The global sequencing products market has been forecast to increase at a compound annual growth rate (CAGR) of 17.5% over the next five years, increasing from a valuation of approximately $3 billion in 2011, to hit a market value of $6.6 billion by 2016.
DNA sequencing is a strategic genomics tool that allows us to study how the genome varies among individuals and how that variation correlates to disease. Sequencing technologies are a critical part of today's life-science industry, affecting a wide range of activity from drug discovery to diagnostics.
The market can be broken into three segments: the sequencing instruments and consumables, the sequencing services segments and work flow products. The former makes up the largest share of the overall market with revenue of nearly $1.6 billion in 2011. Experts believe that this market should increase to $2.2 billion by 2016, a compounded annual growth rate of 7.3%.
On the other hand, the DNA sequencing services market that grew to nearly $1billion in 2011 from $838 million in 2010, is the fastest growing segment. At a CAGR of 29%, this segment is expected to be $3.5 billion by 2016.
North America commanded the largest share of 51.8% of the overall next generation sequencing market and was valued at $436 million in 2011. Europe accounted for a share of 31.1% and is expected to grow at a CAGR of 21.1% from 2011 to 2016.
The demand for DNA sequencing services has grown with the rapid popularity of services like 23andMe, Life Technologies and Illumina and lower and lower costs for having a person's genome sequenced.
These companies have opened up the possibility of tackling diseases through personalized medicine. However, there are many who believe that much more education is required about personalized medicine and that physicians especially need to undergo training.
For more information on the global sequencing products market, see the latest research: Global Sequencing Products Market
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.