Genomic Discoveries Await: DNA Sequencing Services Market Set to Reach US$ 2,080.2 Million by 2033

According to FMI's analysis, the DNA Sequencing Services Market will grow by 8.2% over the forecast period. The industry is expected to grow to a market value of US$ 945.6 million by 2023.

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.

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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.

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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 Profiled :
•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

About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Report : https://www.futuremarketinsights.com/reports/dna-sequencing-services-market

This release was published on openPR.