DNA Sequencing Market Size To Reach $48.22 Billion By 2030

DNA Sequencing Market Growth & Trends

The global DNA sequencing market size is expected to reach USD 48.22 billion by 2030, expanding at a CAGR of 21.65% from 2024 to 2030, according to a new report by Grand View Research, Inc. The incorporation of Artificial Intelligence (AI) has increased the utility of genomic data in clinical practices and thus creates a new frontier in the advancement of genomic data analysis. In May 2020, Nvidia Corporation developed new AI tools, genomic sequencing software, and speech recognition technologies to aid the COVID-19 research efforts. Thus, AI accelerates the variant annotation and prioritization in the clinical diagnosis, which drives the market.

Since the completion of the Human Genome Project, the DNA sequencing cost has declined precipitously. The cost of decoding one person’s genome was around USD 50,000 a decade ago and currently has reached nearly USD 600 in the largest genomic centers. Recently, in February 2020, BGI claimed to reduce the cost to sequence the genome to USD 100. This is expected to expand the use of this technology for prenatal tests, cancer screening, and research studies.

With a significant decrease in cost coupled with the availability of funding, several start-ups have entered the market. For instance, in January 2020, Omniome, a startup firm from the U.S., raised USD 60.0 million in Series C financing to speed up the late-stage product development and product launch of its genetic sequencing platform, which consequently fuels market progression.

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DNA Sequencing Market Report Highlights

• Rise in the availability of services at affordable prices along with consulting services, training courses, and customer support are anticipated to drive the services segment at the fastest growth rate over the forecast period

• Constant technological advancements in third-generation techniques with the launch of new systems are expected to drive this segment at a lucrative CAGR

• For instance, in July 2019, Oxford Nanopore launched GridION Mk1, a benchtop, flexible NGS, data analysis device that improves the performance of the company’s GridION X5 system

• On the basis of workflow, the data analysis step is anticipated to register a considerable CAGR throughout the forecast period

• The advent of workflow management systems with HTS-flow retrieves data from laboratory management systems and manages data analysis through a simple graphical user interface, subsequently streamlining the data analysis workflow

• These technologies are widely accepted in the oncology field to sequence and catalog gene mutations for the development of cancer diagnostic and therapeutics

• A rise in cancer cases globally is driving demand for oncology. It is estimated that there would be nearly 1.8 million new cancer cases in 2020 in the U.S.

• The clinical research segment is projected to witness the fastest growth rate over the forecast period, followed by hospitals and clinics

• Efforts undertaken by companies and government agencies to broaden the accessibility for NGS-based diagnostic tests in the hospitals and diagnostic centers for COVID-19 diagnosis is anticipated to drive the hospitals and clinics segment at a lucrative pace

• In Asia Pacific, the market is expected to progress with the highest CAGR over the forecast period owing to numerous research programs that involve the usage of these tools

• For instance, in October 2019, researchers from the Agency for Science, Technology and Research's Genome Institute of Singapore created the largest genetic databank of Asian populations to support the diagnosis of rare diseases

DNA Sequencing Market Segmentation

Grand View Research has segmented the global DNA Sequencing market on the basis of product, compressor type, end-use, and region

DNA Sequencing Product & Service Outlook (Revenue, USD Million, 2018 - 2030)

• Consumables

• Instruments

• Services

DNA Sequencing Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Sanger Sequencing

• Next-Generation Sequencing

  • Whole Genome Sequencing (WGS)

  • Whole Exome Sequencing (WES)

  • Targeted Sequencing & Resequencing

• Third Generation Sequencing

  • Single-Molecule Real-Time Sequencing (SMRT)

  • Nanopore Sequencing

DNA Sequencing Workflow Outlook (Revenue, USD Million, 2018 - 2030)

• Pre-sequencing

• Sequencing

• Data Analysis

DNA Sequencing Application Outlook (Revenue, USD Million, 2018 - 2030)

• Oncology

• Reproductive Health

• Clinical Investigation

• Agrigenomics & Forensics

• HLA Typing/Immune System Monitoring

• Metagenomics, Epidemiology & Drug Development

• Consumer Genomics

• Others

DNA Sequencing End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Academic Research

• Clinical Research

• Hospitals & Clinics

• Pharmaceutical & Biotechnology Companies

• Other Users

DNA Sequencing Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• MEA

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players of DNA Sequencing Market

• Thermo Fisher Scientific, Inc

• Agilent Technology

• Illumina, Inc.

• QIAGEN

• F. Hoffmann-La Roche Ltd.

• Macrogen, Inc.

• PerkinElmer Genomics

• PacBio

• BGI

• Bio-Rad Laboratories, Inc.

• Myriad Genetics

• PierianDx

• Partek Incorporated

• Eurofins Scientific