Next-Generation Sequencing Market Size
The Global Next Generation Sequencing (NGS) Market reached USD 6.9 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 28.9 billion by 2031. The global next generation sequencing (NGS) market is expected to exhibit a CAGR of 20.4% during the forecast period 2024-2031. The next generation sequencing (NGS) market trends show rising product launches for next-generation sequencing (NGS) owing to the rising applications and increasing research and development.
Sequencing on NGS includes several significant processes. For instance, DNA next-generation sequencing (NGS) calls for library preparation, bioinformatics analysis, DNA fragmentation, enormous parallel sequencing and variant/mutation identification and interpretation.
Furthermore, rising consumer demand for NGS due to the rising availability of products and technologies, an increase in the number of authorized service providers in the market and an increase in drug discovery research are driving up the next-generation sequencing (NGS) market size.
The market is experiencing a growing demand for products from North American areas as a result of the rising advancements in this field. Significant competitors like Thermo Fisher Scientific Inc., Illumina, Inc., Bio-Rad Laboratories, Inc. and others actively operating in the market.
Market Summary
| Metrics | Details |
| CAGR | 20.4% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (USD ) |
| Segments Covered | Product Type, Application, Technology, End User, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Advancements in NGS Platforms Drive the Growth of the Next Generation Sequencing (NGS) Market
The increase in demand for next generation sequencing (NGS) for various applications, novel technology launches, recent developments in therapeutics, surging research and novel product launch, are likely to fuel global next-generation sequencing (NGS) market size expansion throughout the course of the forecast period.
Nucleic acid sequencing has benefited from technological advancements in terms of technical proficiency. Many efforts have been made to take into account "individual variability" from the early Sanger technique results to the real next-generation sequencing to advance toward "personalized medicine."
NGS technology is now one of the most potent and successful methods for quick DNA/RNA sequencing. Numerous researchers are working to make the most of this technology in the fight against cancer and some labs are beginning to present promising results, particularly in the context of CRC.
Rising Research and Development in NGS creates lucrative Opportunities for Manufacturers
Due to ongoing developments in next-generation high-throughput sequencing technologies, such as pyrosequencing, using polony amplification sequencing by ligation, sequencing by hybridization, supported oligonucleotide detection (SOLiD) in addition to sequencing by ligation, along with nanopore technology, the world is currently experiencing an entirely novel phase of genomics.
These techniques have had significant positive effects on resolving genome-related issues in the plant and animal kingdoms, which will usher in a new era of genomics. In the end, this might succeed where Sanger sequencing failed for thirty years. NGS is anticipated to advance and hasten the process of finding new drugs.
The SEQuoia RiboDepletion Kit, developed by Bio-Rad Laboratories, Inc., a provider of life science research as well as clinical diagnostic products, was introduced. It increases test efficiency by removing pointless ribosomal RNA (rRNA) segments from an RNA-Seq library.
Limitations Associated with NGS Technology will hamper the growth of the market.
The idea of using NGS in ordinary clinical practice is difficult since these technologies can successfully identify clinically significant mutations, but they frequently fail to do so when larger sections of the genome are analyzed. The determination of the appropriate quality parameters, for example, could significantly aid in resolving these issues.
NGS technology will undoubtedly need measures for data management, process standardization and interpretation when it is introduced as a therapeutic tool. For the analysis of the enormous amount of data that these systems will produce, more emphasis should be placed on the work of biostatisticians and bioinformaticians.
Market Segments Analysis
The global next-generation sequencing (NGS) market is segmented based on product type, application, technology, end user and region.
Owing to High Research, the Drug Discovery Application Segment Accounted for Approximately 36.9% of the Next Generation Sequencing (NGS) Market Share
The market is anticipated to grow throughout the projection due to the sector known as drug discovery. Drug resistance can be detected and the outcome of medical therapies predicted using next-generation sequencing. This can aid clinicians and researchers in determining whether patients will gain advantages from particular treatments. These new findings can be used by researchers to create novel treatments for microorganisms with mutations.
NGS is a useful tool for advancing cancer research in various ways, including as a means of creating new cancer treatments. Finding the biomarkers that cause malignant tumors to become resistant to particular treatments is one of the main applications of this technique. 90% of chemotherapy failures, according to estimates, were caused by drug resistance. The tumor may already have this resistance when it first develops. It may also develop as the disease adapts to the treatment.
Identification of tailored treatments that can halt the development and spread of tumors is the aim of NGS in cancer research. This strategy may be able to boost survival rates, spare cells that are healthy and offer chemotherapeutic options.
Market Geographical Shares
North America Accounted for Approximately 40.4% of the Market Share in 2022, Owing to the Strong Presence of Major Players and Increasing Healthcare Infrastructure Investment
Due to the rising need for next-generation sequencing (NGS) for various research purposes in healthcare, manufacturers in North America have the chance of increasing their operations. There are many producers and suppliers in North America and owing to the quick economic growth of the region, industrial production has expanded, driving the demand for next-generation sequencing (NGS).
Increasing expenditure on healthcare and rising awareness among people, advancement of technologies for diagnosis and treatment and increase in biopharmaceutical establishment across the region are also contributing to the growth of the next-generation sequencing (NGS) market share of this region.
The primary healthcare organizations and businesses' joint research endeavors as well as new product development that continuously aims to enhance available diagnostic and treatment options are also expected to contribute to the rising demand. Individuals are becoming more aware of various advanced products that are being studied for drug discovery to the expansion of the market in this region. The above-mentioned factors further propel America's dominance on a global scale.
Market Key Players
The major global players in the next generation sequencing (NGS) market include Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd, Revvity (PerkinElmer Inc.), Illumina, Inc., PacBio, DNASTAR, BGI Group and Qiagen among others.
Russia-Ukraine Conflict Analysis
The Russia-Ukraine conflict is estimated to have a low impact on the global next-generation sequencing (NGS) market, owing to the low prevalence and absence of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the global next-generation sequencing (NGS) market growth over the forecast period.
Key Developments
- On June 8, 2023, An NGS-based assay called the "PreCheck Comprehensive Cancer Panel" has been released by a molecular diagnostics company, PreCheck Health Services Inc., which is CLIA-licensed and CAP-accredited. Hospitals, pathologists, oncologists, clinics and healthcare organizations in South Florida and beyond will have access to this new service. High-throughput sequencing techniques have completely changed how we perceive and categorize cancer.
- On May 9, 2023, In over 30 nations throughout Latin America, the Middle East, Africa and Asia where progressed genomic testing was already limited or unavailable, Thermo Fisher Scientific Inc. and Pfizer announced entering and collaborating to help boost local availability of next-generation sequencing (NGS)-based testing for those with lung and breast cancer.
- On April 13, 2023, The Agilent SureSelect Cancer CGP Assay, created for somatic variant profiling for a variety of solid tumor types, has been made available, according to an announcement from Agilent Technologies Inc. The design of the pan-cancer assay is based on an NGS panel of 679 genes that have been carefully selected from the world's top cancer datasets in collaboration with important clinical cancer researchers. Tumor molecular profiling is now more widely available to the clinical research community thanks to the assay workflow's effectiveness, automatability and flexibility.
Why Purchase the Report?
- To visualize the global next-generation sequencing (NGS) market segmentation based on product type, application, technology, end user and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of next-generation sequencing (NGS) market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global next-generation sequencing (NGS) market report would provide approximately 53 tables, 54 figures and 195 Pages.
Target Audience 2024
- Manufacturers / Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
