Next Generation Sequencing (NGS) Market to be worth $27.5 Billion by 2030

Next Generation Sequencing (NGS) Market by Offering (Kits [Library Prep, QC, DNA Extraction], System) Type (Genome, Exome, Targeted) Application (Reproductive, Oncology, Infectious) Technology (SBS, Nanopore, Nanoball, SMRT Seq) – Global Forecast to 2030

Meticulous Research^®– a leading global market research company, published a research report titled, “Next Generation Sequencing (NGS) Market by Offering (Kits [Library Prep, QC, DNA Extraction], System) Type (Genome, Exome, Targeted) Application (Reproductive, Oncology, Infectious) Technology (SBS, Nanopore, Nanoball, SMRT Seq) – Global Forecast to 2030.”

According to this latest publication from Meticulous Research^®, the global NGS market is expected to reach $27.5 billion by 2030 at a CAGR of 15.8% from 2023 to 2030. The growth of the NGS market is driven by rising cancer prevalence and increasing application of NGS in cancer treatment and research, the declining costs of genome sequencing, technological advancements in sequencing procedures, increasing pharmaceutical R&D expenditures, the surge in genome mapping programs, and improvements in regulatory and reimbursement scenarios for NGS-based diagnostic tests.

However, the high costs of NGS systems and consumables, the availability of alternative technologies, the low chances of identifying positive, actionable mutations for precision medicine, and ethical and legal issues related to NGS-based diagnosis restrain the growth of this market. The increasing applications of NGS, the rising adoption of bioinformatics and genomic data management solutions, and government initiatives supporting large-scale genomic sequencing projects are expected to create growth opportunities for the players operating in the NGS market.

However, the lack of skilled professionals and regulatory and standardization concerns in diagnostic testing are major challenges to market growth. The increasing demand for NGS automation, the development of portable sequencing technologies, and increasing partnerships and collaborations among NGS instrument manufacturers to expand and improve product offerings are prominent trends in the next-generation sequencing market.

Key Players

The key players operating in the global NGS market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), PerkinElmer, Inc. (U.S.), Qiagen N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Pacific Biosciences of California, Inc. (U.S.), Danaher Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K.), 10X Genomics, Inc. (U.S.), and Beijing Genomics Institute (BGI) (China).

NGS Market: Future Outlook:

The global NGS market study presents historical market data in terms of values (2021 and 2022), estimated current data (2023), and forecasts it for 2030 – NGS Market by Offering, (Consumables [Sample Preparation Consumables {DNA Extraction and Amplification, Library Preparation & Target Enrichment, Quality Control}, Other Consumables], NGS Platforms/Instruments, Software, Services), Sequencing Type (Targeted Genome Sequencing, Whole Genome Sequencing, Whole Exome Sequencing, Other Sequencing Types), Technology (Sequencing by Synthesis, Ion Semiconductor Sequencing, Single-molecule Real-time Sequencing (SMRT), Nanopore Sequencing, DNA Nanoball Sequencing), Applications (Clinical Applications [Reproductive Health, Oncology, Infectious Diseases, Other Clinical Applications], Research and Other Applications [Drug Discovery, Agriculture & Animal Research, Other Research Applications), End User (Hospitals and Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies, Academic Institutes & Research Centers, Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.

In 2023, the consumables segment is expected to account for the largest share of the NGS market, by offering. The recurring use of consumables, rising demand for NGS-based diagnostic tests, increasing applications of NGS in oncology, reproductive health diagnosis, and drug discovery is increasing the demand for consumables.

Among sequencing types, the targeted genome sequencing segment is expected to account for the largest share of the NGS market in 2023. The large share of this segment is mainly attributed to rapid and cost-effective methods, applications in discovering somatic mutations in complex samples such as cancerous tumors mixed with germline DNA, and a high cult of researchers for targeted genome sequencing to study gene-drug associations are expected to drive the targeted genome sequencing segment.

Based on technology, the market is segmented into sequencing by synthesis, ion semiconductor sequencing, Single-molecule Real-time Sequencing (SMRT), nanopore sequencing, and DNA nanoball sequencing. Among these, the sequencing by synthesis segment is expected to account for the largest share of the NGS market in 2023. The large share of this segment is primarily attributed to the high accuracy of this technology in DNA sequencing, its highest yield of error-free throughput, and the increasing incorporation of this technology in NGS products.

In 2023, the research and other applications segment is expected to account for the largest share of the NGS market, by application. The growing prevalence of genetic disorders, the increasing adoption of sequencing-based tests in laboratories, the growing demand for personalized medicines, and the increasing NGS-based research are factors contributing to the significant market share of this segment.

The pharmaceutical & biotechnology companies’ end-user segment is expected to account for the largest share of the NGS market in 2023. The large market share of this segment is attributed to factors such as the increasing R&D spending by pharmaceutical & biotechnology companies and the rising incidence of chronic diseases, which drive the adoption of NGS among pharmaceutical & biotechnology companies.

By geography, North America is estimated to account for the largest share of the NGS market in 2023. The growth of this market is primarily attributed to the increasing R&D expenditure by the pharmaceutical & biotechnology industry, the presence of leading NGS market players in the region, favorable government initiatives for genomics research, growing applications of NGS-based research, rising awareness of NGS-based tests, increasing cancer prevalence and genetic diseases, and favorable reimbursement scenario in the region.

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, and the Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5040

Key questions answered in the report-

Which are the high-growth market segments in terms of offering, sequencing type, technology, application, end user, and country/region?
What was the historical market for NGS across the globe?
What are the market forecasts and estimates for the period 2023–2030?
What are the major drivers, restraints, challenges, opportunities, and trends in the global NGS market?
Who are the major players in the global NGS market?

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