DNA sequencing has applications in healthcare such as genetic testing for conditions such as cancer, hereditary diseases, personalized medicine, and DNA fingerprinting. DNA sequencing allows researchers to identify inherited genetic mutations that cause diseases or determine an individual’s risk for developing certain diseases. It helps design personalized medicine and treatment plans based on an individual’s genetic makeup. DNA sequencing plays a crucial role in prenatal genetic testing of the fetus for chromosomal abnormalities and genetic conditions. It is also useful in forensics and ancestry testing. DNA sequencing gives accurate identification of individuals which helps solve crimes. Ancestry testing through DNA sequencing provides information about genetic ethnicity and links distant relatives.
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:
Next-generation sequencing has rapidly advanced the field of DNA sequencing by allowing millions of DNA strands to be sequenced simultaneously at high speed and low cost. It has significantly lowered the time and expense required for whole genome sequencing. Technologies such as nanopore sequencing are able to sequence entire human genomes within a single day for less than $1000. Continuous technological advancement is improving sequencing yield, accuracy and read lengths while reducing cost further. This is expected to make whole genome sequencing a routine part of medical care and diagnosis within this decade. This will transform healthcare by enabling precision and personalized medicine tailored for individual patient’s genetic characteristics and disease risks. Widespread clinical adoption of genomic sequencing technologies presents a major growth opportunity for the DNA sequencing market.
Porter’s Analysis
Threat of new entrants: The threat is moderate as it requires huge investment and technical expertise which gives advantage to existing major players in the market.
Bargaining power of buyers: The bargaining power of buyers is high as there are many players in the market offering DNA sequencing services. Buyers can negotiate on price and switch between vendors.
Bargaining power of suppliers: Suppliers have moderate bargaining power as they supply common raw materials and technologies required for DNA sequencing. However, suppliers also need to collaborate with vendors to develop advanced technologies.
Threat of new substitutes: Substitute threat is moderate as there are limited substitutes available for DNA sequencing currently and it is required for various clinical and research applications.
Competitive rivalry: The competitive rivalry is high owing to presence of global and regional players offering similar services. Players compete on technologies, quality, pricing and customer service.
Key Takeaways
The Global DNA Sequencing Market Size is expected to witness high growth.
Regional analysis: North America accounts for largest share in the global DNA sequencing market due to availability of advanced healthcare facilities and maximum funding for clinical research. Europe is second largest market supported by availability of better healthcare infrastructure. Asia Pacific is emerging as fastest growing region owing to increasing healthcare awareness, healthcare reforms and growing per capita income 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. Players are involved in new product launches, partnerships and strengthening their distributor network to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it