DNA Sequencing Is Estimated To Witness High Growth Owing To Opportunity In Personalized Medicine
DNA Sequencing Market
DNA sequencing refers to the process of determining the precise order of
nucleotides within a DNA molecule. DNA sequencing helps in better understanding
the human genome and genetic disorders. It allows scientist to find mutations
responsible for genetic diseases and pinpoint genetic variations that influence
how people respond to pathogens, vaccines, drugs, and other agents.
The global DNA Sequencing Market is
estimated to be valued at Us$ 7836.14 Mn
in 2023 and is expected to
exhibit a CAGR Of 3.2% over the
forecast period 2024 To 2031, as
highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Personalized medicine has the opportunity to revolutionize disease treatment.
DNA sequencing helps in understanding individual genetic differences and
develops customized treatment and prevention strategies. It can identify gene
variants involved in an individual's risk of developing certain illnesses and
tailor screening recommendations. DNA sequencing enables development of
targeted therapies for individuals or smallsubset of people sharing the same
genetic profile. This development of personalized medicine will drive the
growth of the global DNA sequencing market over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face relatively high costs required to
enter this market due to technical expertise, substantial R&D investments
and establishment of distribution channels.
Bargaining power of buyers: Buyers have moderate bargaining power as there are
few players dominating the market however standardized product nature limits
their bargaining power.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to
their technical expertise and intellectual property however established players
can source raw materials from different suppliers limiting suppliers power.
Threat of new substitutes: Threat of substitutes is low as DNA sequencing
technology does not have close substitutes and established use cases.
Competitive rivalry: High as key players compete on innovation, services and
pricing.
SWOT Analysis
Strength: Technologies such sequencing by synthesis provide accuracy and
efficiency. Increasing funding and initiatives for genomics and precision
medicine.
Weakness: High capital cost of equipment, storage of large genomic data and
dependency on IT infrastructure. Complex regulatory environment.
Opportunity: Growth in clinical applications sectors like oncology and
proteomics. Emerging markets growth in Asia Pacific and Middle East Africa.
Threats: Intellectual property theft, cybersecurity of data and ethical issues
related to genome data use and storage. Declining prices pressure margins.
Key Takeaways
The Global DNA Sequencing Market Demand is expected to witness high growth at a CAGR
of 3.2% during the forecast period of 2024 to 2031.
North America dominates the market currently owing to
presence of key players, funding initiatives and advance research ecosystem.
Asia Pacific is expected to be the fastest growing region due to increasing
healthcare investments, rising precision medicine adoption in countries like
China and India.
Key players operating in the DNA Sequencing market are Ecolab Inc., BASF SE,
Solvay S.A., FQE Chemicals, Innospec Inc., Stepan Company, Dow Inc., Kemira
Oyj, GE Water and Process Technologies, Aries Chemical Inc. Ecolab, Illumina
and Thermo Fisher among the global leaders. Entry of new local players expected
to increase competition.
Technologies development specially third generation sequencing and cloud
computing integration with genomics increasing applications. However,
integration of multiomics data from different sources, standardization of
clinical genomics workflows and lowering sequencing costs further remains key
challenges.
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