DNA Sequencing Market Growth Accelerated by Rising Demand from Genomics and Precision Medicine
DNA sequencing involves determining the complete order of nucleotide bases- adenine, guanine, cytosine, and thymine in a DNA molecule. It has wide applications in genetic testing, diagnostics, forensic testing, and others. DNA sequencing have numerous advantages like rapid analysis, high accuracy, automation, scalability, and others. Growing demand for personalized medicines and increasing incidence of infectious diseases, genetic disorders, and cancers have boosted the need for genetic and genome analysis through DNA sequencing.
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 Opportunity:
Reduction in genome sequencing costs has been a major opportunity in the DNA sequencing market. Earlier, sequencing an entire human genome used to cost around $3 billion and took over 13 years to complete during the Human Genome Project. However, due to continuous technological advancements, the sequencing costs have fallen drastically. It has now become possible to sequence an entire human genome for under $1000. This significant drop in sequencing costs has made DNA sequencing accessible for wider applications in diagnostics, drug discovery and personal genomics. Lower costs are encouraging more adoption of DNA sequencing especially in clinical settings and direct-to-consumer genomics. Further reductions in costs coupled with development of portable sequencers will likely propel the demand and uptake of DNA sequencing over the forecast period.
Porter's Analysis
Threat of new entrants: The introduction of new DNA sequencing technologies has lowered the barriers of entry in this market. However, existing key players have strong brand recognition and economies of scale which prevents high threats from new entrants.
Bargaining power of buyers: The buyers have moderate bargaining power as they can negotiate on price and demand high quality services. However, the new technologies are patent protected offering less price flexibility.
Bargaining power of suppliers: A few global players dominate the supply of DNA sequencers, reagents and other consumables. This grants them strong bargaining power over buyers.
Threat of new substitutes: No direct substitute exists for DNA sequencing. However, other genome analysis techniques can be considered as alternatives based on application areas.
Competitive rivalry: Fierce competition exists among key global players using innovative strategies to gain market share and protect their leadership position.
SWOT Analysis
Strengths: Advanced sequencing technologies, High R&D investments, Expansion into clinical application areas
Weaknesses: High initial investment, Skilled workforce requirement, Regulatory challenges
Opportunities: Personalized medicine, Agricultural and industrial biotechnology, Drug discovery applications
Threats: Intense competition, Short technology life cycles, Ethical and legal issues
Key Takeaways
The Global DNA Sequencing Market Size is expected to witness high growth over the forecast period supported by declining costs and expanding clinical applications.
North America currently dominates the market due to presence of prominent players, growing biotechnology research and favorable government funding. The Asia Pacific region is projected to grow at the fastest rate due to increasing healthcare expenditure, large patient pools and advancing research infrastructure.
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 companies invest heavily in new product launches and acquisitions to enhance their service offerings and expand globally. For instance, Thermo Fisher partnered with Anthropic to develop artificial intelligence-powered DNA sequencing tools in 2021.
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https://www.marketwebjournal.com/dna-sequencing-market-demand/
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