement of substantial data storage systems and skilled professionals for handling large genomic data generated through sequencing.
Opportunity: Increasing application of DNA sequencing in non-invasive prenatal testing and transplant medicine offers lucrative growth opportunities. Rising preference for personalized medicines will drive demand for DNA sequencing technologies.
Threats: Intense competition among existing players may lead to pricing pressures. stringent regulatory frameworks for handling genomic data pose challenges.
Key Takeaways:
The global DNA Sequencing Market is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing adoption of DNA sequencing technologies in clinical diagnostics and drug discovery. Drop in prices and technological advancements have enabled clinical use of sequencing. Use of DNA sequencing is rising for treatment management of chronic diseases like cancer.
Regional analysis
The North America DNA Sequencing Market holds the major market share globally, owing to the confluence of several factors such as faster adoption of advanced technologies, significant R&D investments in the field of genomics by government as well as private organizations, and growing research activities especially in the fields of cancer and agriculture. Asia Pacific is expected to witness the highest growth during the forecast period owing to rising healthcare expenditure, increasing research funding, and growing collaborations between academic and research institutes and market players in countries such as China and India.
Key players
Key players operating in the DNA Sequencing market are Thermo Fisher Scientific, Inc., Illumina, Inc., PerkinElmer Genomics, QIAGEN, Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd, Macrogen, Inc., Abbott, PacBio, Zymo Research Corporation, Oxford Nanopore Technologies plc, Tecan Trading AG, Hamilton Company, ZS Genetics, Inc. LI-COR, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
