The global DNA sequencing market is estimated to be valued at US$ 6,802.2 Mn or Million 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 methods or technologies employed for determining the order of nucleotide bases in DNA molecules. DNA sequencing is performed to determine the complete sequence of nucleotides in DNA fragments which have several applications in biological research and medical diagnostics.
Market key trends:
One of the key trends in the DNA sequencing market is the growing adoption of next-generation sequencing platforms. Next-generation sequencing provides advantages such as high throughput, lower sequencing cost, improved speed, and accuracy as compared to conventional DNA sequencing methods. The launch of innovative next-generation sequencing platforms by prominent players is also fueling the market growth. For instance, in 2019, Oxford Nanopore Technologies launched GridION and PromethION sequencing platforms which offer real-time sequencing with very high throughput.
Market key trends:
One of the key trends in the DNA Sequencing Market Size is the rapid reduction in DNA sequencing costs. Earlier DNA sequencing used to cost hundreds of thousands of dollars but due to technological advancements, sequencing an entire human genome now costs less than $1000. This decline in DNA sequencing costs has enabled their widespread adoption in clinical settings for diagnosing diseases. The lower costs have also increased research applications of DNA sequencing in areas like human genetics, forensic science, biodiversity studies etc.
SWOT Analysis
Strengths: Advanced technology and continued innovation is leading to reduced costs of DNA sequencing. This is increasing affordability and adoption.
Weaknesses: High initial investment requirement for setting up DNA sequencing facilities. Skill and expertise requirement for data analysis is also significant.
Opportunities: Scope for increased applications in clinical diagnostics, personalized medicine, cancer research etc. Growing healthcare expenditure can boost market opportunities.
Threats: Stringent regulatory landscape and privacy issues related to genomic data can hamper market growth to some extent. Competition from emerging low-cost players is also a threat.
Key Takeaways
The global DNA sequencing market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, 2023 to 2030, due to increasing applications in clinical diagnostics and biomedicine research.
The market size for DNA sequencing was valued at US$ 6,802.2 Mn in 2023. North America dominated the global market owing to well-established healthcare industry and presence of leading sequencing companies in the region.
Asia Pacific is expected to be the fastest growing market during the forecast period supported by increasing healthcare expenditure, advancing research infrastructure and expanding biotechnology industry in countries like China and India.
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.
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