DNA Sequencing Market to Be Worth $21.30 Billion by 2031--Exclusive Report by Meticulous Research®

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Aug 15, 2024, 10:01 ET

REDDING, Calif., Aug. 15, 2024 /PRNewswire/ -- According to a new market 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,' published by Meticulous Research^®, the DNA sequencing market is projected to reach $21.30 billion by 2031, at a CAGR of 11.8% during the forecast period.

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DNA sequencing is a technology used to sequence the orientation of nucleotides in genetic material. This technology enables the sequencing of DNA more precisely, allowing researchers to decode genetic information at an unprecedented scale and speed.

This market's growth is driven by factors such as decreasing sequencing costs, increasing adoption of DNA sequencing in disease diagnostics & precision medicine, rising R&D investments, improvements in regulatory & reimbursement policies, increasing healthcare spending, technological advancements in sequencing products, and government initiatives supporting the use of sequencing in clinical & research settings. However, the high costs of DNA sequencing consumables, the limited frequency of identifying actionable mutations for precision medicine, and various ethical and legal concerns related to DNA sequencing-based diagnostics restrain the market's growth.

Moreover, the expanding applications of DNA sequencing in disease diagnosis, drug development, and treatment planning, supportive government initiatives for large-scale genomic projects, increasing awareness and adoption of targeted therapies, and rising demand for DNA sequencing solutions from emerging economies are anticipated to create market growth opportunities. However, regulatory uncertainties, limited expertise and sequencing capabilities in small and medium-sized labs, a shortage of sequencing professionals in developing nations, and the significant capital required for NGS infrastructure are some of the challenges impacting the growth of this market.

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In addition, the increasing focus on advancing technologies and reducing costs among emerging companies, as well as the development of portable and real-time sequencing technologies by established players, are prominent trends in this market.

Increasing Application of NGS in Precision Medicine Driving Market's Growth

Precision medicine is an emerging approach to patient care. Physicians choose a treatment method based on the patient's genetic makeup, also considering genetic changes resulting from a disease and lifestyle habits. It is an emerging disease treatment & prevention approach that considers variability in genes, environments, and lifestyles among individuals. Precision medicine can reduce the need for guesswork (trial and error in medication depending on how the medication affects the patient's symptoms), help physicians overcome challenges related to variable diagnostic ability, and aid the development of treatment strategies based on generalized demographics. Moreover, precision medicine provides a more holistic view of an individual's health. In clinical workflows, precision medicine facilitates more predictive and preventive care through targeted therapies. Major advantages of precision medicine include reductions in trial & error prescriptions, avoidance of adverse drug reactions, increased patient adherence to treatment due to fewer side effects, a decrease in the prescription of unnecessary drugs to non-responder patients, optimization of drug development costs, better control over healthcare costs, the revival of failed drugs for use in genetically defined populations, and improvements in patient's quality of life.

Advancements in next-generation sequencing (NGS) technology are revolutionizing disease diagnosis and treatment methods. The emerging field of targeted therapies, which leverages genomic data to deliver personalized treatments, is becoming increasingly integrated into mainstream clinical practice. This approach involves molecular profiling to identify targetable alterations, or biomarkers, in cells. NGS technology enables the rapid and reliable sequencing of multiple genes simultaneously, facilitating the development of precision medicine. Precision medicine customizes treatments based on the specific molecular changes driving an individual's disease. These innovations are anticipated to significantly propel the growth of the DNA sequencing market.

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The report also includes an extensive assessment of the key growth strategies adopted by leading market players over the past three to four years. Some of 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).

Among the offerings covered in this report, in 2024, the consumables segment is expected to account for the largest share of 73.4% of the DNA sequencing market. This segment's large market share is attributed to the recurring demand for consumables, increasing use of DNA sequencing in clinical & research applications, and rising preference for sequencing-based diagnostics and treatment.

Among the applications covered in this report, in 2024, the research & other applications segment is expected to account for the larger share of 67.2% of the DNA sequencing market. This segment's large market share can be attributed to increasing demand for gene-based medicines, growing investments in drug research and development activities, and increasing research programs for personalized medicine.

Among the end users covered in this report, in 2024, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of 44.7% of the DNA sequencing market. This segment's large market share can be attributed to the increasing R&D spending by pharmaceutical & biotechnology companies, the growing utilization of DNA sequencing products and solutions in the drug development process, and the rising demand for precision medicines.

Based on geography, the DNA sequencing market is segmented into 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 dominate the DNA sequencing market with a share of 49.0%. North America's major market share can be attributed to the high R&D investments by pharmaceutical and biotechnology companies, the presence of leading DNA sequencing solution providers, supportive government initiatives for genomics research, expanding applications of NGS-based research, increased awareness of sequencing-based diagnostics, a rising incidence of cancer and genetic disorders, and favorable reimbursement policies in the region.

However, the market in Asia-Pacific is projected to register the highest CAGR of 12.9% during the forecast period.

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Scope of the Report:

DNA Sequencing Market Assessment—by Offering

Consumables
- Sample Preparation Kits & Reagents
  - DNA Extraction & Amplification
  - Quality Control
  - Other Kits & Reagents
- Other Consumables
Instruments
Software
Services

Note: Other kits & reagents include dilution buffers, DNA standards, reagents for DNA cleanup, and target enrichment, among others

DNA Sequencing Market Assessment—by Technology

Next-Generation Sequencing
- Sequencing by Synthesis
- Ion Semiconductor Sequencing
- DNA Nanoball Sequencing
- Single-molecule Real-time Sequencing
- Other NGS Technologies
Sanger Sequencing & Pyrosequencing

Note: Other NGS Technologies include nanopore sequencing and AVITI sequencing

DNA Sequencing Market Assessment —by Application

Research & Other Applications
- Drug Discovery
- Agriculture & Animal Research
- Other Applications
Clinical Applications
- Reproductive Health
- Oncology
- Infectious Diseases
- Other Clinical Applications

Note: Other Applications include food microbiology, microbiota analysis in the beverage industry, and environmental studies.

Note: Other Clinical Applications include the detection of genetic aberrations in neurological disorders, rare diseases, and metabolic and immune disorders.

DNA Sequencing Market Assessment—by End User

Pharmaceutical & Biotechnology Companies
Hospitals & Diagnostic Laboratories
Academic Institutes & Research Centers
Other End Users

Note: Other End Users include forensic laboratories & security agencies, food & beverage companies, and agriculture companies.

DNA Sequencing Market Assessment—by Geography

North America
- U.S.
- Canada
Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Rest of Europe (RoE)
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific (RoAPAC)
Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
Middle East & Africa

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Next Generation Sequencing (NGS) Informatics Market by Offering (Data Analysis, Interpretation & Reporting, Storage & Computing, LIMS) Application (Diagnostic, Drug Discovery, Precision Medicine, Biomarker Discovery) End User - Global Forecast to 2030

Next-Generation Sequencing (NGS) Market: Industry Outlook by Offering (Sample Preparation [DNA Extraction, Library Preparation, Automation], Systems, Bioinformatics, Sequencing Services) Application (Clinical, Research) End User — Global Forecast to 2031

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