DNA Sequencing Market is Estimated to Witness High Growth Owing to Technological Advancements in Genome Sequencing
DNA sequencing involves determining the order of nucleotides in the deoxyribonucleic acid (DNA) molecule. DNA sequencing helps in identifying gene mutations, diagnose diseases, and better understand evolutionary relationships. The technology enables fast, accurate, and cost-effective DNA analysis. DNA sequencing has applications across various fields like genetics, biotechnology research, forensic analysis, personalized medicine, medical diagnostics and biological systematics.
Global DNA Sequencing Market is estimated to be valued at US$ 7836.14 Mn in 2024 and is expected to exhibit a CAGR of 3.2% over the forecast period 2024 To 2031.
Key Takeaways
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. Key players are focused on developing fast, efficient and affordable sequencing platforms to drive market growth.
Key opportunities in the market include increasing R&D investments and government funding for genomic research. Growing application of DNA sequencing in oncology for cancer diagnosis, screening and treatment monitoring is augmenting market opportunities. Technological advancements such as third generation sequencing, long read sequencing and portable DNA sequencing devices are expected to accelerate market adoption.
Market Drivers
Rising prevalence of genetic disorders and cancer and increasing applications of DNA sequencing in biological drug development and personalised medicine are fueling market growth. Technological advancements enabling high throughput, accuracy and cost efficiency of genome sequencing is a major market driver. Increasing research applications of DNA sequencing in agriculture, forensics and gene therapy is surging demand. Continued reduction in DNA sequencing costs and improved accessibility is expected to boost market revenues over the forecast period.
Current Challenges in DNA Sequencing Market
The DNA Sequencing Market Demand is currently facing challenges due to the shortage of skilled professionals who can analyze the massive amounts of genomic data generated through DNA sequencing techniques. Although DNA sequencing technologies have advanced significantly to produce huge volumes of data at relatively low costs, the data analysis capabilities have not kept pace. Making sense of the genome sequences requires bioinformaticians, biostatisticians and computational biologists which are in short supply globally. This shortage is hampering the translation of genomic data into clinical applications. Another challenge is the lack of data storage infrastructure and standardized analytics platforms needed to effectively store, manage and analyze the petabytes of DNA sequencing data. Resolving interoperability issues between different sequencing platforms is critical to enable integrated clinical workflows. Regulatory complexities and ethical issues around data sharing are some other hurdles that need to be addressed to accelerate precision medicine using genomic insights.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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