What is the Global market size of the Next Generation Sequencing Market?

Global Next Generation Sequencing Market size was valued at USD 4.84 billion in 2021 and is poised to grow from USD 5.51 billion in 2022 to USD 14.8 billion by 2030, growing at a CAGR of 12.4% in the forecast period (2023-2030).

What is the key driver of the Global Next Generation Sequencing Market?

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.

What is the key market trend for the Global Next Generation Sequencing Market?

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.

Next Generation Sequencing Companies

Q: Which region accounted for the largest share in the Global Next Generation Sequencing Market?

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.

Next Generation Sequencing Market Competitive Landscape

Next Generation Sequencing Market Top Player's Company Profiles

Illumina Inc. (US)
Thermo Fisher Scientific, Inc. (US)
PerkinElmer Inc. (US)
BGI Group (China)
Agilent Technologies Inc. (US)
Eurofins Scientific SE (Luxembourg)
Pacific Biosciences of California Inc. (US)
Oxford Nanopore Technologies (UK)
QIAGEN NV (Netherlands)
F. Hoffmann-La Roche AG (Switzerland)
GENEWIZ Inc. (US)
Psomagen, Inc. (South Korea)
10x Genomics Inc. (US)
Takara Bio (Japan)
Zymo Research (US)
NuGen Technologies (US)
Hamilton Company (US)
Beckman Coulter (US)
Becton, Dickinson, and Company (US)
Lucigen Corporation (US)
Novogene Co., Ltd. (China)

Next Generation Sequencing Market

FAQs

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).

The market is fragmented in nature. The prominent players operating in the market are always adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers & 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 to supply industries with the most efficient and cost-effective solutions. 'Illumina Inc. (US) ', 'Thermo Fisher Scientific, Inc. (US) ', 'PerkinElmer Inc. (US) ', 'BGI Group (China) ', 'Agilent Technologies Inc. (US) ', 'Eurofins Scientific SE (Luxembourg) ', 'Pacific Biosciences of California Inc. (US) ', 'Oxford Nanopore Technologies (UK) ', 'QIAGEN NV (Netherlands) ', 'F. Hoffmann-La Roche AG (Switzerland) ', 'GENEWIZ Inc. (US) ', 'Psomagen, Inc. (South Korea) ', '10x Genomics Inc. (US) ', 'Takara Bio (Japan) ', 'Zymo Research (US) ', 'NuGen Technologies (US) ', 'Hamilton Company (US) ', 'Beckman Coulter (US) ', 'Becton, Dickinson, and Company (US) ', 'Lucigen Corporation (US) ', 'Novogene Co., Ltd. (China)'

Developing new and innovative technologies has seen the emergence of NGS that is faster, movable and easy to use. Such advancement would facilitate faster and accurate analysis, including substantially shorter turnaround time. Thus, gaining such technological advancements offer competitive advantage to firms, enhance high-rate investment in research and innovation, and consequently boost the market.

Expanding Applications and Advancements in NGS Technology: It was witnessed that high and low throughput research uses NGS and going to high because of more simplicity, continuously dropping prices and strengthening of bioinformatics services. The use of NGS-based testing system is gradually expanding toward different clinical fields, such as oncology, reproductive health, and genetics. Companies and organizations do not relent; they seek improvement and advancement, like in the case of the RNA-sequencing, which seeks to cover a wide range of scientific and clinical areas.

North America is anticipated to dominate this market in 2023 with its highest market share among other regions. The main driving force for the regional market is the presence of various next generation sequencing players and clinical laboratories that utilize next generation sequencing to perform genetic testing in the region. Apart from this, the introduction of new products by key players and technological improvements in the currently available products will also benefit the regional industry in the forecast period.

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