Portland, United States, May 30, 2017 (GLOBE NEWSWIRE) -- According to a new report published by Allied Market Research, titled, "DNA Sequencing Market : Global Opportunity Analysis and Industry Forecast, 2017–2023," the global DNA sequencing market was valued at $5,156 million in 2016, and is projected to reach $18,284 million by 2023, growing at a CAGR of 19.6% from 2017 to 2023. The consumables product segment accounted for nearly three-fifths share of the market in 2016.
DNA sequencing is an umbrella term that includes both Sanger’s and Non-Sanger’s method of sequencing. In the DNA sequencing process, DNA is extracted, fragmented, and linked to adapters and primers for the amplification reaction (PCR) for library construction. Further, sequencing of the fragmented DNA is executed, DNA sequencing furnishes a massive set of sequence data in a very small duration. This data is interpreted and analyzed by clinicians, researchers, scientists, and others through clinical, agricultural, forensic, and other applications. For instance, DNA sequencing has helped researchers identify desirable traits, which have led to resilient and productive livestock and crops. The increase in usage and application of DNA sequencing are expected to boost the market growth.
The major factors that drive the global DNA sequencing market are rise in technological advancements in DNA sequencing, growth in collaborations & partnerships, and increase in genome mapping programs globally. In addition, rise in investment in R&D enhances the demand for DNA sequencing and thereby provides lucrative opportunities for the market growth. However, accuracy & standardization concerns and ethical & legal limitations associated with DNA sequencing restrain the market growth.
The consumables product segment occupies the highest share in the DNA sequencing product market, owing to their sheer usage and need throughout the sample preparation, library construction, and other pre-requisite steps of DNA sequencing. The sequencing by synthesis technology segment is anticipated to dominate the global DNA sequencing market as most of the widely-used DNA sequencing platforms utilize this technology in sequencing protocols, which accounted for over half of the total share in 2016.
At present, the biomarkers and cancer segment dominate the application segment and is expected to grow at a CAGR of 18.9%. DNA sequencing possesses the potential to recognize a broad spectrum of genetic differences and supplement the generation of potent biomarkers in medicine and disease diagnostics. In addition, sequencing time, protocol length, declining cost of DNA sequencing make it an ideal technology for biomarker discovery
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According to Sriram Radhakrishnan, Team Lead, Healthcare at Allied Market Research, “Sequencing by synthesis (SBS), is one of the most influential and greatly adopted DNA sequencing technologies used by researchers and scientist globally. This technology offers a massive sequence throughput at modest costs in a single sequencing run. ”
KEY FINDINGS OF THE STUDY
- The instrument product segment is anticipated to grow at the highest CAGR from 2017 to 2023.
- The personalized medicine application segment is expected to witness the highest growth rate during the forecast period.
- The academic and government research institutes segment generated the highest revenue in 2016, and is expected to continue its dominance in the future as well.
- North America dominated the global DNA sequencing market, and is projected to grow at a CAGR of 18.7%.
- Pyrosequencing technology is expected to witness the highest growth rate during the forecast period.
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The major companies profiled in the report include Illumina, Inc., Thermo Fisher Scientific, Inc., Siemens AG, Pacific Biosciences of California, Inc., ZS Genetics, Inc., Beckman Coulter (Fullerton, CA), 454 Life Sciences Corporation (Roche Holding AG), Agilent Technologies, Inc., Abbott Laboratories, and LI-COR, Inc.
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