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.
“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.
Editors/reporters requesting analyst interviews should contact Sarah Greenberg at email@example.com.
Global DNA Sequencing: Research, Applied and Clinical Markets( BIO045G )
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email firstname.lastname@example.org or visit www.bccresearch.com/media to request access to our library of market research.