A new report from BCC Research projects that the global market for DNA sequencing products will grow to $6.6 billion by 2016.
That increase from nearly $3 billion in 2011 reflects a compounded annual growth rate of 17.5 percent.
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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 at BCC Research, a marketing research firm, believe that this market should increase to $2.2 billion by 2016, a compounded annual growth rate of 7.3 percent.
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 compounded annual growth rate of 29 percent, this segment is expected to be $3.5 billion by 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.