The global DNA Sequencing Market is estimated to be valued at US$ 6,802.2 Mn 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 involves determining the nucleic acid sequence, helps in identifying genetic mutations and variations. It is used for medical diagnosis, cancer research and agriculture applications. Advances in DNA sequencing has enabled faster, more accurate and affordable sequencing technologies.
Market key trends:
The use of whole genome and whole exome sequencing in clinical settings is increasing significantly. Whole genome sequencing provides a patient’s entire DNA makeup which helps identify disease-causing mutations or risk factors. It has potential to revolutionize disease diagnostics and treatment selection. The falling costs of sequencing have increased its adoption. Further, non-invasive prenatal testing using cell-free DNA analysis from maternal blood sample to screen for fetal abnormalities is a major trend.
Segment Analysis
The global DNA sequencing market is segmented into technology, product& service, application and end user. By technology, the market is segmented into second generation sequencing and third generation sequencing. Third generation sequencing is dominating the market and is expected to witness the highest growth, exhibiting a CAGR of 13.1% over the forecast period. This is because third generation sequencing provides longer read lengths, faster speed and lower cost as compared to second generation sequencing.
Key Takeaways
The global DNA Sequencing Market Size is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing investments in research and development of DNA sequencing technologies by key players.
Regional analysis
North America is estimated to dominate the global DNA sequencing market in 2023, owing to the presence of major players, rising geriatric population, and increasing incidence of cancer in the region. The Asia Pacific region is expected to exhibit the fastest growth over the forecast period due to increasing healthcare expenditure, rising initiatives for research & development of sequencing technologies by key players and growing focus on genetic/molecular techniques for disease diagnosis and agriculture applications in countries like China and India.
Key players
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. Thermo Fisher Scientific and Illumina are the leading players in the global DNA sequencing market due to their wide product portfolio and strong geographical presence across the globe.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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