The DNA sequencing services market is expected to grow by 8.2% over the course of the forecast year, according to FMI. The sector is predicted to be worth US$ 945.6 billion by 2023.n.
Surges in DNA sequencing services are expected to drive industry growth during the assessment period. For example, the development of next-generation sequencing (NGS) platforms has resulted in cost savings and increased efficiency in the DNA sequencing procedure. This is expected to increase its adoption across a wide range of end-use industries.
The DNA Sequencing Services Market is poised for significant advancements, symbolizing a crucial stride in genomic exploration. Positioned at the forefront of scientific progress, the market is geared towards unlocking the potential of DNA sequencing services. As technological capabilities evolve, the industry plays a pivotal role in decoding and understanding genetic information. This progress signifies a transformative era in genomics, with the DNA Sequencing Services Market at the forefront, contributing to the acceleration of scientific discoveries and advancements in personalized medicine.
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Another trend consolidating the market expansion is the increasing availability of personalized medicine. Personalized medicine is a fairly new field of medicine. It utilizes a person’s genomic information to forecast their chances of developing particular diseases and to customize treatments accordingly.
Surging applications of DNA sequencing are also contributing toward market growth. For example, DNA sequencing is used in cancer research to detect mutations that can be addressed with specific drugs. It is further being deployed in agricultural research to grow crops with enhanced traits like higher yields and disease resistance.
Due to constant technological improvements, DNA sequencing providers are now delivering better data quality. Therefore, customers can expect more precise results from sequencing projects. Moreover, the steadily declining cost of DNA sequencing is making it affordable in commercial and scientific applications. As a result, end users are increasing their investments in the technology.
Top Highlights from the FMI’s Analysis of the DNA Sequencing Services Market:
•The North American region is expected to account for the leading market share of more than 40.6% in 2023, followed by Europe, which is projected to account for 32.4% in the same year.
•The United Kingdom is forecast to expand at a CAGR of 12.9% over the estimated period, suggesting significant business avenues that the country is expected to present.
•India is anticipated to record a CAGR of 8.5% over the forecast period, whereas China is forecast to propel at a CAGR of 7.8%. DNA sequencing services are expected to increase in the region to meet the increasing medical demands of the population.
•Japan is forecast to account for a market share of 2.7%, comparatively lower than the other competitive markets. However, the market is expected to offer diverse growth opportunities to businesses.
•Based on solutions and services, the data analysis and sequencing services segment is forecast to account for 41.8% of the global market.
•Under the end-user category, the academic institutes and research centers segment is anticipated to record more than 37.7% over the forecast period.
Recent Developments in the Market are Shaping the Competitive Scenario :
•PacBio released in October 2022 two genome sequencing systems, i.e., Onso short-read sequencing system and Revio long-read sequencing system. Deep-learning approaches are combined with Revio to perceive DNA methylation from a normal sequencing library.
•Element Biosciences unveiled in March 2022 the technical details of its long-awaited Aviti DNA sequencer. This novel instrument deploys a riff on sequencing-by-synthesis chemistry that lowers the reagent usage, leading to costs of up to US$ 7/ GB.
•In May 2021, Thermo Fisher Scientific introduced its Genomic Solutions Platform, which provides comprehensive genomics services via a single platform.
•In November 2020, Illumina’s HiSeq X Ten Sequencing System launched with extended data analysis capabilities and superior throughput.
Key Companies:
•Thermo Fisher Scientific Inc.
•Abbott Laboratories
•GE Healthcare
•Merck KGaA
•Agilent Technologies Inc.
•Roche Holdings AG
•Pacific Biosciences
•Illumina Inc.
•Bio-Rad Laboratories Inc.
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Key Segments Profiled in The DNA Sequencing Services Industry Survey
By Product Type:
•Maxam-Gilbert DNA Sequencing
•Chain-Termination Methods
•Dye-Terminator Sequencing
•Automation and Sample Preparation
•Large-scale DNA Sequencing
•New DNA Sequencing Methods
•High Throughput DNA Sequencing
•Parallel Signature Sequencing (MPSS)
•Polony Sequencing
•Pyrosequencing
•Illumina (Solexa) Sequencing
•SOLiD Sequencing
•Others
By End Use:
•Automotive Industry
•Chemical Industry
•Agriculture
•Oil and Gas
•Research and Development
•Other End Uses
By Application:
•Hospitals
•Diagnostic Centers
•Biotechnology and Pharmaceutical Industry
•Academic Research Institutes
•Other Application Areas
By Region:
•North America
•Latin America
•Europe
•Asia Pacific
•The Middle East & Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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