DNA sequencing enables analyzing the nucleic acid sequence of DNA and RNA fragments. It finds wide applications in forensic analysis, personalized medicine, medical diagnostics for various genetic ailments, and life science research. DNA sequencing equipment provides accurate and timely sequencing results, which accelerates research and discoveries. The increasing R&D investments in DNA sequencing technology development have led to the launch of innovative and high-throughput sequencing platforms.
The global DNA Sequencing Market is estimated to be valued at US$ 7836.14 Mn in 2023 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 key trends:
The key trend spurring the growth of the DNA sequencing market is the increasing investments by pharmaceutical and biotechnology companies in R&D activities. High throughput sequencing technologies have enabled large-scale genome sequencing and analysis which have revolutionized biological and medical research. According to the report by Global Market Insights, the R&D spending in biotechnology and pharmaceutical sectors was valued at US$ 194 billion in 2020 and is estimated to surpass US$ 281 billion by 2027. The technological advancements coupled with declining cost of sequencing procedures have increased adoption of DNA sequencing in target identification, clinical diagnosis and precision medicine. Various pharmaceutical companies are utilizing sequencing data to accelerate drug discovery process and develop personalized therapies. This rising focus on precision medicine is expected to drive the demand for sequencing platforms during the forecast period.
Segment Analysis
DNA sequencing market is subsegmented into products and services, technology, application, end-user and regions. The products and services subsegment dominates the market and is further classified into consumables, instruments, services. The consumables segment contributes the largest revenue to this subsegment owing to the recurring requirement of reagents and kits for DNA sequencing procedures.
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 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2024 to 2031.
North America currently has the largest share in the DNA sequencing market due to favorable regulatory guidelines and initiatives undertaken by government and private organizations to promote precision medicine approaches. Asia Pacific is expected to witness the highest CAGR during the forecast period owing to rising penetration of DNA sequencing technologies and increasing R&D investments in countries such as China and India.
Key players operating in the DNA Sequencing market include Ecolab Inc., BASF SE, Solvay S.A., FQE Chemicals, Innospec Inc., Stepan Company, Dow Inc., Kemira Oyj, GE Water and Process Technologies, and Aries Chemical Inc. The market is highly competitive with leading players focusing on new product launches and strategic collaborations to consolidate their market position.
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