Next Generation Sequencing Market – Current Trends and Future Opportunities by 2023
Next Generation Sequencing Market Research Report: By Technology (Targeted Sequencing & Resequencing, Whole Genome Sequencing and Whole Exome Sequencing), Workflow (Pre-Sequencing, Sequencing, and Data Analysis), Application (Oncology, Clinical Investigation, Reproductive Health, Human Leukocyte Antigen Typing or Immune System Monitoring, Metagenomics, Epidemiology & Drug Development, Agrigenomics & Forensics, Consumer Genomics), End User (Hospitals & Clinics, Diagnostic Laboratories, and Pharmaceutical & Biotechnology Companies) and Region (Americas, Europe, Asia-Pacific, and the Middle East & Africa) - Global Forecast till 2025
Global Next Generation Sequencing Market Size is expected to exhibit significant growth over the forecast period. The NGS Market Growth is projected to register a CAGR of 18.05% over the forecast period to reach USD 20,347.45 Million by 2025.
There are various diseases that have their roots in genetics such as cancer, diabetes, Alzheimer’s, arthritis, heart disease etc. To discover viable treatment to these diseases, researchers are looking to discern how genes work. Next generation sequencing market has been gaining impetus due to the fact that next-generation sequencing is integral to field of genomics. The NGS technologies are implemented for several applications, including whole genome sequencing, de novo assembly sequencing, resequencing, and transcriptome sequencing at the DNA or RNA level. The successful application of next-generation sequencing can lead to predicting of genes, protein coding regions, and pathways.
Illumina, Helicos Biosciences, Thermo Fisher Scientific, Roche, Pacific Bioscience, ABI Life Technologies, and Oxford Nanopore are some of the companies that are implementing different NGS technologies which in turn will augment global next generation sequencing market which is estimated to reach a massive market valuation by 2023.
Next Generation Sequencing Market Competitive Landscape:
Some of the key players in the global next-generation sequencing market Illumina, Inc., Thermo Fisher Scientific, Inc., Pacific Biosciences of California, Inc., BGI, PerkinElmer, Agilent Technologies, QIAGEN N. V., Macrogen Inc., Oxford Nanopore Technologies, Ltd., and Eurofins Scientific.
Next Generation Sequencing Market Segmentation:
The next generation sequencing market has been classified by technology, service and product, application, and end-user.
By technology, next generation sequencing market has been segmented as whole genome sequencing, methyl sequencing, whole exome sequencing, targeted resequencing, CHIP sequencing, RNA sequencing and de novo sequencing.
By service & product, next generation sequencing market has been segmented as consumables, sample preparation, sequencing services and platforms and services for platforms.
By application, NGS market has been segmented as genetic screening, drug discovery, diagnostics, agriculture and animal research and others.
End-users segmentation of the next generation sequencing market includes academic institutes and research centers, pharmaceutical and biotechnology companies, hospitals and clinics, and other end-users.
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Next Generation Sequencing Market Regional Analysis
Owing to rising number of funds being granted for research into genomics and initiatives adopted by the government to rein in cases of genetically occurring diseases and demand to improve the healthcare sector is estimated to augment the growth of the next generation sequencing market in North America. Increased competition among market players as well as acquisitions and mergers are expected to drive the growth of the market in the region.
Next generation sequencing market in Europe is expected to hold the second largest revenue share due to the presence of some of the leading next-generation sequencing technology companies and an educated population inclined on the advancement of next-generation sequencing technology. Though diverse regulations and a fragmented NGS market might restrain the growth of the market in the region, favorable funding scenario and immense support for scientific research would augment next-generation sequencing market in the region.
The next-generation sequencing market share in Asia-Pacific is projected to witness expansion over the coming years due to growing demand for advanced technology and access to enhanced treatment facilities, better adoption of advanced genomics, increase in disposable income, and rising investments in diverse treatment options by pharmaceutical companies.
Due to lack of technical knowledge, an underdeveloped healthcare sector, and poor medical facilities the next generation sequencing market in the Middle East and Africa is expected to garner the smallest share.