The Next Generation Sequencing market is estimated to be valued at US$ 12,870.5 million in 2022 and is expected to exhibit a CAGR of 18.3% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights
The Next Generation Sequencing (NGS) technology allows fast and accurate sequencing of DNA and RNA samples, enabling researchers to study genetics and genomics at a much deeper level. This technology finds wide-ranging applications in various fields such as oncology, infectious diseases, reproductive health, and genetic disorders. NGS has revolutionized precision medicine by providing valuable insights into disease diagnosis, treatment selection, prognostics, and monitoring of therapeutic outcomes. It enables the identification of genetic variations, biomarkers, and gene therapies, thus paving the way for personalized medicine.
Market Dynamics:
The lobal Next-Generation Sequencing Market Demand is driven by the increasing adoption of NGS technology in precision medicine. The ability of NGS to sequence large amounts of genomic data in a shorter time and at a lower cost has significantly contributed to its widespread adoption. Additionally, the advancements in NGS platforms and the availability of efficient bioinformatics tools have further propelled the market growth.
Moreover, the continuous development of NGS applications in research activities, clinical diagnostics, and drug discovery is expected to drive the market growth. The increasing prevalence of genetic disorders, cancer, and infectious diseases also fuel the demand for NGS technologies. The integration of NGS with other technologies like artificial intelligence and machine learning is expected to create new growth opportunities for players in the market.
Overall, the Next Generation Sequencing market is expected to witness high growth in the coming years, driven by the increasing adoption of NGS technology in precision medicine and the continuous advancements in sequencing platforms and applications.
Segment Analysis:
The next-generation sequencing market can be segmented based on end-user, technology, application, and region. Among these segments, the technology segment is expected to dominate the market during the forecast period. The technology segment includes sequencing by synthesis, ion semiconductor sequencing, and nanopore sequencing. Sequencing by synthesis technology is anticipated to be the dominating sub-segment due to its widespread adoption and accuracy in generating high-quality data. This technology is extensively used in various applications such as oncology, reproductive health, infectious diseases, and genetic disorders. The increasing prevalence of these diseases and the need for accurate and rapid diagnosis are driving the demand for sequencing by synthesis technology.
PEST Analysis:
Political: The next-generation sequencing market is influenced by government regulations and policies regarding genomic research and personalized medicine. Government initiatives and funding for genomics research play a crucial role in the growth of the market.
Economic: The economic factors that impact the market include healthcare expenditure, reimbursement policies, and the affordability of next-generation sequencing technologies.
Social: The increasing adoption of personalized medicine and the growing awareness of genetic disorders among individuals are driving the demand for next-generation sequencing.
Technological: Advances in next-generation sequencing technologies, such as the development of long-read sequencing and single-molecule sequencing, are propelling the growth of the market. These technologies offer improved accuracy, scalability, and cost-effectiveness.
Key Takeaways:
The Global Next-Generation Sequencing Market is expected to witness high growth, exhibiting a CAGR of 18.3% over the forecast period. The increasing prevalence of genetic disorders, the rising demand for personalized medicine, and advancements in sequencing technologies are the key drivers contributing to market growth.
Regionally, North America is the fastest-growing and dominating region in the next-generation sequencing market. The presence of major market players, favorable government initiatives, and a well-established healthcare infrastructure are fueling the market growth in this region.
Key players operating in the next-generation sequencing market include 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 focusing on strategic collaborations, product launches, and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it