North America is witnessed in holding prominent shares of the market
Next - Generation Sequencing Market Size & Growth (2019 – 2024):
The next-generation sequencing market is anticipated to reach USD 16.35 billion by 2024 growing at a CAGR of 19.2% during the forecast period.
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Next-generation sequencing (NGS), massively parallel and deep sequencing are similar concepts that define a genomic work revolutionizing DNA sequencing technology.
Drivers:
Continuous sequencer technological innovation has allowed reliable, powerful, low footprint/portable and easy-to-use NGS platforms to be implemented. Significant research and development have allowed systems to produce faster and more accurate results and have increased applications and improved turnaround times. These factors are greatly influencing the growth of the market.
Restraints:
Academic R&D is largely dependent on external funding in developing countries. Despite ongoing attempts by government and private bodies to provide research funding across the globe, different science and educational institutes face budget constraints when it comes to buying and using sophisticated and premium-priced equipment and technologies. As a result, in academic and research institutes in developing nations, the installation/expansion of advanced research facilities such as next-generation sequencing is hindered. This is one of the major challenges for the growth of the next-generation sequencing market.
Opportunities:
Governments are helping in sequencing millions of genomes to accelerate science and help develop better ways of diagnosing and treating cancer, rare diseases, and other conditions. As a result, large-scale sequencing projects can be expected to provide market players with lucrative growth opportunities, given the high-level adoption of next-generation sequencing tools and the use of necessary consumables
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Geographical Analysis:
The Next Generation Sequencing market is segmented into North America, Europe, Asia-Pacific, and LAMEA based on the region. Due to increased technological innovations and growing investments in the field, North America is expected to register the highest CAGR and dominate the market during the forecast period. Market growth is driven by the advancement of NGS bioinformatics solutions and the presence of major players in the region.
Asia Pacific, however, is the upcoming market with growing opportunities due to growing investments from investors and venture capitalists. The emergence of noteworthy innovations in China and Japan for the introduction of new technologies and the advancement of healthcare, R&D and medical innovation systems in developing economies such as India and Australia has led the Asia Pacific market throughout the forecast period to see rewarding growth. Also, it is expected that the growing adoption of NGS technology by government and non-governmental bodies would drive the Asian market along with increased private player investment.
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Noteworthy players in the next-generation sequencing market are Illumina, Thermo Fischer Scientific, Pacific Biosciences, Macrogen Inc., Partek Inc., Genomatix Software GmbH, Perkin Elmer inc., GATC Biotech Ag, Agilent Technologies Inc., Biomatters Ltd., BGI (Beijing Genomics Institute), Oxford Nanopore Technologies Ltd., DNASTAR Inc., Knome Inc. and Qiagen N.V.
Also Browse our Regional Reports @
North America Next Generation Sequencing Market @ https://www.marketdataforecast.com/market-reports/north-america-next-generation-sequencing-market
Europe Next Generation Sequencing Market @
https://www.marketdataforecast.com/market-reports/europe-next-generation-sequencing-market
APAC Next Generation Sequencing Market @
https://www.marketdataforecast.com/market-reports/asia-pacific-next-generation-sequencing-market
Latin America Next Generation Sequencing Market @
https://www.marketdataforecast.com/market-reports/latin-america-next-generation-sequencing-market
MEA Next Generation Sequencing Market @
The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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