NGS is used in a variety of applications, including biomarker exploration, oncology trials, personalized medicine, agricultural and animal testing.
Market Dynamics
Next Generation Sequencing Market Size was evaluated at USD 9.46 billion in 2021 and is expected to expand from USD 11.23 billion in 2022 to USD 44.24 billion by 2030, at a compound annual growth rate (CAGR) of 18.70% between 2022 and 2030.
NGS is used in a variety of applications, including biomarker exploration, oncology trials, personalized medicine, agricultural and animal testing, and so on. NGS has simplified nucleotide analysis and has effectively replaced traditional genomics tools, especially microarrays.
The market is expected to expand due to factors such as technological advances, increased NGS applications, and an increase in genome mapping programs. Furthermore, market growth is expected to be fueled by the demand for personalized medicine and rapid advancements in companion diagnostics production. Because of technical advances in NGS, an increase in NGS applications, and an increase in alliances and collaborations, the global next generation sequencing market share is growing.
However, the market is expected to be hampered by a lack of understanding, ethical concerns associated with whole-genome sequencing, and the difficulty in managing large amounts of data. Furthermore, concerns about standardization in NGS-based diagnostics, a scarcity of qualified clinicians, and ethical and legal constraints are expected to stymie the market’s growth.
Market Segmentation
The Global Next-Generation Sequencing Market has been segmented into Technology, Workflow, Application, End User, and Region.
Based on technology, the global next-generation sequencing market has been divided into targeted sequencing & resequencing, whole-genome sequencing, and whole-exome sequencing.
Based on workflow, the global next-generation sequencing market has been divided into pre-sequencing, sequencing, and data analysis.
The global next-generation sequencing market, by applications, has been segmented into oncology, clinical investigation, reproductive health, human leukocyte antigen typing or immune system monitoring, metagenomics, epidemiology, and drug development, agrigenomics & forensics, consumer genomics, and others.
The global next-generation sequencing market, by end-user, has been segmented into hospitals & clinics, diagnostic laboratories, pharmaceutical and biotechnology companies, and others.
Regional Overview
Because of the increasing applications of NGS in diagnostics and genomics research, as well as the easy availability of funding for research activities, the Americas are expected to dominate the next-generation sequencing market. The growth of the next-generation sequencing market in North America is expected to be aided by the increasing number of funds being granted for genomics research and government measures to curb cases of genetically occurring diseases, as well as demand to boost the healthcare sector.
Due to companies’ increased emphasis on developing better goods, Europe is projected to hold the second-largest spot in the global next-generation sequencing industry. Due to the involvement of some of the leading next-generation sequencing technology companies and an informed population interested in the development of next-generation sequencing technology, Europe is projected to hold the second-largest revenue share.
Due to rising technological advances and increased investment by major healthcare companies to develop innovative products, Asia-Pacific is projected to be the fastest-growing regional market. Due to the demand for innovative technology and access to improved treatment facilities, better acceptance of advanced genomics, a rise in disposable income, and rising pharmaceutical company investments in diverse treatment options, Asia-next-generation Pacific’s sequencing market share is expected to expand in the coming years.
Due to the slow development of the healthcare industry in the Middle East and Africa, the demand for next-generation sequencing is expected to expand steadily.
Competitive Landscape
Agilent Technologies, Inc. (US), Eurofins Scientific (Luxembourg), Genome Life Sciences (India), GenScript (US), Illumina, Inc. (US), Thermo Fisher Scientific (US), Qiagen (Germany), PerkinElmer Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), Pacific Biosciences of California, Inc. (US), Xcelris Genomics (India), Macrogen, Inc. (South Korea), BGI (US), Charles River (US), and Oxford Nanopore Technologies (UK) are some of the key players operating in the global next generation sequencing market insights.
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