by DNA sequencing involves determining the order of nucleotides that make up DNA. It is a core technology used in biological research and medicine. DNA sequencing allows researchers to sequence genomes of viruses, bacteria, plants, animals and humans to understand how genes work and contribute to health and disease. It helps to identify genetic mutations that impact an individual’s disease risk, determine paternity and forensic identifications, and aid in diagnosis.
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 Dynamics:
Increasing investment in R&D: DNA sequencing market is projected to witness significant growth owing to increasing investment by both public and private players in research and development. For instance, according to the U.S. National Institutes of Health, in 2021, the federal government funded around $43 billion towards medical research, including DNA sequencing technology development. Such heavy investments by governments globally have encouraged private players to invest more in this space in order to develop innovative and affordable DNA sequencing solutions. This heavy R&D investment is expected to boost market growth over the forecast period.
Increasing investment in R&D: Extensive R&D is being conducted by market players and research institutes to develop advanced and affordable DNA sequencing solutions such as third generation DNA sequencing platforms. For instance, Oxford Nanopore Technologies is developing affordable and portable DNA/RNA sequencing solutions for point-of-care testing. Similarly, other players such as Illumina, Thermo Fisher Scientific, and Qiagen are focused on expanding applications of DNA sequencing through continued R&D efforts. Thus, growing investments in R&D of advanced DNA sequencing solutions are estimated to fuel market growth over the forecast period.
SWOT Analysis
Strength: DNA sequencing market is witnessing high growth rates owing to rising demand from biopharmaceutical companies and academic research. The declining costs of sequencing and advances in sequencing technologies is further promoting the adoption of sequencing procedures. Growing applications in cancer diagnostics also provides opportunities for growth.
Weakness: Storage and analysis of huge volumes of DNA sequencing data poses challenges. Lack of skilled professionals for handling large sequencing data sets can hamper market growth. Regulations for clinical applications of sequencing also vary globally.
Opportunity: Emerging applications in non-invasive prenatal testing, cancer diagnostics and microbiome research will drive future opportunities. Sequencing is finding increased applications for pathogen detection and infectious disease monitoring. Rising R&D investments from pharma companies are expanding applications.
Threats: Ethical issues regarding the usage and storage of genetic data can raise public concerns. Intense competition among players may lead to pricing pressures. Dependence on few companies for sequencing technologies and consumables is a threat.
Key Takeaways
The Global DNA Sequencing Market Size is expected to witness high growth. 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.
The Asia Pacific region is growing at the fastest pace due to rising R&D investments and healthcare spending in major countries like China and India. China dominates the APAC market backed by large population and government support for technological advancements.
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. Ecolab Inc. and Illumina Inc. have the largest market shares due to their diverse product portfolios and global presence. Large players are focusing on mergers and acquisitions to gain access to new technologies and strengthen their product offerings. Increased collaborations between academic institutes and market players are also witnessed for new application development.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
