North America DNA Sequencing Products Market to Reach US$ 9.3 Billion by 2032, Spurred by Growing Preference for Personalized Medicines

September 07, 2020 | Healthcare

According to the latest report by IMARC Group, titled "North America DNA Sequencing Products Market Report by Product Type (Consumables and Reagents, Equipment), Application (Biomarkers, Diagnostics, Reproductive Health, Forensics, Personalized Medicine, and Others), End-User (Academic and Government Research Institutes, Pharmaceutical and Biotechnology Companies, Hospitals and Clinics, and Others), and Country 2024-2032," the North America DNA sequencing products market reached a value of US$ 2.9 Billion in 2023. DNA sequencing refers to the process of understanding the accurate sequence of the four nucleotide bases, namely guanine, thymine, adenine and cytosine, present within a DNA molecule. It is widely used for mapping out the human genome and for various applied research applications. It is crucial in determining multiple nucleotide variations related to distinctive genetic diseases, thereby aiding in the study of several complex disorders. Apart from this, it is extensively used for numerous research studies and applications, such as genome editing, forensic sciences, agrigenomics, species discovery, DNA recombination, hereditary disease detection, and phylogenetic analysis.

North America DNA Sequencing Products Market Trends:

The North American market is primarily driven by the growing utilization of DNA sequencing products in in-vitro diagnostics. These diagnostics are used to detect multiple diseases and monitor a person’s overall health for curing and preventing several medical conditions. Since next-generation sequencing tests are usually performed to scan a person’s DNA for detecting genomic variations, this is providing a thrust to the market growth. The growing preference for personalized medicines and targeted therapies among patients is acting as a major growth-inducing factor. DNA sequencing provides information about the genetic basis of several diseases. This aids in the development of precise treatments to affect the pathogens in the body without damaging healthy cells. The market is further driven by the increasing initiatives undertaken by several industry players in the region to facilitate the development of new and affordable technologies. For instance, the National Human Genome Research Institute (NHGRI), a US-based institute and a part of the National Institutes of Health (NIH), offers grants in developing cost-effective DNA sequencing with the use of nanoscale technologies. Numerous companies are also engaging to develop alternative sequencing technologies that offer improved yield, speed and sensitivity, thereby creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 9.3 Billion by 2032, exhibiting a CAGR of 13.4% during 2024-2032.

Market Summary:

Based on the product type, the market has been divided into consumables and reagents, and equipments.
On the basis of the application, the market has been classified into biomarkers, diagnostics, reproductive health, forensics, personalized medicine and others.
Based on the end user, the market has been categorized into academic and government research institutes, pharmaceutical and biotechnology companies, hospitals and clinics, and others.
On the geographical front, the market has been bifurcated into the United States and Canada.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Product Type, Application, End-User, Country
Countries Covered	United States, Canada
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699
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Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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North America DNA Sequencing Products Market to Reach US$ 9.3 Billion by 2032, Spurred by Growing Preference for Personalized Medicines

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