Global Next Generation Sequencing Market

Next Generation Sequencing Market Size, Share, Growth Analysis, By Product & Service(NGS Consumables, Sequencing Services (Exome & Targeted Resequencing and Custom Panels, RNA Sequencing, DE NOVO Sequencing), By Technology(Sequencing By Synthesis, Ion Semiconductor Sequencing, Nanopore Sequencing, Single-molecule Real-time Sequencing), By Application(Diagnostics (Cancer Diagnostics, Infectious Disease Diagnostics, Reproductive Health Diagnostics, Other Diagnostic Applications)), By End User(Academic Institutes And Research Centers, Pharmaceutical And Biotechnology Companies, Hospitals And Clinics, Reference Laboratories), 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 Regional Insights

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. 

In addition, Asia-Pacific is expected to have a market share in the communications software market during the forecast period respectively. The growth of the market in the region can be attributed to the various key players operating in the region for offering services like digital PCR solutions, and next-generation sequencing like BGI Genomics, NGS service providers are – First BASE Laboratories Sdn Bhd, Macrogen Asia-Pacific Pte Ltd. and more. These main players have a broad portfolio that can satisfy almost every need of the consumer. Therefore, this plays a role in the growth of the market in the regional context in the anticipated forecast period.

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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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Global Next Generation Sequencing Market

Report ID: SQMIG35D2046

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