Access TOC
Download Data
December 2024
The DNA sequencing market size was estimated at US$ 12.42 billion in 2023 and is projected to grow to US$ 107.63 billion by 2034, rising at a compound annual growth rate (CAGR) of 21.69% from 2024 to 2034. The increasing demand for genomics research, technological advancements, and increasing investments potentiate the market.
Unlock Infinite Advantages: Subscribe to Annual Membership
DNA sequencing is a technique for determining the nucleic acid sequence, i.e., the order of nucleotides in a DNA molecule. These sequences give an idea about biological information and aid in understanding the function of genes and the other parts of the genome. Knowledge of DNA sequences is helpful in numerous fields, such as biological research, medical diagnosis, biotechnology, forensic biology, virology, and biological systematics. The DNA sequencing technique can also be used to indirectly sequence RNA or proteins. In addition, DNA sequencing is used in forensic science for forensic identification and paternity testing. Furthermore, it is also used in conservation biology to study the genetic characteristics of endangered species and develop strategies for their conservation.
The rising prevalence of genetic and rare disorders and cancer necessitates the study of DNA sequences, promoting the market. The COVID-19 pandemic highlighted the significance of rapid genomic insights. The growing research and development and favorable government policies supporting the human genome project drive the market. Additionally, the rising demand for personalized medicines boosts the market.
The anomalies of the conventional DNA sequencing methods can be overcome by developing novel and advanced DNA sequencing techniques. The advent of technology and automation drives the latest innovations in techniques, thereby increasing speed and lowering the cost of sequencing. Some recent developments in DNA sequencing methods include next-generation sequencing (NGS), long-read & short-read sequencing, DNA polymerase-based sequencing, nanopore-based sequencing, and high-fidelity technology. The primary aim of developing novel methods is to increase accuracy and scalability. Additionally, incorporating artificial intelligence and machine learning algorithms streamlines the entire genomics research process. AI and ML can operate, extract, and interpret the valuable genetic information hidden within large datasets. Efforts are also made to predict future variations in the genomes of viruses to assist public health efforts.
The major challenge of the market is the privacy concern regarding genetic data. There are chances of misuse and discrimination of genetic data, hampering the privacy and security of an individual. This further restricts the involvement of individuals. Another major challenge is the high upfront cost of the sequencing laboratory. The infrastructure and equipment required to set up and maintain a sequencing lab demand huge capital investment, limiting the affordability of several organizations in LMICs.
North America held the largest share of the DNA sequencing market in 2023. The presence of key players, rising incidences of rare disorders and cancer, technological advancements, and state-of-the-art research and development facilities drive the market. The US government actively supports DNA sequencing research and development to improve public health. The National Human Genome Research Institute provides funding to research institutions and organizations implementing DNA sequencing. In August 2024, the US FDA announced using whole genome sequencing to protect consumers from foodborne illness globally. Similarly, the Canadian government announced an investment of $15 million over five years to establish a national genomic data management system, the Pan-Canadian Genome Library (PCGL).
Asia-Pacific is projected to host the fastest-growing DNA sequencing market in the coming years. The rising geriatric population, rapidly changing demographics, increasing investments & collaborations, and favorable government policies drive the market. The Five-Year Plan (2021-2025) by the Chinese government to strengthen the biotech sector in the region accounted for more than 10% of R&D investment. In March 2024, the Genome India Project, a project funded and coordinated by the Department of Biotechnology, announced that it had finished sequencing 10,000 Indian genomes. This potentiates bio-economy growth in India by 13-fold in the last decade. India is currently among the top 12 bio-manufacturers in the world.
By product, the consumables segment held a dominant presence in the DNA sequencing market in 2023. Consumables consist of various reagents, buffers, purification solutions, etc., needed for DNA sequencing. The increasing demand for genomics, affordability of consumables, and the latest innovations in sequencing methods potentiate the segment’s growth.
By product, the services segment is expected to grow at the fastest rate in the market during the forecast period. Sequencing services are preferred as they save a lot of time for researchers and provide accurate results as experiments are performed by technical experts.
By technology, the next-generation sequencing segment accounted for the largest share of the DNA sequencing market in 2023. Next-generation sequencing (NGS) is a type of DNA sequencing technique used for sequencing DNA/RNA and detecting variants/mutations. The segment’s growth is attributed to its ultra-high-throughput, scalability, speed, and widespread applications.
By technology, the third-generation sequencing segment is anticipated to grow with the highest CAGR in the market during the studied years. Third-generation sequencing has superior advantages over NGS due to enhanced diagnostic accuracy and increased speed and efficiency.
By workflow, the sequencing segment led the DNA sequencing market in 2023. Sequencing is one of the major steps involved in DNA sequencing, wherein the nucleotides are read on a sequencer at a read length.
By workflow, the data analysis segment is projected to expand rapidly in the market in the coming years. Data analysis is one of the crucial steps in DNA sequencing for interpreting the outcomes. Bioinformatics tools interpret the data generated. The segment’s growth is attributed to novel innovations in software with evolving graphic user interfaces.
By application, the oncology segment registered its dominance over the DNA sequencing market in 2023. The rising incidences of cancer lead to increased demand for its early detection. DNA sequencing can predict the occurrence of cancer in infants through genetic data.
By application, the consumer genomics segment is estimated to grow fastest in the market during the forecast period. The increasing awareness about the prevention of disease in neonates, the latest innovations, and widespread applications drive the segment’s growth.
By end-use, the academic research segment dominated the DNA sequencing market in 2023. The increasing funding for academic research by government and private organizations promotes the segment’s growth. The market is also driven by frequent symposiums and conferences for academic researchers.
By end-use, the clinical research segment is anticipated to expand rapidly in the market during the forecast period. The presence of technical expertise, favorable infrastructure, and sufficient funding augments the segment’s growth.
Chad Carter, Vice President and General Manager of Microarray Genetic Solutions at Thermo Fisher Scientific, highlighted the importance of AI and automation in DNA sequencing. He commented that AI, coupled with innovation in microarray platforms, will accelerate genetic analysis and interpretation, enabling labs to take their genomic research to the next level.
By Product
By Technology
By Workflow
By Application
By End-Use
By Region
December 2024
December 2024
December 2024
December 2024
Annual Access, Limitless Research! Unlock all market research reports with our annual subscription. Stay on top of market trends and crucial insights year-round!
2500+
Client Queries in 20235000+
Insights Published60+
Consulting Projects Per Year40+
Analysts