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 Insights

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 employs massive parallelism in sequencing millions or even billions of DNA strands. This method is also known as high throughput sequencing. NGS is less dependent on fragment-cloning strategies that are used in Sanger genome sequencing. The advantages of NGS over Sanger’s sequencing method include low cost, high accuracy and speed, precise results even if small amounts of samples are used. Thus, NGS is widely used in biomarker discovery, cancer studies, personalized medicine, agriculture and animal studies, etc. 

Genome sequencing has also been applied to understanding how Covid-19 spreads and can inform how interventions affect disease progression and subsequent treatments. The Covid-19 Genomics U.K. Consortium (COG-U.K.) was set up in March 2020, to utilize Whole-Genome Sequencing to investigate the coronavirus genome. Partners in the cooperation are the Welcome Sanger Institute, the NHS, Public Health Agencies, and other academic institutions. These organizations have collaborated on mapping the virus’s evolution and spread.

US Next Generation Sequencing Market is poised to grow at a sustainable CAGR for the next forecast year.

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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