April 18, 2024
DNA Sequencing Market

DNA Sequencing Market is Expected to be Flourished by Accelerated Adoption of DNA Sequencing In Clinical Diagnostics

DNA sequencing is a process of determining the nucleic acid sequence—the order of nucleotides in DNA. It includes any method or technology that is used to determine the order of the four bases—adenine, guanine, cytosine, and thymine—in a strand of DNA. DNA sequencing is used in clinical diagnostics for identification and detection of genetic diseases. It helps in identifying genetic links for certain diseases like cancer, muscular dystrophy, hemophilia, and cystic fibrosis. Technological advancements have lowered costs and improved accuracy of DNA sequencing. This has accelerated adoption of DNA sequencing in clinical diagnostics for prenatal testing, predicting disease risks, and selecting optimal therapies.

The global DNA sequencing market is estimated to be valued at US$ 6802.2 Mn in 2024 and is expected to exhibit a CAGR of 3.2% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Accelerated adoption of DNA sequencing in clinical diagnostics is a major driver for the DNA sequencing market. Advancements like next generation sequencing techniques have made DNA sequencing more affordable and accessible for clinical use. This is expected to drive higher demand and adoption of DNA sequencing by diagnostic laboratories and hospitals. Further, increasing awareness and understanding about precision medicine is also fueling use of DNA sequencing for diagnosis, prognosis and selecting targeted therapies based on patient’s genetic profile. With continuous technological innovation DNA sequencing is expected to play a more pivotal role in clinical diagnostics thereby flourishing this market over the forecast period.

Segment Analysis
There are four major segments in the DNA sequencing market namely, instruments, consumables, services and bioinformatics. The consumables segment accounts for the largest share in the market currently owing to repetitive purchase of reagents and kits required for each sequencing run. Within consumables, sample preparation kits dominate the market as they are required in early stages of all sequencing workflows.

PEST Analysis
Political: Government funding for genomic research has increased in past years, driving adoption of DNA sequencing. Regulations around data privacy and ethical use of genetic data can impact market dynamics.
Economic: Reducing sequencing costs over time has expanded applications from research to clinical diagnostics. However, economic slowdowns may temporarily impact research spending.
Social: Increased awareness and acceptance of personalized medicine is improving demand for clinical sequencing tests. However, social and ethical issues around data sharing and direct-to-consumer testing remain.
Technological: Continued automation and throughput improvements in sequencing platforms are supporting demand. Bioinformatics solutions for analyzing large genomic datasets are also witnessing innovations.

Key Takeaways
The Global DNA Sequencing Market Size is expected to witness high growth over the forecast period supported by factors such as declining costs, technological advancements, and increased funding for genomic research.

Regionally, North America dominates currently owing to presence of key players and availability of research grants for genomic projects in the US. Asia Pacific is anticipated to be the fastest growing market due to growing diagnostic applications and research initiatives in countries like China and India.

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. Companies are focusing on portfolio expansion and product innovations to gain market share.

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