The next generation sequencing market consists of sales of devices and equipment used in next generation sequencing and related services by entities (organizations, sole traders and partnerships) that manufacture next generation sequencing equipment. Next-generation sequencing (NGS) is the catch-all concept used to describe a variety of different advanced sequencing technologies. Such technologies allow DNA and RNA to be sequenced much faster and cheaper than traditionally used Sanger sequencing, revolutionizing the study of genomics and molecular biology.
The global next generation sequencing market is expected to decline from $7.13 billion in 2019 to $7.01 billion in 2020 at a compound annual growth rate (CAGR) of -1.78%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The market is then expected to recover and reach $13.02 billion in 2023 at a CAGR of 22.95%.