How Has The Next Generation Sequencing Market Size Evolved In Recent Years?
The next generation sequencing market has seen considerable growth due to a variety of factors.
• The expansion of the next generation sequencing market has been swift over the recent past. The market, anticipated to be valued at $14.52 billion in 2024, is projected to surge to $17.21 billion in 2025, registering a compound annual growth rate (CAGR) of 18.5%.
This substantial growth during the historical period is the result of a surge in funding, increased spending on healthcare, burgeoning growth in emerging markets, swift advancements in technology, and an escalating elderly population.
What are the Market Size and Expected Growth Rates for the Next Generation Sequencing Market?
The next generation sequencing market is expected to maintain its strong growth trajectory in upcoming years.
• Rapid expansion is anticipated over the next few years in the next generation sequencing market, which is projected to reach $33.89 billion by 2029 with a compound annual growth rate (CAGR) of 18.5%.
Factors contributing to this predicted growth during the forecast period include an aging demographic, improved healthcare access, a growing number of chronic diseases and an increased demand for next generation sequencing due to COVID-19. Key trends expected to emerge during this forecast period include the use of artificial intelligence to cut costs and save time, cost-effective studies on uncommon diseases to maintain competitiveness over other technologies, applying NGS technologies for screening newborns, and the utilization of big data technologies to interpret expansive genomic data.
What Main Forces Are Fueling Expansion In The Next Generation Sequencing Market?
The surge in chronic conditions like cancer, AIDS, and thalassemia drives the expansion of the next-generation sequencing market. Worldwide, chronic diseases are increasing due to aging populations and changes in societal behavior, leading to a steady rise in these prevalent and costly long-term health problems. Next-generation sequencing (NGS) serves as a powerful tool used by researchers and medical professionals in different cancer studies to identify biomarkers instrumental in dictating treatments. The World Health Organization anticipates a significant rise in the prevalence of chronic diseases as well. Therefore, the escalating number of chronic disease incidences will amplify the demand for NGS sequencing, generating larger revenues and fostering the growth of the next generation sequencing market.
How Is The Globa Next Generation Sequencing Market Divided Into Key Segments?
The next generation sequencing market covered in this report is segmented –
1) By Product: Instruments, Reagents And Kits, Software
2) By Technology: Sequencing by Synthesis, Ion Semiconductor Sequencing, Single-molecule Real-time Sequencing, Nanopore Sequencing, Other Sequencing Technologies
3) By Application: Diagnostics, Drug Discovery, Other Applications
Subsegments:
1) By Instruments: Sequencing Systems, Library Preparation Instruments, Quality Control Instruments
2) By Reagents And Kits: Sequencing Reagents, Library Preparation Kits, Amplification Kits
3) By Software: Data Analysis Software, Bioinformatics Software, Workflow Management Software
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What Trends Are Reshaping The Next Generation Sequencing Market?
Prominent enterprises active in the next-generation sequencing industry are emphasizing the development of novel technologies such as next-generation sequencing (NGS) platform technology to amplify speed, precision and cost efficiency. Key enhancements comprise better accuracy, increased throughput and the integration of AI for data examination. NGS platforms are advanced methods that fast-track and make cost-effective DNA and RNA sequencing possible, processing millions of fragments at once. They are utilized in diverse applications like complete-genome sequencing and targeted resequencing, revolutionizing genomic research and individualized medicine. For instance, in April of 2022, Thermo Fisher Scientific, an American biotechnological firm, unveiled an IonTorrent Genexus Dx Integrated Sequencer, facilitating speedy, automated next-generation sequencing in clinical labs, and providing outputs in less than 24 hours. The interface is user-friendly and flexible for both diagnostic testing and research, improving precision medicine resourcefully.
Who Are the Key Players in the Next Generation Sequencing Market?
Major companies operating in the next generation sequencing market include:
• Illumina. Inc.
• Thermo Fisher Scientific Inc.
• QIAGEN
• Agilent Technologies. Inc.
• Pacific Biosciences of California Inc.
• Oxford Nanopore Technologies
• 10x Genomics
• Bio-Rad Laboratories. Inc.
• MGI Tech Co. Ltd.
• Oxford Gene Technology
• Hoffmann-La Roche Ltd
• BGI
• PerkinElmer Inc.
• Macrogen Inc.
• Genotypic Technology Pvt. Ltd.
• Beijing Genomics Institute
• SciGenom Labs Pvt. Ltd (India)
• Dante Labs
• Roche
• First Genetics JCS
• Helix
• Tempus
• Massive Bio
• Genetricsinc and King Abdullah International Medical Research Center
• Inqaba biotec
What are the Regional Insights into the Next Generation Sequencing Market?
North America was the largest region in the next generation sequencing market in 2024. Asia-Pacific was the second largest region in the global next generation sequencing market share. The regions covered in the next generation sequencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
