Rapid advances in genomic sequencing projected to boost growth of the DNA Sequencing Market

The global DNA Sequencing Market is estimated to be valued at US$ 6,802.2 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
DNA sequencing involves determining the nucleic acid sequence of DNA. This provides insights into genetic variations and mutations. Next-generation sequencing (NGS) technologies offer faster, more affordable, and higher-throughput sequencing capabilities compared to traditional Sanger sequencing. NGS allows sequencing of entire genomes and decoding of genetic variations associated with diseases. The applications of DNA sequencing include precision medicine, human identity testing, pathogen identification, crop improvement, and biological research. Rising R&D investments by biopharma companies for drug discovery and increasing genome mapping programs globally are driving the DNA sequencing market growth.

Market key trends:
One of the key trends in the DNA Sequencing Market Size is the ongoing technological advancements. Third and fourth generation sequencing technologies such as single-molecule real-time (SMRT) sequencing by Pacific Biosciences and nanopore sequencing by Oxford Nanopore Technologies provide longer read lengths and faster turnaround times. This helps in discovering structural variants and repetitive regions that are missed by short-read technologies. Another trend is the entry of new players offering low-cost sequencing technologies. Companies such as MGI, Anthropic, and Microgenomics are focusing on portable and affordable sequencers to enable wider adoption of sequencing especially in emerging markets. This is expected to bolster the market growth during the forecast period.
Porter’s Analysis

Threat of new entrants: The threat of new entrants in the DNA sequencing market is moderate. High capital requirements for establishing sequencing facilities and brand recognition of existing market players create barriers for new entrants.

Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers can negotiate on price however the need for DNA sequencing technology in various applications ensures that buyers don’t have significant influence.

Bargaining power of suppliers: The bargaining power of suppliers is low. There are numerous component suppliers for DNA sequencing instruments and reagents. Easy availability of raw materials limits the influence of suppliers.

Threat of new substitutes: There is low threat of substitutes as DNA sequencing technology is continuously evolving with improvements and there are limited alternatives.

Competitive rivalry: High as the market is consolidated with few large players and competition is based on technological advancements, pricing and portfolio expansion.

Key Takeaways

The global DNA sequencing market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing applications in genomics research and precision medicine.

Regional analysis: North America dominated the market with highest revenue share in 2023 due to strong research funding and increasing clinical applications of DNA sequencing in the region. Asia Pacific is expected to exhibit fastest growth during the forecast period supported by rising R&D investments and initiatives by governments.

Key players: Thermo Fisher Scientific, Inc., Illumina, Inc., PerkinElmer Genomics, QIAGEN, Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd, Macrogen, Inc., Abbott, PacBio, Zymo Research Corporation, Oxford Nanopore Technologies plc, Tecan Trading AG, Hamilton Company, ZS Genetics, Inc. LI-COR, Inc. Key players operating in the DNA sequencing market are focusing on product launches and collaborations to enhance their portfolios and regions.


Read More: https://www.ukwebwire.com/dna-sequencing-market-analysis/

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