The global DNA sequencing market size is expected to be worth around US$ 37.99 billion by 2032 from US$ 9.69 bn in 2022, with a compound annual growth rate (CAGR) of 14.7% during the forecast period from 2023 to 2032.
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Key market Insights:
The fast development of DNA sequencing technology is providing scientists with the capability to generate information about genetic variation and outlines of gene expression on an unparalleled scale. The DNA sequencing technology is expected to allow scientists in achieving accurate sequencing of whole human genomes within just a few years. This technology will become a routine tool for scientists and clinicians. Numerous sequencing platforms presently in development have the potential to present greater advances in resolution and throughput. The massively parallel sequencing technologies are at present altering almost all fields of genetics, and the field of pharmacogenomics will be no exemption. The most predominant application of the new sequencing technologies in the field of pharmacogenomics is the detection of novel genetic variations that might influence drug response.
Crucial factors accountable for market growth are:
Report Scope of the DNA Sequencing Market
|Market Size in 2023||US$ 11.06 billion|
|Market Size by 2032||US$ 37.99 billion|
|Growth Rate from 2023 to 2032||CAGR of 14.7%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Product, technology, Application, End Use|
|Companies Mentioned||Agilent Technologies, Illumina, Inc., QIAGEN, Perkin Elmer, Thermo Fisher Scientific, Hoffmann-La Roche Ltd., Macrogen, Inc., Bio-Rad Laboratories, Inc., Oxford Nanopore Technologies Ltd., Myriad Genetics|
Significant Market Trends:
Consumables Segment Reported Foremost Market Stake in 2020
Consumables segment recorded the prime market share in the global DNA sequencing market in 2020. Availability of ready-made components for carrying out the process of DNA sequencing is the major reason for high market share of consumables. Other factors such as increasing applications of DNA sequencing are expected to increase the usage of consumables such as kits and reagents over the estimate period.
The Instruments are projected grow at the highest CAGR during the forecast period mainly due to new product launches.
Next-Generation Sequencing is Projected to Dominate the Technology Segment of DNA Sequencing Market Revenue
The application of DNA sequencing in developing diagnostic tests and vaccines for viral diseases such as the SARS CoV-2 has augmented the demand for DNA sequencing exponentially. Thus, high incidence of novel viral diseases and ongoing research and development activity in DNA sequencing are major reason for the high revenue share of next-generation sequencing.
Oncology is Projected to Dominate the Application Segment of DNA Sequencing Market Revenue
Constant research on cancer treatment and increasing demand for precision medicine are the major reasons responsible for the high market share of consumables.
Academic Research Projected to Dominate the End-Use Segment of DNA Sequencing Market Revenue
Factors such as high investment in research and development in the field of DNA sequencing and efforts taken by the governments contribute to the growth of academic research segment.
North America is Estimated to be the Largest Market for DNA Sequencing
The research report covers key trends and prospects of DNA sequencing products across different geographical regions including North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Geographically, DNA sequencing market is dominated by North America due to high incidence of cancer and existence of sophisticated healthcare framework. On the other hand, Asia-Pacific is anticipated to witness the rapid growth rate, on account of increasing investment by governments in research and growing awareness regarding precision medicine.
Top Players contending in the Market:
The companies focusing on research and development are expected to lead the global DNA sequencing market. Leading competitors contending in global DNA sequencing market are as follows:
In order to better recognize the current status of DNA sequencing, and policies adopted by the foremost countries, Precedence Research predicted the future evolution of the DNA sequencing market. This research study bids qualitative and quantitative insights on DNA sequencing market and assessment of market size and growth trend for potential market segments.
Major Market Segments Covered:
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