May 27, 2024

DNA Sequencing Market Is Expected To Be Flourished By Growing Demand For Personalized Medicine

DNA sequencing is the process of determining the nucleotide order of a given DNA molecule. Many scientific fields, including molecular evolution, epidemiology, and medical diagnosis rely on DNA sequencing techniques. DNA sequencing has revolutionized biological and medical research and enabled innovative new applications such as whole genome sequencing, RNA sequencing, and DNA profiling for forensic investigation. Advances in DNA and genome sequencing technologies have accelerated discovery in biology and medicine. DNA sequence information is also being generated at an unprecedented rate owing to the demand for personalized medicine. Diseases like cancer occur differently in different individuals based on their unique genetic makeup. DNA sequencing enables doctors to analyze a patient’s genes and recommend tailored treatment and medication based on the patient’s individual genetic risk factors and predispositions.

The 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, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers boosting the global DNA sequencing market growth is the growing demand for personalized medicine. DNA sequencing is evolving as the foundation of personalized medicine by allowing clinicians to better understand disease risk, drug interactions, and medication or treatment efficacy for each individual. Understanding an individual’s unique genetic makeup can help doctors customize disease prevention strategies, screenings, and therapeutic approaches based on a person’s genetic susceptibility to illnesses. DNA testing enables the selection of treatment regimens tailored to each patient’s genetic profile. Such developments in DNA sequencing are opening up opportunities to develop targeted therapies for various diseases like cancer. Advances in molecular diagnostic methods and DNA sequencing technologies are enabling more precise profiling of patient DNA that supports personalized treatment approaches.

Segment Analysis

DNA Sequencing Market is dominated by Next Generation Sequencing sub segment which holds around 85% of total market share. Next generation sequencing has significantly higher throughput and scalability compared to first generation Sanger sequencing. It offers parallelized sequencing of millions of DNA fragments, enabling large-scale, cost-effective and high-throughput DNA analysis.

PEST Analysis

Political: Funding for genomic and DNA sequencing research from government bodies have been increasing which is positively impacting the market growth. Various initiatives to promote precision medicine is also boosting the demand.

Economic: Continuous decline in DNA sequencing cost per genome due to technological advancements is increasing its adoption globally. However, high setup cost of DNA sequencing instruments remains a challenge.
Social: Growing awareness about personalized medicines and increasing consumer interest in obtaining health related information from DNA is fueling the market growth.

Technological: Adoption of newer sequencing technologies like third generation sequencing and nanopore sequencing is accelerating sequencing speed while reducing cost further. Cloud computing is also aiding in big data analysis.

Key Takeaways

The Global DNA Sequencing Market Demand is expected to witness high growth over the forecast period. The 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.

Regional analysis :

North America leads the global market owing to presence of leading players like Illumina, Thermo Fisher Scientific, and stronger focus on precision medicines by government bodies and research institutions in the US and Canada. Asia Pacific is anticipated to witness fastest growth during forecast period driven by rising healthcare expenditure, increasing genomic research in China and India.

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.. Key players like Illumina and Thermo Fisher Scientific are focusing on developing affordable sequencing solutions to strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it