DNA sequencing involves determining the complete DNA or RNA sequence of an organism’s genome at a single time. The DNA sequencing market has witnessed significant growth in recent years owing to reduced sequencing costs and increased application in genetic disorder diagnostics, oncology studies, reproductive health, and agricultural and environmental research.
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.
DNA sequencing plays a vital role in personalized medicine by identifying specific gene variations associated with an individual’s risk of developing certain diseases or response to specific medications. With advancements in DNA sequencing techniques, the cost of whole genome sequencing is declining rapidly and making it feasible for clinical use. The increasing adoption of precision medicine approaches is expected to drive significant demand for DNA sequencing technology, thereby presenting lucrative growth opportunities for players in the DNA sequencing market over the forecast period.
Threat of new entrants: The threat of new entrants is moderate. The DNA sequencing market requires significant R&D investments and funding to develop novel sequencing technologies. The presence of major players with strong brands and technological expertise also poses barriers for new companies.
Bargaining power of buyers: The bargaining power of buyers is moderate to high. Buyers have a wide range of options available from suppliers, allowing them to negotiate on price points. However, switching costs are relatively low.
Bargaining power of suppliers: The bargaining power of suppliers is low as DNA sequencing relies on generic materials that are available from a large number of suppliers. Suppliers do not have significant influence over pricing either.
Threat of new substitutes: The threat of substitutes is low as there are limited alternatives for DNA sequencing technologies in genomic research and diagnostics.
Competitive rivalry: The competitive rivalry is high with the presence of key players offering different sequencing platforms and technologies. Companies compete based on innovation, product performance, and pricing.
Strength: The DNA sequencing market is driven by advancements in sequencing technologies that have made them faster, cheaper and portable. Sequencing is used extensively for both research and clinical applications.
Weakness: High capital requirements and costs associated with sequencing can restrain market growth. In addition, data storage and management pose challenges with the vast amount of genomic data generated.
Opportunity: Emerging economies provide significant untapped potential. Population-scale sequencing projects for clinical diagnostics offer lucrative opportunities. Sequencing is also finding applications in non-medical industries like forensics.
Threats: Stringent regulations can increase compliance costs. Issues regarding data security and privacy of genomic information act as threats.
The Global DNA Sequencing Market Size is expected to witness high growth over the forecast period supported by continuous technological advancements. The market size is projected to reach US$ 6802.2 million by 2024 growing at a CAGR of 3.2% between 2023-2030.
North America currently dominates the global market and is expected to maintain its position throughout the forecast period. Presence of major pharmaceutical companies and research funding support market growth. However, Asia Pacific is anticipated to grow at the fastest pace due to increasing healthcare investments and expansion of genomics research 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. Ecolab Inc. and Illumina Inc. are identified as the market leaders based on their extensive product portfolios and global presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it