The Next Generation Sequencing Market is estimated to be valued at US$ 588.65 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Next generation sequencing (NGS) enables rapid sequencing of genomes and examines discrete genomic variations at single nucleotide resolution. It is widely used in cancer research for detecting somatic mutations, study structural variations, cancer gene expression analysis and others. NGS is also finding applications in personalized medicine for non-invasive prenatal testing, cancer profiling, microbiome analysis and others. Rising NGS adoption in clinical diagnostics, genomics research and agriculture sector are fueling market growth.
Rising focus on precision medicine is a major factor driving Next Generation Sequencing market growth. Precision medicine involves the use of genomic and molecular analysis to tailor medical treatment according to an individual patient’s genetic makeup and disease condition. NGS enables comprehensive genomic profiling of DNA and RNA content of tumors which helps identify new therapeutic targets and develop targeted therapies. This is expected to increase NGS usage for cancer biomarker discovery and clinical diagnostics.
Technological advancements are another key factor fueling market growth. Ongoing developments such as nanopore sequencing, single-cell sequencing and portable sequencing devices are improving accessibility and reducing the cost of NGS. Development of simpler bioinformatics tools for big data analysis is also augmenting adoption. However, lack of skilled workforce and high cost of sequencing remain major challenges.
Next Generation Sequencing Market is primarily segmented into products & services, application, end user and region. By products & services, the consumables sub-segment that includes reagents and consumables for pre-treatment, library preparation and sequencing holds the largest market share as consumables are required for sequencing. By application, diagnostics sub-segment dominates the market as NGS helps in diagnosis of genetic diseases and cancers.
Political: Government funding to support genomics research and presence of favorable regulations help the growth. For example, in the US, National Human Genome Research Institute supports genomics projects.
Economic: Growing genomics markets and investments in life science research drive the growth. For example, NGS market size is expected to reach $5.88 billion by 2023 from $2.89 billion in 2018 at CAGR of 18%.
Social: Increasing awareness about genetic disorders and personalized medicines positively impacts growth. Growing geriatric population also fuels demand for genomics services.
Technological: Advancements in sequencing platforms, faster and cheaper DNA sequencing, and use of cloud computing will boost adoption of NGS over the forecast period.
The global Next Generation Sequencing Market Share is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing demand for personalized medicines and growing applications of NGS in drug discovery and precision medicines.
Regionally, North America dominates NGS market with the largest share due to availability of advanced research infrastructure, funding for genomics research, and presence of global players. However, Asia Pacific is expected to grow at the fastest pace during the forecast period owing to increasing R&D investments, rising awareness levels, and improving healthcare infrastructure in emerging economies like China and India.
Key players operating in the Next Generation Sequencing Market are Thermo Fisher Scientific Inc., Agilent Technologies, Inc, bioMérieux SA, F. Hoffmann-La Roche Ltd , QIAGEN, Illumina, Inc., Oxford Nanopore Technologies plc., BGI, PerkinElmer Genomics, and Pierian. These players are focused on adopting organic and inorganic growth strategies such as new product launches, collaborations and acquisitions to strengthen their market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it