Number of pages: 100 | Report Format: PDF | Published date: June 07, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 12.12 billion |
Revenue Forecast in 2031 |
US$ 44.36 billion |
CAGR |
15.5% |
Base Year for Estimation |
2022 |
Forecast Period |
2023 to 2031 |
Historical Year |
2021 |
Segments Covered |
Product Type, Sequencing Type, Application, End User, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the DNA sequencing market was valued at US$ 12.12 billion in 2022 and is expected to register a revenue CAGR of 15.5% to reach US$ 44.36 billion by 2031.
DNA Sequencing Market Fundamentals
DNA sequencing is a process that determines the precise order of nucleotides (A, T, C, and G) in a DNA molecule. It allows scientists to read and analyze the genetic information encoded in DNA. DNA sequencing has revolutionized various research fields, including genetics, genomics, molecular biology, and personalized medicine.Several techniques have been developed for DNA sequencing. Sanger sequencing, next-generation sequencing (NGS), and most recently third-generation sequencing technologies are the techniques that are employed the most frequently. From sequencing small DNA fragments to whole genomes, each approach has its benefits and uses. Due to improvements in sequencing technology, expanding applications in numerous industries, and falling costs, the DNA sequencing industry has seen enormous growth in recent years.
DNA Sequencing Market Dynamics
The global DNA sequencing market is driven by several factors that have contributed to its growth. The constant development of DNA sequencing technologies has been a major driver. By providing high-throughput, affordable, and quick sequencing capabilities, next-generation sequencing (NGS) technologies have revolutionized the industry. New third-generation sequencing technologies with long-read capabilities, like PacBio and Oxford Nanopore have further increased the uses of DNA sequencing. The growing research uses for DNA sequencing have been a key motivator. In genomics, genetics, transcriptomics, epigenomics, and metagenomics research, sequencing is widely utilized to help researchers better understand genomes' structure, function, and regulation. Large-scale sequencing initiatives like the Human Genome Project and different cancer genomics initiatives have increased the demand for sequencing technologies.
Precision medicine is a concept that has gained popularity. It tries to customize medical care based on a patient's genetic profile. DNA sequencing is essential for locating genetic variants, estimating illness risk, and choosing tailored treatments. DNA sequencing demand has increased due to rising interest in personalized genomes and the possibility of personalized treatment plans. Particularly in the areas of oncology and uncommon genetic illnesses, DNA sequencing has found growing use in clinical diagnostics. Precision diagnostics are made possible by sequencing technologies, which are also used to pinpoint genetic abnormalities that cause disease. The possibility for better patient outcomes and individualized treatment plans has propelled the global DNA sequencing market growth by incorporating sequencing into clinical practice. Supportive government initiatives and funding programs have played a role in driving the DNA sequencing market. Governments worldwide have recognized the importance of genomics research and its potential impact on healthcare, agriculture, and other sectors. Funding programs and research grants have facilitated the adoption of sequencing technologies and encouraged advancements in the field. These drivers have collectively contributed to the growth and expansion of the DNA sequencing market, making sequencing technologies increasingly accessible, affordable, and applicable in various fields.
However, despite the decreasing costs of DNA sequencing, it can still be expensive, especially for high-throughput sequencing methods or when sequencing large genomes. The cost of equipment, reagents, and data analysis can be significant barriers for researchers, clinicians, and smaller laboratories. Cost constraints may limit the adoption of sequencing technologies, particularly in resource-limited settings or for researchers with limited funding.
DNA Sequencing Market Ecosystem
The global DNA sequencing market is analyzed from the following perspectives: product type, sequencing type, application, end user, and region.
DNA Sequencing Market by Product Type
Based on the product type, the DNA sequencing market is segmented into kits & reagents, instruments, and services.
Kits and reagents account for the largest revenue share of 44% in the global DNA sequencing market. The larger part of the market can be attributed to the vast range of reagents and kits that are available to support all stages of library development, including DNA fragmentation, enrichment, adaptor ligation, amplification, and quality control. Most of these technologies support low-input and formalin-fixed specimens, have streamlined and simplified workflows, and provide ready-to-use parts. The segment in the market for DNA sequencing is also driven by the ongoing release of reagents and kits to make WGS more available and inexpensive. For instance, Illumina Inc. introduced the NovaSeq 6000 v1.5 Reagent Kit in August 2020, which made the WGS technique more affordable and available to all laboratories and decreased the cost of sequencing a human genome to USD 600. These new kits can be used across WGS, single-cell genomics, and liquid biopsy techniques.
