Redding, California - July 15, 2024
Next-generation Sequencing (NGS) Market to be Worth $42.7 Billion by 2031
Next-Generation Sequencing (NGS) Market: Industry Outlook by Offering (Sample Preparation [DNA Extraction, Library Preparation, Automation], Systems, Bioinformatics, Sequencing Services) Application (Clinical, Research) End User - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Next-Generation Sequencing (NGS) Market: Industry Outlook by Offering (Sample Preparation [DNA Extraction, Library Preparation, Automation], Systems, Bioinformatics, Sequencing Services) Application (Clinical, Research) End User - Global Forecast to 2031’
According to this latest publication from Meticulous Research®, the next-generation sequencing (NGS) market is projected to reach $42.7 billion by 2031, at a CAGR of 15.7% during the forecast period. The growth of the NGS market is driven by the rising cancer prevalence & the increasing application of NGS in cancer treatment and research, partnerships between NGS service providers & pharmaceutical companies, technological advancements in NGS, the growing demand for optimized & streamlined NGS workflows, the declining costs of genome sequencing, technological advancements in sequencing procedures, technological advancements in NGS informatics solutions, increasing pharmaceutical R&D expenditures, the surge in genome mapping programs, and improvements in regulatory & reimbursement scenarios for NGS-based diagnostic tests. However, the high costs of NGS systems and consumables, the high costs of automation workstations, data confidentiality concerns, the availability of alternative technologies, the low chances of identifying positive, actionable mutations for precision medicine, and ethical & legal issues related to NGS-based diagnosis restrain the growth of this market.
Furthermore, the increasing applications of NGS, the rising adoption of bioinformatics and genomic data management solutions, collaborations between vendors to develop library preparation protocols, the growing use of bioinformatics and genomic data management solutions for large-scale data analysis and interpretation, the increasing adoption of NGS informatics tools among hospitals and clinical laboratories, and government initiatives supporting large-scale genomic sequencing projects are expected to generate growth opportunities for the players operating in the NGS market. However, the lack of skilled professionals, concerns related to data storage, handling, interpretation, and confidentiality, and regulatory & standardization concerns in diagnostic testing are major challenges impacting the growth of this market.
Key Players
The key players operating in the next-generation sequencing (NGS) market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Revvity, Inc. (U.S.), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Pacific Biosciences of California, Inc. (U.S.), Danaher Corporation (U.S.), Oxford Nanopore Technologies Plc. (U.K.), MGI Tech Co., Ltd. (China), Tecan Group Ltd. (Switzerland), Beijing Genomics Institute (BGI) (China), Eppendorf AG (Germany), Hamilton Company (U.S.), Hudson Robotics (U.S.), LGC Limited (U.K.), Fabric Genomics, Inc. (U.S.), DNASTAR, Inc. (U.S.), Eurofins Scientific SE (Luxembourg), Novogene Co. Ltd. (China), and Quest Diagnostics Incorporated (U.S.).
Next-generation Sequencing (NGS) Market: Future Outlook
The next-generation sequencing (NGS) market is segmented based on Offering (Sample Preparation [Kits & Reagents {Nucleic Acid Extraction and Amplification, Library Preparation (DNA Library preparation, RNA Library Preparation), Quality Control, Other Kits & Reagents) NGS Workstations}, Sequencing (NGS Systems {Sequencing by Synthesis, Ion Semiconductor Sequencing, Single-molecule Real-time Sequencing (SMRT), DNA Nanoball (DNB) Sequencing, and Other Technologies} Consumables, Services), Data Analysis/Bioinformatics (Software, by type {Data Analysis Software, Data Interpretation and Reporting Tools, Data Storage and Computing Tools, Laboratory Information Management Systems (LIMS)}, by Deployment Mode {Web and Cloud-based, On-premise}), NGS Informatics Services), Commercial Sequencing/Outsourced Services {Targeted Sequencing Services, Whole-Genome Sequencing Services, RNA Sequencing Services, Exome Sequencing Services, De Novo Sequencing Services, ChIP Sequencing Services, Methyl Sequencing Services, and Other NGS Services) Application (Research & Other Applications {Drug Discovery, Agriculture & Animal Research, and Other Applications} Clinical Applications {Reproductive Health Diagnosis, Oncology, Infectious Diseases, And Other Clinical Applications}), End User (Pharmaceutical & Biotechnology Companies, Hospitals & Diagnostic Laboratories, Academic & Research Centers, and Other End Users) and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, the next-generation sequencing (NGS) market is segmented into sample preparation, sequencing, data analysis/bioinformatics, and commercial sequencing/outsourced services. In 2024, the commercial sequencing/outsourced services segment is expected to account for the largest share of 38.0% of the next-generation sequencing (NGS) market. The large market share of this segment can be attributed to the rapidly decreasing cost of next-generation sequencing services, rising incidence of chronic and infectious diseases, and high demand for NGS services from hospitals.
Based on end user, the next-generation sequencing (NGS) market is segmented into pharmaceutical & biotechnology companies, hospitals & diagnostic laboratories, academic & research centers, and other end users. In 2024, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of 43.5% of the next-generation sequencing (NGS) market. The large market share of this segment can be attributed to the increasing R&D spending by pharmaceutical & biotechnology companies and the rising incidence of chronic diseases, which drive the adoption of next-generation sequencing products among pharmaceutical & biotechnology companies.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 48.7% of the next-generation sequencing (NGS) market, followed by Europe and Asia-Pacific. North America’s significant market share can attributed to the increasing R&D expenditures in the pharmaceutical & biotechnology sector, 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 prevalence of cancer and genetic diseases, and favorable reimbursement scenario in the region.
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5957
Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of offering, application, end user, and region/country?
- What was the historical market size for next-generation sequencing (NGS) products across the globe?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, and challenges in the global next-generation sequencing (NGS) market?
- Who are the major players operating in the global next-generation sequencing (NGS) market?
- What is the competitive landscape like?
- What are the recent developments in the next-generation sequencing (NGS) market?
- What are the various strategies adopted by major players in the next-generation sequencing (NGS) market?
- What are the geographical trends and high-growth regions/countries?
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