USD 7.82 billion
Report ID: SQMIG35D2046 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 98 | Figures: 76
Global Next Generation Sequencing Market size was valued at USD 7.82 billion in 2022 and is poised to grow from USD 9.27 billion in 2023 to USD 36.04 billion by 2031, growing at a CAGR of 18.5% in the forecast period (2024-2031).
Next Generation Sequencing is a technique that uses enormous parallelization to sequence millions or billions of DNA strands. High throughput sequencing is another name for this method. NGS reduces the need for fragment-cloning procedures like those employed in Sanger genome sequencing. The primary benefits of NGS over Sanger's sequencing approach include cheap cost, great accuracy and speed, and exact findings even with minimal sample input. NGS is utilized in a variety of applications, including biomarker identification, cancer investigations, customized medicine, agricultural and animal research, and so on.
Genome sequencing has also been used to study the spread of Covid-19, and it has the potential to help researchers better understand the impact of interventions and guide future treatments. The Covid-19 Genomics U.K. Consortium (COG-U.K.) was established in March 2020 to use Whole-Genome Sequencing to examine the coronavirus genome (WGS). The Wellcome Sanger Institute, the NHS, Public Health Agencies, and other academic institutions are all part of the cooperation. These organizations have worked together to map the virus's evolution and transmission.
US Next Generation Sequencing Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 7.82 billion
Largest Segment
Instruments
Fastest Growth
Instruments
Growth Rate
18.5% CAGR
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Next Generation Sequencing Market is segmented on the basis of type of sequencing, product type, end-user, and region. Based on the type of sequencing, the Next Generation Sequencing Market is segmented into Whole Genome Sequencing, Targeted Resequencing, Whole Exome Sequencing, RNA Sequencing, Chip Sequencing, De Novo Sequencing, and Methyl Sequencing. Based on the product type, the Next Generation Sequencing Market is segmented into instruments, reagents & consumables, and services. Based on the end-user, the Next Generation Sequencing Market is segmented into hospitals and healthcare institutions, academic institutes and research centers, and pharmaceutical and biotechnology companies. Based on region, the Next Generation Sequencing Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Next Generation Sequencing Market Analysis by Type of Sequencing
In 2021, the whole genome sequencing segment of the market is projected to hold the most lucrative share of more than 30% of the market. Whole-genome sequencing (WGS) has gained widespread acceptance as a means of obtaining the highest possible resolution information regarding COVID-19, and it is thought to have the potential to revolutionize COVID-19 infectious disease management. For example, the UK government started the "COVID-19 Genomics UK Consortium (COG-UK)" in early 2020 to sequence the genomes of SARS-CoV-2, the virus that is causing the current COVID-19 epidemic. The NHS (National Health Service), public health organizations, the Wellcome Sanger Institute, and numerous university institutions make up the "COVID-19 Genomics UK Consortium (COG-UK)," which aids in the creation of funding and the development of diagnoses and treatments.
Next Generation Sequencing Market Analysis by Product Type
In 2021, the reagents and consumables segment of the market is projected to hold the most lucrative share of more than 30% of the market. The reagents and consumables segment is further classified into sample preparation consumables and other consumables. The sample preparation consumables include DNA fragmentation, end-repair, A-Tailing & size selection, library preparation & target enrichment, and quality control. Such a wide range of products and instruments in the reagents and consumables segment is projected to contribute to the segmental growth of the market during the forecast period.
Next Generation Sequencing Market Analysis by End-User
In 2021, the academic institutes and research centers segment of the market is projected to hold the most lucrative share of more than 30% in the market. The segmental growth of the market is contributed to the increasing number of collaborations and partnerships between next generation sequencing market players and academic institutes & research centers. Furthermore, scholarships offered for Ph.D. projects in next generation sequencing are expected to further drive demand for next generation sequencing products and services, thereby resulting in lucrative growth in the upcoming years.
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The global next generation sequencing market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North American region is projected to hold the most substantial share of the market. The regional market is likely to be driven by the presence of various next generation sequencing players and clinical laboratories that use next generation sequencing to offer genetic testing services in the region. Besides, the launch of various novel products along with the upgradations in the existing products by the key players are also likely to aid the regional industry growth during the forecast period.
Further, the Asia-Pacific region is also likely to hold a significant share in the market during the forecast period. The regional growth of the market is attributed to the presence of various local and regional players in the region such as BGI Genomics, and NGS service providers including First BASE Laboratories Sdn Bhd, Macrogen Asia Pacific Pte Ltd., and others. These key players offer a wide range of portfolio to the consumers that serves almost every application. Thus, this contributes to the regional growth of the market during the forecast period.
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Next Generation Sequencing Market Driver
Next Generation Sequencing Market Opportunity
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Next Generation Sequencing Market Top Player's Company Profiles
Next Generation Sequencing Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. SQ identified the key dominating segments of the market by offerings and verticals.
According to our analysis, among the type of sequencing, the WGS segment is projected to hold a dominating share during the period. Among the product type, the reagents and consumables segment is projected to hold a dominating share during the period. While, among the end-user, the academic institutes and research center segment is projected to hold the most dominating share in the global next generation sequencing industry during the forecast period.
Report Metric | Details |
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Market size value in 2022 | USD 7.82 billion |
Market size value in 2031 | USD 36.04 billion |
Growth Rate | 18.5% |
Base year | 2022 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Next Generation Sequencing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Next Generation Sequencing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Next Generation Sequencing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Next Generation Sequencing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Product ID: SQMIG35D2046