New York, May 26, 2023 (GLOBE NEWSWIRE) — According to Market.us, the DNA Sequencing Market size is projected to surpass around USD 40.5 billion by 2032 and it is poised to reach a CAGR of 15.3% from 2023 to 2032.
DNA sequencing technology refers to the technology which allows scientists for getting accurate sequencing of the whole genome within a short time. The identification of DNA variations has been made possible due to the rapid advancements in bioinformatics and sequencing technology. Moreover, these advancements determine variants allied with prominent disease risks.
- By Product, the consumables segment has generated the highest revenue share in 2022.
- By Sequencing, the next-generation sequencing segment accounted for the highest revenue share.
- By Application, the oncology segment has dominated the market and it is growing at the highest CAGR over the forecast period 2023 to 2032.
- By End-User, the academic & research institutes segment held the largest market share.
- In 2022, North America dominated the market with the highest revenue share of 44.3%.
- Asia-Pacific will grow at a faster rate from 2023-2032.
To get additional highlights on major revenue-generating segments, Request a DNA Sequencing Market sample report at https://market.us/report/global-dna-sequencing-market/request-sample/
An extensive range of genes can now be tested simultaneously on a single diagnostic platform due to the wide use of Whole-genome Sequencing (WGS) as well as Next-generation Sequencing (NGS). It increases the application of DNA sequencing in clinical diagnosis. The identification of additional cancer targets or pathways and mutations for the development of pharmacological treatments is enhanced by personalized targeted sequencing of tumors. The emergence of global projects utilizing NGS protocols is generated by new fundamental information about oncology precision medicine.
Factors affecting the growth of DNA sequencing market
There are several factors that can affect the growth of the DNA sequencing market. Some of these factors include:
- Technological Advancements in DNA Sequencing: The technological advancements in DNA sequencing will likely facilitate the growth of market.
- Acceptance of Newer Procedures: The main factor driving the growth of the market is the acceptance of newer procedures.
- Increasing Need for Personalized Medicines: The increasing need for personalized medicines leads to boost market growth.
- Increasing Demand for Genome Sequencing: The increasing demand for genome sequencing was expected to further boost the growth of the market.
- Awareness of Significant Genome Sequencing Applications: The awareness of significant genome sequencing applications in healthcare, results in the growth of the market.
Top Trends in the Global DNA Sequencing Market
In recent years, high-throughput sequencing methods have seen a boost in demand. With the help of this method next-generation DNA sequencing it is possible to sequence hundreds of samples simultaneously at a cheaper cost. DNA sequencing helps the medical team to provide an effective course of treatment and to recognize the type of cancer in the patient. Due to the outbreak of COVID-19, there was a huge demand for NGS technology. This technology helps to track the spread of the virus along with guidance for future treatments.
Several factors such as advancements in technology, applications of DNA sequencing for plants & animals, and the significance of cancer cases, are responsible for the expansion of the market. Also, growth in genome mapping programs and extensive research & developments in DNA sequencing will likely boost the growth of the market during the forecast period 2023-2032. Whereas, challenges such as the lack of skilled professionals in developing economies, the limitations of DNA sequencing technology in diagnostic testing, and the DNA sequencing technologies, may hinder the growth of the market.
North America held the largest revenue share of 44.3% of the overall market. The growing demand for genome sequencing, the rising need for personalized medicine, and higher adoption rates of new technology are some of the factors which were responsible for the dominance of the region.
Asia-Pacific is likely to raise at a comparatively faster rate. It is expected that the growth will be propelled by government efforts to create a genomic database due to the large population in this region. In the future, precautionary and preventive medicine will make use of this database. The market in the Middle East & Africa, and Latin America may demonstrate greater acceptance and growth, during the forecast period.
Businesses are trying to meet the rising demand from customers for making significant investments in production, distribution, and total quality management. The aim is to enhance the business portfolio. For instance, Face2Gene LABS was launched by PerkinElmer, Inc. and FDNA. It is an artificial intelligence company. It provides genomic services in conjunction with Next-Generation Phenotyping (NGP) technologies for accurate and rapid diagnoses. This initiative represented Perkin Elmer’s dedication to the diagnosis of patients with rare genetic disorders and provide options for high-quality genomic testing that was also capable.
