Global Next Generation Sequencing Market

Next Generation Sequencing Market Size, Share, Growth Analysis, By Type of Sequencing(Whole Genome Sequencing, Targeted Resequencing, Whole Exome Sequencing, RNA Sequencing), By Product Type(Instruments, Reagents, Consumables, Services), By End User(Hospitals, Healthcare Institutions, Academic Institutes, Research Centers), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35D2046 | Region: Global | Published Date: June, 2024
Pages: 157 | Tables: 98 | Figures: 76

Next Generation Sequencing Market Competitive Landscape

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

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Next Generation Sequencing Market size was valued at USD 7.82 billion in 2019 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).

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. 'Illumina, Inc.', 'Thermo Fisher Scientific, Inc.', 'BGI Group', 'Qiagen N.V.', 'F. Hoffmann-La Roche AG', 'Pacific Biosciences of California, Inc.', 'Oxford Nanopore Technologies Ltd.', 'Agilent Technologies, Inc.', 'PerkinElmer, Inc.', 'Eurofins Scientific', 'GENEWIZ', 'Macrogen, Inc.', 'Beijing Genomics Institute (BGI) Americas Corporation', 'Partek Inc.', 'Genotypic Technology Pvt Ltd', 'Bio-Rad Laboratories, Inc.', 'Fluidigm Corporation', '10x Genomics, Inc.', 'NuGEN Technologies, Inc.', 'Dovetail Genomics, LLC'

The key factor that drives the industry growth includes the advancements in the next generation platforms. Continuous technological advancements in sequencers have enabled the development of efficient, portable, and simple-to-use NGS platforms that can deliver fast and precise results while also reducing turnaround times. The introduction of such products and the technology that support them gives players an immediate competitive advantage; as a result, major corporations companies are increasingly focused on product research and development to increase their market positions and share. Hence, this contributes to the growth of the market during the forecast period.

NGS usage will broaden at both the high- and low-throughput sides of the research industry, owing to workflow simplicity, ongoing cost reductions (for both instruments and reagents), and improved bioinformatics capabilities. NGS-based testing is also being more widely used in clinical sectors, including cancer, reproductive health, and genetics. In this context, many firms are continuing to develop (for example, long-read RNA-sequencing technologies), expanding both the scientific and clinical application areas.

The 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.

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Global Next Generation Sequencing Market

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