DNA Digital Data Storage Market Growing at a CAGR of 61.29% during 2021 to 2028
According to our new research study on “DNA Digital Data Storage Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Sequencing, Application, and End User,” the market is expected to grow from US$ 57.81 million in 2021 to US$ 1,761.49 million by 2028, it is estimated to grow at a CAGR of 61.29% during 2021–2028. Factors driving the growth of the market are the presence of DNA digital data storage service providers and investments and innovation in DNA data storage.
DNA digital data storage is the method of encoding and decoding binary data to and from synthesized strands of DNA. The DNA has garnered interest as a medium for digital information storage due to its high storage density and durability that is superior to those of existing silicon-based storage media. Moreover, DNA’s four-letter nucleotide code provides a suitable coding environment that can be used in the same way that computers and other electrical devices employ binary digital code to represent any letter, digit, or other character.
Illumina, Inc.; Twist Bioscience; Agilent Technologies, Inc.; Molecular Assemblies; Quantum Corporation; CATALOG; Microsoft Corporation; Iridia, Inc.; DNA Script; and Evonetix; are among the leading companies operating in the DNA Digital Data Storage market.
Based on sequencing, the DNA digital data storage market is segmented synthesis sequencing, ion semiconductor sequencing, chain termination sequencing, ligation sequencing, and nanopore sequencing. The synthesis sequencing segment held the largest share of the market in 2021 and is anticipated to register the highest CAGR in the market during the forecast period. Sequencing by synthesis (SBS) technology utilizes four fluorescently labeled nucleotides to sequence the tens of millions of clusters on the flow cell surface in parallel. The market players are developing and offering solutions related to the segment which drives the segment growth.
Impact of COVID-19 Pandemic on DNA Digital Data Storage Market
The global economy was severely affected due to the COVID-19 cases in the region. The rising occurrence rate of coronavirus results in increased stress on the region's healthcare system. The outbreak is expected to leverage the technology adoption and usability to streamline the process during the COVID-19 treatment. The healthcare service providers and the patients are adopting and prefer remote treatment through telemedicine, tele health, and avoiding visiting hospitals to prevent the COVID19 infection in the hospitals and clinics. Moreover, the DNA data storage technology in under development and the use by the general population or organizations is limited. In addition the DNA data storage is comparatively costly to the traditional data storage methods. The components required and the supplies are as per demand. Thus, the COVID19 has a minimal impact on the DNA digital data storage market and expected to boost the market at positive rate in the coming years.
Factors driving the growth of the global DNA digital data storage market are presence of DNA digital data storage service providers and active investments and business innovation related to DNA data storage are among the factors bolstering the market growth. However, the availability of alternatives and associated limitations are hindering the growth of the market. Despite these limitations, the increasing applications of DNA data storage would create a huge opportunity for the players operating in the DNA digital data storage market during the forecast period.
Increasing Applications of DNA Data Storage
DNA data storage is gaining popularity among healthcare and associated service providers. Forensics, personalized medicine, diagnostics, and others are a few areas of application of DNA data storage. DNA storage offers long-term data storage compared to the traditional modes of storage. The increasing demand for smaller data space to store larger amounts of data is expected to create opportunities for market players. DNA data storages are used and explored by pharmaceutical companies, research institutes, and security agencies to store maximum data in a smaller space.
There is a significant potential for product innovation and development as DNA storage technology is in the initial phase of development and not yet commercialized on a larger scale. Various companies and research organizations are actively involved in DNA storage development activities. For instance, in August 2021, the University of Washington and Microsoft researchers developed NANOPORE-TAL, which will enable cells to communicate with computers. Moreover, in 2021, Microsoft in joint collaboration with the University of Washington at the Molecular Information Laboratory, worked on a new chip to demonstrate the ability to pack DNA-synthesis spots three orders of magnitude more tightly and demonstrate higher DNA writing throughput. Thus, the rising applications of DNA data storage are expected to create lucrative opportunities for DNA digital data storage market players and other end users in the future.
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