by The 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 precise order of nucleotides within a DNA molecule. It helps in analyzing genetic variations which drives research in medicine and biology. DNA sequencing has applications in genetic testing, personalized medicine, microbial genomics and molecular diagnostics. It aids in gene mapping, identification of cancer-causing mutations, and detection of developmental disorders.
Market key trends:
Next-generation sequencing techniques are enabling researchers to sequence genomes faster and cheaper than before. Technological advancements have increased sequencing speed and reduced per base cost which has enabled clinical application of DNA sequencing. ContinuousFocusTM technology from Illumina has improved data accuracy and productivity by automatically focusing the flow cell during sequencing. Thermo Fisher’s sequencing platform Ion Torrent has enhanced speed and workflow with integrated chip-based sequencing, faster data analysis and automated library preparation. Growing accuracy and product efficiencies are expected to drive adoption of DNA sequencing in clinical diagnostics and research over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements for R&D, manufacturing, and marketing activities. Strict regulations imposed by various government bodies also pose significant entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate. However, the availability of substitute technologies and products provides some bargaining power to buyers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of replacement parts and inputs. However, suppliers may face risks if they do not adhere to strict manufacturing standards and quality control protocols.
Threat of new substitutes: The threat of new substitutes is moderate as DNA sequencing becomes more accurate and affordable with continuous technological advancements.
Competitive rivalry: Intense as key players are investing heavily in R&D to develop new and advanced products.
SWOT Analysis
Strengths: Rapid advancements in DNA sequencing technologies. Rising applications across various industries.
Weaknesses: High infrastructure and equipment costs. Requirement of skilled professionals.
Opportunities: Increasing healthcare expenditure. Growing applications in agriculture, genomics, forensics, and personalized medicine.
Threats: Stringent regulatory landscape. Ethical issues regarding data privacy and security.
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 healthcare and life science research. Growing need for early disease diagnosis and personalized treatment will drive the market during the analysis period.
Regionally, North America dominates the global market and is expected to maintain its position throughout the forecast period. Presence of well-established healthcare infrastructure and major market players in the region supports market growth. Asia Pacific is expected to witness the fastest growth owing to rising healthcare expenditure, strategic partnerships between private and public research institutes, and increasing investments to develop sequencing technologies.
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. These players are focusing on new product launches, mergers, acquisitions and partnerships to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