DNA Sequencing Market by Sequencing Type
Based on the application, the global DNA sequencing market is segmented into sanger sequencing, next-generation sequencing, and others.
Next-generation sequencing accounts for 58% of the revenue share in the global DNA sequencing market. Genome sequencing is now quicker, more accessible, and more precise because of these revolutionary advancements in technology and the falling cost of sequencing. Additionally, the use of NGS technology for routine clinical diagnostic tests is growing, especially in light of the COVID-19 infection pandemic, which benefits the segment's revenue share. The FDA has granted Illumina's COVIDSeq Test, which is designed to sequence the entire genome of the brand-new SARS-CoV-2 virus, an Emergency Use Authorization (EUA). This test can process over 3,000 samples and provides findings in less than 24 hours thanks to Illumina's high-throughput NovaSeq 6000 technology. The Helix COVID-19 NGS Test for the identification of SARS-CoV-2 infection was also granted EUA by Helix OpCo LLC in April 2020.
DNA Sequencing Market by Application
Based on the end user, the DNA sequencing market is segmented into agrigenomics & forensics, clinical investigation, HLA typing/immune system monitoring, oncology, reproductive health, consumer genomics, metagenomics, epidemiology & drug development, and others.
The oncology segment accounts for the maximum revenue share of 25% in the global DNA sequencing market. Technology has enormous potential for clinical research and cancer treatments and diagnostics development. Recent advancements in NGS technology have shown its potential as a high-throughput, low-cost method for quickly identifying and characterizing therapeutically useful genetic variations across a wide range of genes in a single test. Furthermore, companies and physicians alike widely acknowledge the significance of these technologies in companion diagnostics and precision medicine. Regarding this, the FDA approved the first liquid biopsy companion diagnostic that uses NGS technology to direct cancer treatment in August 2020. A number of biomarkers of genomic abnormalities in the tumor can be simultaneously mapped using the Guardant360 CDx assay, which encourages less invasive testing.
DNA Sequencing Market by End User
Based on the end user, the DNA sequencing market is segmented into hospitals & clinics, clinical research, academic research, and others.
The academic research segment accounts for the highest revenue share of 54% in the global DNA sequencing market. This is due to the widespread acceptance of NGS and Sanger technology in institutional and academic research programs. In addition, an increase in funding and investment initiatives boosts demand for DNA sequencing products in these organizations, leading to a higher revenue share. For instance, in January 2020, the Broad Institute, Harvard University, and DNA Script each received USD 23,000 from the Intelligence Advanced Research Projects Activity. For more than four years, the organizations have been collaborating to investigate the viability of integrating NGS technology and enzymatic DNA synthesis technologies into a single device. In order to use Illumina's sequencing-by-synthesis technology, this consortium also intends to collaborate with it.
DNA Sequencing Market by Region
Geographically, the global DNA sequencing market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for a significant revenue share of 45% in the global DNA sequencing market. North America currently holds the largest market share for DNA sequencing due to ongoing technological advancements made by key players, significant R&D spending, and the availability of technologically advanced healthcare infrastructure. The development of new cancer treatments and medications is supported by a number of government programs in the United States and Canada. For instance, the BC Cancer Foundation's Personalised Onco-Genomics program, which is a part of the Provincial Health Services Authority in British Columbia, Canada, uses transcriptome and whole-genome analysis to identify the cancer genes and the medications that go with them. These medications have the ability to block important pathways in cancer patients. These open-source initiatives should increase the use of these technologies in the area.
DNA Sequencing Market Competitive Landscape
The prominent players operating in the global DNA sequencing market are: -
DNA Sequencing Market Strategic Developments
DNA sequencing is a process that determines the precise order of nucleotides (A, T, C, and G) in a DNA molecule. It allows scientists to read and analyze the genetic information encoded in DNA.
The revenue CAGR of the global DNA sequencing market will be 15.5% during the forecast period.
Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Merck KGaA, Illumina, Inc., and F. Hoffmann-La Roche Ltd. are some of the major key players in the global DNA Sequencing market.
The Asia Pacific region is projected to grow at a high revenue CAGR in the global DNA sequencing market.
DNA sequencing involves the generation and analysis of genetic information, which raises ethical and privacy concerns. Issues related to informed consent, data sharing, privacy protection, and potential misuse of genetic information can impact public acceptance and participation in large-scale sequencing initiatives or personalized genomics research.
*Insights on financial performance are subject to the availability of information in the public domain