DNA Sequencing Market is Projected to driven by Technological Advancements
DNA sequencing has transformed modern medicine, enabling the diagnosis of genetic diseases and personalized treatment plans. DNA sequencing relies on complex biochemical processes to determine the order of nucleotide bases—adenine, guanine, cytosine, and thymine—in a strand of DNA. It allows researchers to read the three billion nucleotides which comprise the human genome. DNA sequencing technologies have significantly reduced costs while improving scalability and throughput. Next-generation sequencing platforms, which parallelize sequencing reactions, have enabled the sequencing of entire human genomes within a single day for under $1000. Additionally, new nanopore sequencing techniques can sequence DNA directly without amplification, further streamlining workflows.
The global DNA Sequencing Market is estimated to be valued at US$ 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 key trends:
Companies like 23andMe and Ancestry enable consumers to learn more about their ancestry, traits and health predispositions based on genetic analysis. Direct-to-consumer genetic testing market is expected to grow significantly driven by increasing consumer awareness, accessibility and declining costs of whole genome sequencing. However, potential ethical and privacy issues concerning use and access to massive personal genetic data continue to be addressed.
Porter's Analysis
Threat of new entrants: The threat is moderate as the DNA sequencing market requires huge capital investments and expertise to develop advanced sequencing technologies and platforms.
Bargaining power of buyers: The bargaining power of buyers is moderate owing to the presence of multiple established players offering diversified products and technologies.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitute materials and no dependency on a single or few suppliers.
Threat of new substitutes: The threat is moderate as researches are being conducted continuously to develop new advanced sequencing technologies.
Competitive rivalry: The rivalry is high among established players to gain more market share through continuous innovations and product launches.
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.
North America is currently dominating the market owing to increasing R&D investments by biopharmaceutical and academic research institutes in the region. Asia Pacific is projected to grow at the fastest rate during the forecast period. This is attributed to increased healthcare spending, expanding biotechnology industry, and growing investments by key players in the region. Government funding for genomics research will also boost adoption of DNA sequencing technologies in Asia Pacific.
Key players
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. are the leading players dominating the global market. The companies are focusing on new product launches and strategic collaborations to strengthen their market position.
For more Insights, Read –
https://www.marketwebjournal.com/dna-sequencing-market-size-market-share-analysis/
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