DNA Sequencing Market – Increase in Prevalence of Cancer is Expected to Lead the Market Growth – Growing at a CAGR (Compound Annual Growth Rate) 17.5% from 2022 to 2028

DNA Sequencing
  • DNA Sequencing Market

As stated in our extensive report; the Global DNA Sequencing Market accounted forUSD 4.8 Billionin 2021.

The COVID-19 pandemic had a favorable effect on the market under investigation because it raised interest in DNA Sequencing technology for use in developing therapeutics and diagnostics. For instance, the FDA granted an Emergency Use Authorization (EUA) for the Helix COVID-19 NGS test in August 2020. This test is an amplicon-based next-generation sequencing (NGS) test designed for the qualitative detection of SARS-CoV-2 nucleic acid in upper respiratory specimens from people suspected of having COVID-19 infection. Therefore, the market is expected to maintain its significant growth rate during the forecast period due to the growing DNA Sequencing-based research and development activities in the development of diagnostic tools or efficient therapeutics for COVID-19.

Driving Factors Influencing DNA Sequencing Market Growth

The discovery of DNA variants has been made possible by quick developments in bioinformatics and sequencing technologies. These developments also identify variations linked to a higher risk of disease. The efficacy of DNA Sequencing in clinical diagnosis applications is increased by the widespread use of Next-generation sequencing (NGS) and whole-genome sequencing (WGS), which allow several genes to be examined simultaneously on a single diagnostic platform. The development of pharmacological treatments for cancer is accelerated by personalized, targeted sequencing of tumors, which also discovers cancer targets or pathways. The introduction of large-scale initiatives utilizing NGS techniques produces a fresh fundamental understanding of oncology precision therapy, driving the demand for DNA Sequencing as a result.

The market for DNA Sequencing is also driven by initiatives done by the Centers for Medicare and Medicaid Services (CMS), the Association for Molecular Pathology, and private payers like Blue Cross Blue Shield and Aetna to increase the clinical utilization of sequencing technology. For instance, in January 2020, CMS increased the coverage of NGS-based diagnostic tests for people with ovarian and breast cancer, giving patient’s greater options to tailor their cancer treatment.

North America Region to Dominate the Market

The DNA Sequencing Market was dominated by North America, which also generated the most revenue in 2021. North America currently holds the largest market share for DNA Sequencing due to ongoing technological advancements made by key players, significant R&D spending, and the availability of technologically advanced healthcare infrastructure. In addition, the development of new cancer treatments and medications is supported by a number of government programs in the United States and Canada. For instance, the BC Cancer Foundation's Personalized Onco-Genomics initiative, which is a part of the Provincial Health Services Authority in British Columbia, Canada, uses transcriptome and whole-genome analysis to identify the cancer genes and the medications that go with them. These medications have the ability to block important pathways in cancer patients. Such public initiatives are anticipated to increase the use of these technologies in the area.

Key Developments

· To develop and market cancer companion diagnostics, QIAGEN and Japan's Sysmex Corporation announced a global strategic partnership in July 2021. This partnership will take advantage of QIAGEN's expertise in this area as well as Sysmex's Plasma-Safe-SeqS next-generation sequencing technology (NGS).

· The compact 3-part WBC differential model, the XQ-Series automated hematology analyzer, and the next-generation flagship model in the hematology industry, the XR-Series automated hematology analyzer, were both released in March 2021 by Sysmex Corporation.

· The Ion Torrent Genexus System, the first fully integrated next-generation sequencing (NGS) technology with an automated specimen-to-report workflow that economically delivers results in one day, was introduced by Thermo Fisher Scientific in November 2019.

· Whole-genome sequencing (WGS) will be made available to some Harvard Pilgrim members starting in January 2021, according to a risk-sharing agreement announced in December 2020 by Illumina Inc. and Harvard Pilgrim Health Care. With the aim of improving patient outcomes, the program will use WGS to promote quicker diagnoses of genetic illnesses in children, potentially eradicating the drawn-out, expensive diagnostic process encountered by many families.

· MGI, a subsidiary of the world's largest genomics company BGI Group, announced in February 2020 that its sequencing equipment and reagent kits would be sold commercially in the United States.

Conclusion

As per our latest study, the higher prevalence and incidence of cancer disease and initiatives and spending by governments and key players across the globe have blown the overall DNA Sequencing Market.

Some of the key players in the Global DNA Sequencing Market include- Agilent Technologies, Illumina Inc., QIAGEN, Perkin Elmer, Thermo Fisher Scientific, Hoffmann-La Roche Ltd., Macrogen Inc., Bio-Rad Laboratories Inc., Oxford Nanopore Technologies Ltd., Myriad Genetics and others.