Global DNA Sequencing Market to See 18% Annual Growth Through 2023

Industry Boosted by Demand for Precision Medicine and Synthetic Biology

June 06, 2019

WELLESLEY, Mass., June 6, 2019–Global interest in DNA sequencing is growing as the number of human genomes sequenced increases and the practice is becoming a key role in life science megatrends, including for precision medicine and synthetic biology, according to a report by BCC Research, “Global DNA Sequencing: Research, Applied and Clinical Markets.”

The market expects to see a compound annual growth rate (CAGR) of 18% through 2023, when it could be worth $24.4 billion.

Major players in the consumer genomics industry include 23andMe, Ancestry, Family Tree DNA, Helix, Insitome, Living DNA and MyHeritage.

Research Highlights

  • By format, sequencing services leads the market by size, with a 2018 value of $5.5 billion, followed by sequencing workflow products at $5.2 billion.
  • Instruments/sequencing consumables will see a CAGR of 12% through 2023, leading to a value of $5.8 billion.
  • Informatics expects a CAGR through 2023 of 25.5% and an estimated value of $3.2 billion.

“Sequencing plays a central role in several life science megatrends, including precision medicine; synthetic biology; population and consumer genomics; liquid biopsy; tissue-agnostic drugs; blockchain technologies; gene editing; and a shift toward consumerism,” notes report author John Bergin. “These major trends favor increasing sequencing adoption and growth in the future.”

Challenges Confront Next Generation Sequencing

Next generation sequencing holds major promise for the industry, but faces a number of challenges, including costs, informatics, and ethical and social issues. Sequencing costs are currently declining rapidly and are near the point where they may not represent a significant bottleneck to clinical adoption in the near future, the report adds. While still high – the cost to sequence and entire genome is now below $1,000 – they are still a barrier to many customers. Another barrier is the interpretation of genetic data for clinical utility. Furthermore, since genetic testing generates data to a specific patient, there are social and ethical issues to the practice, especially around privacy and security, which need to be addressed.

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Global DNA Sequencing: Research, Applied and Clinical Markets( BIO045G )
Publish Date: May 2019    

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