June 20, 2024

The Global DNA Sequencing Market Growth Accelerated By Advancements In DNA Sequencing Technology

DNA sequencing is a technique used to determine the precise order of nucleotides within a DNA molecule. DNA sequencing has applications across various fields including genetics, genomics, molecular biology, medicine, forensic analyses, and anthropology. Advancements in DNA sequencing technologies have enhanced speed, ease-of-use, and cost-effectiveness of DNA sequencing. Third-generation DNA sequencing techniques such as single-molecule real-time sequencing allow for rapid and inexpensive DNA sequencing analysis.

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 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Third-generation sequencing technologies allow for faster, longer, and more accurate DNA sequencing at affordable costs. For instance, single-molecule real-time sequencing techniques have revolutionized genomic research by enabling sequencing of entire human genomes within a single day at very low costs. This has boosted the application of DNA sequencing across various domains including clinical diagnostics, agricultural research, and genomic medicine. Continuous research and development in the field of sequencing technologies is likely to further reduce costs and expand capabilities of DNA sequencing in the coming years.

Segment Analysis

The global DNA sequencing market is dominated by the next generation sequencing sub segment. Next generation sequencing enables DNA sequencing processes to be carried out at a high speed and low cost. It allows healthcare professionals to diagnose diseases accurately and develop customized treatment plans.

Key Takeaways

The Global DNA Sequencing Market Size is expected to witness high growth over the forecast period. The rising prevalence of chronic diseases, growing demand for personalized medicine and development of new sequencing technologies is expected to drive market growth. 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 3.2% over the forecast period 2023 to 2030.

Regional analysis
North America is expected to hold the largest share in the global DNA sequencing market through 2030. This is attributed to rising government funding for research activities, increasing geriatric population and growing adoption of DNA sequencing in clinical diagnosis. Asia Pacific is poised to witness the fastest growth over the next few years. This is due to rising healthcare expenditure, growing emphasis on R&D activities and increasing application of sequencing technology in India and China.

Key players
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. Ecolab Inc. and BASF SE hold a significant share in the market due to their diverse product portfolios and wide geographic presence across North America, Europe and Asia Pacific.

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