Global DNA Sequencing Market Report 2022: Market to Reach $10.1 Billion by 2026 - Increasing Emphasis on Personalized Medicine Drives Market Growth
DUBLIN, Jan. 14, 2022 /PRNewswire/ -- The "DNA Sequencing - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global DNA Sequencing Market to Reach US$10.1 Billion by the Year 2026
Global market for DNA Sequencing estimated at US$5.1 Billion in the year 2020, is projected to reach a revised size of US$10.1 Billion by 2026, growing at a CAGR of 11.8% over the analysis period. Consumables, one of the segments analyzed in the report, is projected to grow at a 11.4% CAGR to reach US$4.9 Billion by the end of the analysis period.
Growth in the global market is set to be driven by promising opportunities in the fields of biomarkers, cancer, diagnostics, personalized medicine, forensics and reproductive health among others. The increase in genome mapping programs worldwide, rise in partnerships and collaborations, and growing technological developments in DNA sequencing are the other factors promoting growth in the market.
Evolving technology, growing incidence of cancer, the emergence of new market players, increasing requirements of breeders for the reproduction of plants and animals, increase in programs for genome mapping, increased conferences and seminars on DNA sequencing market, development in applications for liquid biopsy, the continued drop in costs of sequencing, and growing personalized therapies are also expected to fuel growth. Driven by promising outlook, DNA sequencing is widely being used for conducting biological research, medical diagnosis, as well as performing biotechnology experiments.
The DNA Sequencing market in the U.S. is estimated at US$2.4 Billion in the year 2021. The country currently accounts for a 41.4% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.3 Billion in the year 2026 trailing a CAGR of 17.2% through the analysis period.
Among th other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.5% and 9.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.8% CAGR while Rest of European market (as defined in the study) will reach US$1.5 Billion by the end of the analysis period. North America region leads the market due to technological advances and the growing prevalence of genetic diseases among patients.
Increased funding by government organizations in DNA sequencing research and development is also fueling the growth of the market in the region. The Asia Pacific region has emerged as a nascent DNA sequencing market, leading with massive contributions from some countries in Asia including India, China, South Korea, and Japan. The increasing geriatric population and rising incidences of tumors in this region have had a positive effect on the growth of the market for DNA sequencing in this region.
The factors driving demand for the market of DNA sequencing services are increased funding for life science research and public grants, technological developments in the diagnosis and treatment method of infectious diseases, innovation in molecular techniques, and customized product offerings. In the global Services segment, USA, Canada, Japan, China and Europe will drive the 14.2% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$1.2 Billion in the year 2020 will reach a projected size of US$3.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$140.8 Million by the year 2026.
2. FOCUS ON SELECT PLAYERS (Total 76 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/ff83wu
Research and Markets
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SOURCE Research and Markets
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