Global Next Generation Sequencing Market Trends And Strategies Of Major Players In The Next Generation Sequencing Market 2021-2030
5 Jan, 2021
The next generation sequencing market consists of sales of devices/equipment used, along with reagents and software 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 an advanced sequencing technology that allows DNA and RNA to be sequenced much faster and more cost effectively than traditionally used sequencing, such as Sanger sequencing.
Global Next Generation Sequencing Market Size And Drivers:
The global next generation sequencing market reached a value of nearly $6,678.3 million in 2019, having increased at a compound annual growth rate (CAGR) of 11.0% since 2015. The market is expected to grow from $6,678.3 million in 2019 to $12,612.1 million in 2023 at a rate of 17.2%. The growth is mainly due to the growing number of chronic diseases and government initiatives. The market is expected to grow from $12,612.1 million in 2023 to $17,763.7 million in 2025 at a CAGR of 18.7%. The market is expected to grow and reach $40,309.1 million in 2030 at a CAGR of 17.81%. Rise in funding from governments and private organizations drives the market for next generation sequencing technology.
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Trends In The Global Next Generation Sequencing Market
Artificial Intelligence (AI) is increasingly being used within genomics across next generation sequencing workflow-analysis, including primary, secondary, and tertiary analysis. It is important for the researchers to decide on the number of base pair reads needed to obtain optimal coverage across the genome, for instance, the theoretical depth of coverage. Researchers are using artificial intelligence to determine the optimal sequencing depth based on the desired outcome. This is done by considering factors, including the frequency of variant and similarity of reads. Minimizing the depth of coverage helps in saving time and costs.
Global Next Generation Sequencing Market Segments:
The global next generation sequencing market is further segmented based on product type, technology, application and geography.
By Product Type: Kits And Consumables, Software, Instruments.
By Technology: Ion Semiconductor Sequencing, Sequencing by Synthesis, Single-molecule Real-time Sequencing, Other Sequencing Technologies, Nanopore Sequencing.
By Application: Drug Discovery, Diagnostics, Other Applications, Telepsychiatry.
By Geography: The global next generation sequencing market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, the North American next generation sequencing market accounts for the largest share of 34.7% in the global next generation sequencing market 2019.
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Next Generation Sequencing Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides next generation sequencing market overviews, analyzes and forecasts market size and growth for the global next generation sequencing market, next generation sequencing market share, next generation sequencing market players, next generation sequencing market segments and geographies, next generation sequencing market’s leading competitors’ revenues, profiles and market shares. The next generation sequencing market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.