According to Coherent Market Insights, the global DNA sequencing market size was valued at USD 6,802.2 million in 2023 and is expected to be surpass around USD 14,755.5 million by 2030, growing at a CAGR of 11.7% from 2023 to 2030.
Rising healthcare expenditure drives growth of DNA sequencing in molecular medicine. This is due to rising healthcare spending globally. Increasing applications of DNA sequencing also drives market growth. It has emerged as a powerful tool in clinical diagnostics and molecular medicine. It is used for identifying rare genetic abnormalities responsible for various disorders.
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Market Trends
Next-generation sequencing (NGS) technologies is key trend driving market growth. NGS provides massively parallel sequencing of genomes at an unprecedented speed and reduced cost. Moreover, RNA sequencing technology is gaining popularity for discovery of novel RNAs and mapping of transcriptomes. Another trend gaining traction is whole-genome sequencing. It allows rapid sequencing of entire genomes of organisms. It holds promise for advancing personalized medicine by enabling more precise disease diagnosis. Growing adoption of cloud computing solutions by DNA sequencing companies will facilitate big data analysis via sequencing.
Market Opportunities
The consumables segment dominated the DNA sequencing market in 2023. It accounted for over 35% of the total market share. This is due to demand for reagents and kits used during sample preparation and sequencing. Major consumables utilized during DNA sequencing include sequencing kits, sample preparation kits, and reagents.
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DNA sequencing reduces costs and improves sequencing speed associated with NGS platforms. This increases their adoption over Sanger sequencing. This is increasing its demand in clinical diagnostics and precision medicine. It plays a vital role in biomarker research, diagnosing rare disorders, and developing targeted therapies.
DNA Sequencing Market Report Coverage
Key Market Takeaways
The global DNA sequencing market is anticipated to witness a CAGR of 11.7% during the forecast period 2023-2030.This is owing to growing investments in DNA sequencing projects aimed at furthering genomic research.
On the basis of product type, consumables segment is expected to hold a dominant position in 2024. This is owing to the recurring demand for sequencing kits and reagents.
Clinical investigation segment is expected to witness the fastest growth over the coming years. This is owing to increasing adoption of precision medicine.
North America is expected to hold a dominant position over the forecast period. This is due to strong government funding and presence of leading market players.
Competitor Insights
DNA Sequencing Industry News
In August 2023, PacBio and the University of Washington announced a partnership to investigate the capabilities of HiFi's long-read whole-genome sequencing (WGS). They reported that people with genetic disorders are expected to benefit from higher diagnostic success rates.
In June 2023, Illumina, Inc introduced an Artificial Intelligence (AI) program called PrimateAI-3D. It is capable of precisely predicting genetic abnormalities in humans that cause disease.
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Detailed Segmentation:
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The global Third Generation Sequencing market was valued at US$ 600.8 Mn in 2023 and is forecast to reach a value of US$ 2,297.3 Mn by 2030 at a CAGR of 21.1% between 2023 and 2030.
The global next generation computing market is estimated to be valued at USD 168.57 Bn in 2024 and is expected to reach USD 602.34 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 19.9% from 2024 to 2031.
The global high end cellomics market size is expected to reach US$ 7.20 Bn by 2030, from US$ 3.90 Bn in 2023, at a CAGR of 9.1% during the forecast period.
The global precision medicine market is estimated to be valued at USD 92.31 Bn in 2024 and is expected to reach USD 195.22 Bn by 2031, growing at a compound annual growth rate (CAGR) of 11.3% from 2024 to 2031.
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