The demand for DNA sequencing has increased significantly, owing to surge in sequencing applications and rise in technological advancements in DNA sequencing. In addition, the growth in number of genome mapping programs globally and increase in R&D investment drive the DNA Sequencing Market growth.
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.
The DNA sequencing market is segmented based on product, application, technology, end user, and geography. Based on product, it is classified into consumable, instrument, and service. The consumables segment occupied dominant share in 2016, and is expected to maintain this trend during the forecast period. This is attributed to the fact that they are widely used throughout the sample preparation process and are needed to perform other pre-requisite steps of DNA sequencing.
Asia-Pacific possesses high market potential for the growth of DNA sequencing market, owing to increase in awareness about DNA sequencing, rise in DNA sequencing applications, and others. This region is anticipated to experience fast-paced growth, in terms of development and use of DNA sequencing technologies.
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Key Findings of the DNA Sequencing Market:
- 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.
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.