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| DNA Sequencing Market Size |
The global 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 nucleic acid sequence of DNA. This provides
insights into genetic variations and mutations. Next-generation sequencing
(NGS) technologies offer faster, more affordable, and higher-throughput
sequencing capabilities compared to traditional Sanger sequencing. NGS allows
sequencing of entire genomes and decoding of genetic variations associated with
diseases. The applications of DNA sequencing include precision medicine, human
identity testing, pathogen identification, crop improvement, and biological
research. Rising R&D investments by biopharma companies for drug discovery
and increasing genome mapping programs globally are driving the DNA sequencing
market growth.
Market key trends:
One of the key trends in the DNA
Sequencing Market Size is the ongoing technological advancements. Third
and fourth generation sequencing technologies such as single-molecule real-time
(SMRT) sequencing by Pacific Biosciences and nanopore sequencing by Oxford
Nanopore Technologies provide longer read lengths and faster turnaround times.
This helps in discovering structural variants and repetitive regions that are
missed by short-read technologies. Another trend is the entry of new players
offering low-cost sequencing technologies. Companies such as MGI, Anthropic,
and Microgenomics are focusing on portable and affordable sequencers to enable
wider adoption of sequencing especially in emerging markets. This is expected
to bolster the market growth during the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the DNA sequencing market
is moderate. High capital requirements for establishing sequencing facilities
and brand recognition of existing market players create barriers for new
entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers
can negotiate on price however the need for DNA sequencing technology in
various applications ensures that buyers don't have significant influence.
Bargaining power of suppliers: The bargaining power of suppliers is low. There
are numerous component suppliers for DNA sequencing instruments and reagents.
Easy availability of raw materials limits the influence of suppliers.
Threat of new substitutes: There is low threat of substitutes as DNA sequencing
technology is continuously evolving with improvements and there are limited
alternatives.
Competitive rivalry: High as the market is consolidated with few large players
and competition is based on technological advancements, pricing and portfolio
expansion.
Key Takeaways
The global DNA sequencing market is expected to witness high growth, exhibiting
CAGR of 11% over the forecast period, due to increasing applications in
genomics research and precision medicine.
Regional analysis: North America dominated the market with highest revenue
share in 2023 due to strong research funding and increasing clinical
applications of DNA sequencing in the region. Asia Pacific is expected to
exhibit fastest growth during the forecast period supported by rising R&D
investments and initiatives by governments.
Key players: 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. Key players operating in the DNA sequencing market are focusing on product
launches and collaborations to enhance their portfolios and regions.
Read More: https://www.trendingwebwire.com/fueling-the-growth-of-dna-sequencing-market/