The global DNA sequencing market size is expected to reach USD 11.2 billion by 2027, expanding at a CAGR of 11.4%, according to a new report by Grand View Research, Inc. The incorporation of Artificial Intelligence (AI) has increased the utility of genomic data in clinical practices and thus creates a new frontier in the advancement of genomic data analysis. In May 2020, Nvidia Corporation developed new AI tools, genomic sequencing software, and speech recognition technologies to aid the COVID-19 research efforts. Thus, AI accelerates the variant annotation and prioritization in the clinical diagnosis, which drives the market.
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Since the completion of the Human Genome Project, the DNA sequencing cost has declined precipitously. The cost of decoding one person’s genome was around USD 50,000 a decade ago and currently has reached nearly USD 600 in the largest genomic centers. Recently, in February 2020, BGI claimed to reduce the cost to sequence the genome to USD 100. This is expected to expand the use of this technology for prenatal tests, cancer screening, and research studies.
With a significant decrease in cost coupled with the availability of funding, several start-ups have entered the market. For instance, in January 2020, Omniome, a startup firm from the U.S., raised USD 60.0 million in Series C financing to speed up the late-stage product development and product launch of its genetic sequencing platform, which consequently fuels market progression.
Key suggestions from the report:
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Grand View Research has segmented the global DNA sequencing market on the basis of product and services, technology, workflow, application, end-use, and region:
DNA Sequencing Product & Services Outlook (Revenue, USD Million, 2016 – 2027)
DNA Sequencing Technology Outlook (Revenue, USD Million, 2016 – 2027)
DNA Sequencing Workflow Outlook (Revenue, USD Million, 2016 – 2027)
DNA Sequencing Application Outlook (Revenue, USD Million, 2016 – 2027)
DNA Sequencing End-use Outlook (Revenue, USD Million, 2016 – 2027)
DNA Sequencing Regional Outlook (Revenue, USD Million, 2016 – 2027)
List of Key Players of DNA Sequencing Market
Find more research reports on Biotechnology Industry, by Grand View Research:
Clinical Oncology Next Generation Sequencing Market – The global clinical oncology next generation sequencing market size was estimated at USD 627.2 million in 2018.
Sequencing Reagents Market – The global sequencing reagents market size was valued at USD 4.5 billion in 2018 and is expected to register a CAGR of 13.7% over the forecast period.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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