The DNA sequencing market offers advanced products that enable DNA sequencing to determine the order of nucleotides in DNA, including whole genomes. DNA sequencing is used to study genetic variations that influence disease risk and susceptibility, along with diagnosis and monitoring of hereditary genetic disorders and cancer.
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 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the DNA sequencing market is the decreasing cost of DNA sequencing. Earlier, sequencing a single genome used to cost around US$ 3 billion in 2001 during the Human Genome Project. However, over the past decade, there have been significant technological advancements that have led to massive reductions in DNA sequencing costs. Today, the DNA sequencing cost has declined to just around US$ 600-1000 per genome. This declining cost of DNA sequencing has made it affordable for clinical diagnostic applications and research activities. Furthermore, continuous R&D investments by key players to develop more efficient and cost-effective DNA sequencing technologies are expected to contribute to further reductions in sequencing costs over the coming years, thereby fueling market growth.
Segment Analysis
The global DNA sequencing market is segmented on the basis of product type, technology, application, end use and region. By product type, the market is segmented into instruments, consumables and services. The consumables segment is dominating and expected to witness highest growth during the forecast period. This is owing to high consumption of consumables per test run and need for repeated purchase of consumables to perform tests.
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 4.4% over the forecast period 2023 to 2030.
North America region currently dominates the global market owing to strong presence of key industry players and increasing funding for DNA sequencing based research. The Asia Pacific region is expected to witness fastest growth during the forecast period due to growing biotechnology industry and rising awareness regarding precision medicine along with increasing healthcare expenditure in emerging economies such as China and India.
Key players related content comprises
Key players operating in the DNA sequencing market are Ferroglobe PLC, Elkem, Liasa, Mississipi Silicon, RIMA Industrial, Rusal, Zhejiang Kaihua Yuantong Silicon Industry Co. Ltd, PCC SE, Hoshine Silicon Industry Co. Ltd, Anyang Huatuo Metallurgy, Minasligas, Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd, and Dow. Key players are focusing on new product launches and strategic collaborations to strengthen their industry presence. For instance, in January 2022, Illumina Inc. launched its next-generation DNA sequencing platform called NovaSeq.
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