To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/global-dna-sequencing-market/#inquiry
Market Key Players:
- Agilent Technologies Inc.
- PerkinElmer Inc.
- Bio-Rad Laboratories, Inc.
- Hoffmann-La Roche Ltd.
- Siemens AG
- Macrogen, Inc.
- Thermo Fisher Scientific, Inc.
- Roche Holdings AG
- Other Key Players
Scope of the Report
|Market Value (2022)||USD 10.1 Billion|
|Market Size in 2032||USD 40.5 Billion|
|CAGR (2023 to 2032)||15.3%|
|North America Revenue Share||44.3%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
DNA sequencing technology advancements have considerably contributed to market growth. The National Human Genome Research Institute (NHGRI) declares that after the completion of the Human Genome Project there was a boost in numerous improvements and technological advancements. It also decreased costs to the point where some laboratories are able to sequence trillions of bases yearly. The process of DNA sequencing has been improved by DNA sequencing equipment such as the Biomek 4000, Formulatrix Mantis, Hudson Robotics SOLO, Hamilton Microlab NIMBUS, and others.
Patients are worried about the privacy of their genetic data and this is stifling market expansion. As per the NCBI study, only 10% of biopharmaceutical companies completely anonymized their data. Companies that do not anonymize data run the risk of data theft and exploitation by other businesses and this can impede market development.
Market expansion may be assisted by an increase in the use of more recent DNA sequencing methods for long time. Furthermore, newer approaches to cDNA sequencing are being discovered because cDNA sequencing techniques are regarded as one of the most significant future market growth opportunities. A cDNA is a DNA strand produced in vitro from cell mRNA.
Grow your profit margin with Market.us – Purchase This Premium Report at https://market.us/purchase-report/?report_id=101427
Report Segmentation of the DNA Sequencing Market
Consumables accounted for the largest revenue share of the market. A larger portion of the market is comprising of the wide range of reagents and kits that can be used for every stage of library construction, including adapter ligation, DNA fragmentation, quality control, enrichment, and amplification. The maximum tools are compatible with low-input and formalin-fixed specimens and have ready-to-use components and workflows that are simplified and streamlined.
Sequencing Type Insight
The market for DNA sequencing was led by next-generation sequencing which also contributed most of the revenue. Genome sequencing has become faster, cheaper, and more accurate as a result of the falling cost of sequencing and these technologies’ radical advancements. Also, the COVID-19 infection has augmented the use of NGS technology as a routine clinical diagnostic test and it boosts the revenue share of the segment.
The oncology segment held the largest revenue share of the market. The technology has enormous potential for treatment development and cancer diagnostics in clinical research. NGS technology has established its capability as a low-cost in the current times. Also, implementing a high-throughput method for speedily recognizing and characterizing clinically actionable genetic variants across multiple genes in a single test.
The market for DNA sequencing was led by the academic and research institutes segment with a revenue share due to the prevalent acceptance of NGS and Sanger technology in institutional and academic research projects. Also, these organizations see an increase in revenue share as a result of an increase in funding and investment programs and an increase in demand for DNA sequencing products.
Get additional highlights on major revenue-generating segments, Request a DNA Sequencing Market sample report at https://market.us/report/global-dna-sequencing-market/request-sample/
- Other Product Types
By Sequencing Type
- Next-generation Sequencing
- Sanger Sequencing
- Other Sequencing Types
- HLA Typing
- Clinical Investigation
- Academics & Research Institutions
- Pharmaceutical & Biotechnology Companies
- Hospitals & Healthcare Organizations
- Other End Users
- North America
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Recent Development of the DNA Sequencing Market
- In October 2022, Two genome sequencing systems, the Revio long-read sequencing system, and the Onso short-read sequencing system will be available from PacBio. Revio also incorporates deep-learning techniques for detecting DNA methylation from standard sequencing libraries.
- In March 2022, Element Biosciences provided technical details about its Aviti DNA sequences. Element claims that the riff on sequencing-by-synthesis chemistry used in the new benchtop instrument reduces reagent consumption, resulting in savings of approximately USD 7 per Gb.
People Also Interested In This –
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us On LinkedIn Facebook Twitter
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Health News Click Here
For the latest news and updates, follow us on Google News.