Redding, California - August 13, 2024
DNA Sequencing Market to be Worth $21.30 Billion by 2031
DNA Sequencing Market Size, Share, Forecast, & Trends Analysis by Offering (Kits & Reagents [DNA Extraction, Library Preparation, QC], Instruments, Software), Technology (NGS, Sanger), Application (Clinical, Research) End User - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled ‘DNA Sequencing Market Size, Share, Forecast, & Trends Analysis by Offering (Kits & Reagents [DNA Extraction, Library Preparation, QC], Instruments, Software), Technology (NGS, Sanger), Application (Clinical, Research) End User - Global Forecast to 2031’
According to this latest publication from Meticulous Research®, the DNA sequencing market is expected to reach $21.30 billion by 2031, at a CAGR of 11.8% during the forecast period. The growth of the DNA sequencing market is driven by factors such as the declining costs of DNA sequencing, the growing need for the early diagnosis of diseases such as cancer & genetic disorders, the growing utilization of DNA sequencing in precision medicine, increasing R&D expenditures, improvements in regulatory & reimbursement scenarios for DNA sequencing, rising healthcare expenditures, technological advancements in sequencing tools, and government initiatives promoting the use of sequencing in clinical & research applications. However, the low chances of identifying positive, actionable mutations for precision medicine and the ethical & legal issues related to DNA sequencing-based diagnosis restrain the growth of this market.
Furthermore, the increasing applications of DNA sequencing, government support for large-scale genomic sequencing projects, the rising awareness & adoption of targeted therapies, and emerging economies are expected to generate growth opportunities for the players operating in this market. However, uncertainties in the regulatory landscape, the limited expertise & sequencing capabilities of small & medium-sized laboratories, the lack of sequencing professionals in developing countries, and the high capital investments required for NGS laboratory setups are challenges impacting market growth.
Additionally, prominent trends in the DNA sequencing market include the increasing focus on technology improvements and cost reductions by emerging companies, as well as the development of portable and real-time sequencing technologies by key market players.
Key Players
The key players operating in the DNA sequencing market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Revvity, Inc. (U.S.), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Pacific Biosciences of California, Inc. (U.S.), Danaher Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K.), and MGI Tech Co., Ltd. (China).
DNA Sequencing Market: Future Outlook
The DNA sequencing market is segmented based on Offering (Consumables {Sample Preparation Kits & Reagents [ Library Preparation, DNA Extraction & Amplification, Quality Control, and Other Kits & Reagents] Other Consumables}, Instruments, Software, Services), Technology (Next-Generation Sequencing [Sequencing by Synthesis, Ion Semi-Conductor Sequencing, Single-Molecule Real-Time Sequencing] Sanger Sequencing & Pyro Sequencing), Application (Research & Other Applications {Drug Discovery, Agriculture & Animal Research, and Other Applications} Clinical Applications {Reproductive Health, Oncology, Infectious Diseases, and Other Clinical Applications}), End User (Pharmaceutical & Biotechnology Companies, Hospitals & Diagnostic Laboratories, Academic & Research Centers, And Other End Users), and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, the DNA sequencing market is segmented into consumables, instruments, software, and services. In 2024, the consumables segment is expected to dominate the DNA sequencing market with a share of 73.4%. The large market share of this segment can be attributed to the rapidly decreasing cost of sequencing solutions, the rising incidence of chronic and infectious diseases, the growing preference for DNA sequencing in diagnostic methodologies, and the rising demand for benchtop or portable NGS platforms in hospitals and diagnostic laboratories.
Based on technology, the DNA sequencing market is segmented into next-generation sequencing and Sanger sequencing & pyrosequencing. In 2024, the next-generation sequencing segment is expected to dominate the DNA sequencing market with a share of 69.7%. The large market share of this segment can be attributed to the high accuracy of NGS technology, its increasing integration into clinical & research applications, and its ability to deliver high-yield, error-free throughput.
Based on end user, the DNA sequencing market is segmented into pharmaceutical & biotechnology companies, hospitals & diagnostic laboratories, academic & research centers, and other end users. In 2024, the pharmaceutical & biotechnology companies segment is expected to dominate the DNA sequencing market with a share of 44.7%. The large market share of this segment can be attributed to the increasing R&D spending by pharmaceutical & biotechnology companies and the growing focus on developing precision medicines for various chronic diseases.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 49.0% of the DNA sequencing market, followed by Europe and Asia-Pacific. North America’s significant market share can be attributed to the increasing R&D expenditures in the pharmaceutical & biotechnology sector, the presence of leading market players in the region, favorable government initiatives for genomics research, growing applications of sequencing-based research, rising awareness of NGS-based tests, increasing prevalence of cancer and genetic diseases, and favorable reimbursement scenario in the region.
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of offering, technology, application, end user, and region/country?
- What was the historical market size for DNA sequencing products across the globe?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, and challenges in the global DNA sequencing market?
- Who are the key players operating in the global DNA sequencing market?
- What is the competitive landscape like?
- What are the recent developments in the DNA sequencing market?
- What are the various strategies adopted by major players in the DNA sequencing market?
- What are the geographical trends and high-growth regions/countries?
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