Next-generation sequencing (NGS) expedites genetic analysis by producing large volumes of sequencing data within a short timeframe, a capability unmatched by traditional methods. This swift turnaround time is crucial for clinical diagnostics and infectious disease surveillance applications, where timely results are imperative. NGS platforms enable researchers and clinicians to decipher intricate genetic information swiftly, accelerating the identification of disease markers and aiding in personalized treatment approaches. The efficiency of NGS is instrumental in rapidly responding to emerging infectious threats and tailoring interventions based on real-time genomic insights.
According to Data Bridge Market Research analyzes the Global Next Generation Sequencing (NGS) Market, which was USD 7,008.17 million in 2022, is expected to reach USD 31,417.25 million by 2030 and is expected to undergo a CAGR of 17.1% during the forecast period of 2023-2030.
"Rise in advancements in sequencing technologies the market growth"
Advancements in sequencing technologies have emerged as a key driver for the global next generation sequencing (NGS) market. Continuous innovations in NGS platforms, such as improved sequencing speed, enhanced accuracy, and reduced costs, have significantly bolstered the adoption of genomic analysis across diverse applications. The development of third-generation sequencing technologies, such as single-molecule sequencing, promises even greater efficiency and precision in DNA sequencing. These technological strides enable comprehensive genomic profiling and facilitate exploring complex biological processes.
What restraints the growth of the global next generation sequencing (NGS) market?
“Lack of standardization in reporting hampers the market growth”
The lack of standardization in reporting is a significant restraint for the global next generation sequencing (NGS) market. Inconsistent and non-uniform reporting practices across different platforms and laboratories hinder the seamless integration and interpretation of NGS data. This variability complicates data comparison and validation and poses challenges for collaborative research and clinical applications.
Segmentation: Global Next Generation Sequencing (NGS) Market
The global next generation sequencing (NGS) market is segmented on the basis of product, application, and end user.
- On the basis of product, the global next generation sequencing (NGS) market is segmented into instruments, consumables, and services
- On the basis of application, the global next generation sequencing (NGS) market is segmented into diagnostics, biomarker discovery, precision medicine, drug discovery, agriculture and animal research, and others
- On the basis of end user, the global next generation sequencing (NGS) market is segmented into pharmaceutical and biotechnology companies, research centers, academic and government institutes, and hospital and clinics
Regional Insights: North America is expected to dominate the Global Next Generation Sequencing (NGS) Market
North America is expected to dominate the market, primarily attributed to its advanced healthcare infrastructure. The region boasts state-of-the-art medical facilities and cutting-edge technologies, providing a conducive environment for the widespread adoption of healthcare innovations. The well-established network of hospitals and research institutions facilitates the seamless integration of advanced medical technologies, positioning North America at the forefront of market dominance.
The Asia-Pacific is expected to experience significant growth in the market due to a surge in investments within the region. Increased economic activity and rising investor confidence are fueling this expansion. The influx of investments is expected to drive various sectors, contributing to economic development. This positive trend underscores the region's attractiveness for businesses and highlights the potential for sustained growth in diverse industries.
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-next-generation-sequencing-ngs-market
Recent Developments in the Global Next Generation Sequencing (NGS) Market
- In January 2021, Merus N.V., a clinical-stage immuno-oncology company, partnered with the National Cancer Center, Japan, and Erasmus University Medical Center, Netherlands, to assess the efficacy of its HER2/3-targeting bispecific antibody in treating solid tumors
- In March 2020, Agilent Technologies, Inc. expanded its NGS product portfolio by introducing three microarrays, catering to the needs of prenatal and postnatal research in cytogenetic laboratories. This strategic product launch positions the company for increased future demand
- In February 2020, Twist Bioscience bolstered its market presence by unveiling the Twist Targeted Methylation Sequencing Solution for studying methylation pattern changes. This innovative NGS solution enhances the company's credibility, particularly in research fields such as cancer, epigenetics, and non-invasive prenatal testing
The Prominent Key Players Operating in the Global Next Generation Sequencing (NGS) Market Include:
- Agilent Technologies, Inc. (U.S.)
- ThermoFisher Scientific, Inc. (U.S.)
- QIAGEN (Netherlands)
- Illumina, Inc. (U.S.)
- Bio-Rad Laboratories, Inc. (U.S.)
- Roche Sequencing (A subsidiary of F. Hoffman La Roche) (Switzerland)
- BGI (A subsidiary of BGI Group) (China)
- Oxford Nanopore Technologies plc (U.K.)
- MACROGEN CO., LTD. (South Korea)
- DNASTAR (U.S.)
- Geneious, Partek, Incorporated (U.S.)
- PerkinElmer Inc. (U.S.)
- Takara Bio Inc. (Japan)
- bioMérieux SA (France)
- Pacific Biosciences of California, Inc. (U.S.)
- GENEWIZ (U.S.)
- 10x Genomics (U.S.)
- New England Biolabs (U.S.)
- Hamilton Company (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global next generation sequencing (NGS) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Next Generation Sequencing (NGS) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
