DNA sequencing allows the determination of the order of nucleotides in a strand of DNA or RNA, which serves as a molecular barcode for an individual’s characteristics. DNA sequencing has revolutionized the fields of human genetics, evolutionary biology, molecular evolution, epidemiology, forensics and personalized medicine. Personalized medicine utilizes a patient’s genetic makeup and molecular profiling for medical decisions, interventions and treatment. This approach has led to an increased demand of high-throughput and precision DNA sequencing capabilities for clinical diagnosis and treatment management.
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
As the DNA sequencing market is propelled by personalized medicine, the demand for portable and affordable sequencing platforms has also increased. Several new players have introduced compact, easy-to-use sequencing instruments that can operate outside of centralized laboratories. For example, Oxford Nanopore Technologies launched the MinION and Flongle devices that enable real-time, on-site DNA and RNA sequencing. These hand-held sequencers are finding applications in disease outbreak monitoring, environmental testing and clinical research. Their ability to provide real-time sequencing data on location eliminates the need for complex sample transportation and storage. This has made DNA sequencing more accessible and convenient for decentralized healthcare settings and point-of-care diagnostics.
SWOT Analysis
Strength: DNA sequencing technology has become more accessible due to falling costs of sequencing. This has led to widespread adoption in clinical, agricultural and academic settings.
Weakness: DNA sequencing still requires large capital investments and specialized expertise that limits access. Long-term storage and analysis of massive genomic data also poses challenges.
Opportunity: Personalized medicine enabled by genomic insights from DNA sequencing holds potential to revolutionize healthcare. DNA testing is also finding new application areas like ancestry tracing.
Threats: Ethical issues around genomic data privacy, discrimination and hacking of sensitive records pose regulatory and legal risks. Increased competition can erode pricing power of incumbent sequencing players.
Key Takeaways
The global DNA Sequencing Market Size is expected to witness high growth over the forecast period supported by declining costs and expanding applications. 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 currently dominates the market owing to presence of leading research institutes and commercial sequencing labs. Asia Pacific is anticipated to be the fastest growing market led by increasing R&D spending and infrastructure development in countries like China and India.
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. These companies are focusing on developing new sequencing platforms with higher throughput and lower turnaround times to push the frontiers of precision medicine and disease research. Strategic collaborations are also enabling application-specific sequencing solutions across sectors.
*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.