Chicago, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Next-generation Sequencing (NGS) Market is projected to reach USD 24.2 billion by 2026 from USD 10.3 billion in 2021, at a CAGR of 18.7% during the forecast period, according to a new report by MarketsandMarkets™. The Continuous technological innovations in sequencers, availability of advanced NGS systems at low costs, and favorable funding scenario for precision medicine are the key factors supporting the growth of the market. However, the growth of the market is likely to be restrained by factors such as the end-user budget constraints in developing countries.
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List of Key Players:
The prominent players operating in the next-generation sequencing market are Illumina (US), Thermo Fisher Scientific (US), PerkinElmer (US), BGI Group (China), and Agilent Technologies (US).
Key Findings of the Study:
- Consumables accounted for the largest share of next-generation sequencing market
- Sequencing by synthesis accounted for the largest share of next-generation sequencing market
- Diagnostics segment accounted for the largest share of next-generation sequencing market
- The academic institutes & research center is the fastest-growing end user segment of the next-generation sequencing market
- North America accounted for the largest share of the next-generation sequencing market
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Next-generation sequencing market by product & services is categorized into presequencing products & services, NGS platforms, NGS consumables, services for NGS platforms, sequencing services, and bioinformatics. NGS consumables dominated the market in 2020. The large share of this segment can be attributed to the growing number of sequencing procedures and the launch of easy-to-use consumables. Sequencing services are expected to register the highest CAGR during the forecast period due to expanding NGS services portfolio of companies and increasing adoption of advanced NGS platforms by service providers.
Based on technology, the next-generation sequencing market is segmented into sequencing by synthesis, ion semiconductor sequencing, nanopore sequencing, single-molecule real-time sequencing, and other sequencing technologies. Sequencing by synthesis segment dominated the market in 2020 owing to increase in availability of NGS platforms based on sequencing by synthesis technology.
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On the basis of application, the next-generation sequencing market is categorized into diagnostics, drug discovery, agricultural & animal research, and other applications. The diagnostics segment is further categorized into cancer diagnostics, infectious disease diagnostics, reproductive health diagnostics, and other diagnostic applications. The diagnostics application segment dominated the market in 2020. This segment is also projected to witness the high growth during the forecast period. The growth of this segment is attributed to the increasing focus of key market players on developing NGS-based products & services for cancer and noninvasive prenatal testing (NIPT).
Based on end users, the next-generation sequencing market is segmented into academic institutes & research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other end users. The academic institutes & research centers segment held largest market share in 2020, owing to growing number of collaborations between NGS market players and academic & research institutes.
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Geographical Growth Scenario:
The NGS Market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). In 2020, North America accounted for the largest share of the global market, followed by Europe. This market is primarily driven by increasing applications of NGS in diagnostics & genomics research and availability of research funding.
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