Redding, California, July 26, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Next Generation Sequencing (NGS) Informatics Market by Offering (Data Analysis, Interpretation & Reporting, Storage & Computing, LIMS) Application (Diagnostic, Drug Discovery, Precision Medicine, Biomarker Discovery), and End User - Global Forecast to 2030,’ published by Meticulous Research®, the next generation sequencing (NGS) informatics market is projected to reach $4.3 billion by 2030, at a CAGR of 15.4% from 2023 to 2030.
Next generation sequencing (NGS) informatics are widely being incorporated in clinical settings. The growth of the NGS informatics market is driven by increasing R&D investments by pharmaceutical and biotechnology companies, the rising prevalence of cancer and genetic disorders, the growing utilization of NGS in disease diagnostics and precision medicine, technological advancements in NGS informatics solutions, and government initiatives supporting large-scale genomic sequencing projects. However, data confidentiality concerns restrain the growth of this market.
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The increasing adoption of NGS informatics tools among hospitals and clinical laboratories and the growing use of bioinformatics and genomic data management solutions for large-scale data analysis and interpretation are expected to create growth opportunities for the players operating in the NGS informatics market. However, the lack of skilled professionals required to operate NGS Informatics tools is a major challenge for market growth.
Increasing R&D Investments by Pharmaceutical and Biotechnology Companies to Drive Market’s Growth
Pharmaceutical companies constantly focus on R&D, a core aspect of drug development processes. The biotechnology industry also continues to witness substantial growth due to increased investments in R&D to cater to the growing demand for innovation and new medical breakthroughs. The importance of R&D is evident due to the rising number of drug approvals. For instance, in 2021, the FDA’s Center for Drug Evaluation and Research (CDER) approved 50 novel drugs either as new molecular entities (NMEs) or as new therapeutic biologics under biologics license applications (BLAs), an increase from 22 novel drugs approved in 2016. Genome sequencing has allowed the pharmaceutical industry to develop precision medicines as well. High R&D investments in the pharmaceutical and biotechnology sectors are expected to boost the utilization of NGS technologies, driving the demand for NGS informatics solutions.
NGS enables scientists to identify and characterize novel molecular targets, which can lead to the development of drugs even for previously untreatable diseases. NGS also enables the tracking of molecular responses to treatment at the transcriptomic and epigenetic levels. Thus, increasing R&D investments are expected to boost the adoption of NGS, driving the growth of the NGS informatics market.
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The next generation sequencing (NGS) informatics market is segmented based on Offering (Software [Data Analysis Software, Data Interpretation and Reporting Tools, Data Storage and Computing Tools, Laboratory Information Management Systems {LIMS}], Deployment Mode [Web and Cloud-based, On-premise], NGS Informatics Services); Application (Disease Diagnoses, Biomarker Discovery, Drug Discovery, Precision Medicine, Agriculture and Animal Research); End User (Pharmaceutical & Biotechnology Companies, Hospitals and Diagnostic Laboratories, Academic & Research Institutes, Other End Users); and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Some of the key players operating in the next generation sequencing (NGS) informatics market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Qiagen N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Sapio Sciences, LLC (U.S.), DNASTAR, Inc. (U.S.), Fabric Genomics, Inc. (U.S.), Partek Incorporated (U.S.), and DNAnexus, Inc. (U.S.).
Based on offering, in 2023, the software segment is expected to account for the largest share of the next generation sequencing (NGS) informatics market. The large market share of this segment is attributed to several factors, including the use of informatics software for improved operational excellence. Additionally, the growing need for data storage tools to manage substantial volumes of sequencing data and the increasing demand for software solutions that can process and compute data with greater precision and accuracy also contributes to the growth of the software segment.
Based on application, the drug discovery segment is expected to account for the largest share of the next generation sequencing (NGS) informatics market. The large market share of this segment is attributed to the increasing applications of NGS in various clinical and research areas, the rise in global pharmaceutical research and development activities, and the growing need for data management, analysis, and storage in drug discovery.
Based on end user, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of the next generation sequencing (NGS) informatics market. The large market share of this segment is attributed to the declining costs of NGS technologies, the advancements in companion diagnostics and precision medicine, and the increasing demand for NGS from pharmaceutical and biotechnology companies for high-throughput analysis.
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Based on geograohy, in 2023, North America is expected to account for the largest share of the next generation sequencing (NGS) informatics market, followed by Europe and Asia-Pacific. Furthermore, in 2023, the U.S. is expected to be the largest market shareholder in North America. The growth of this market is primarily attributed to the increasing R&D expenditure by the pharmaceutical & biotechnology industry, the presence of leading NGS informatics market players in the region, favorable government initiatives for genomics research, growing applications of NGS-based research, increasing cancer prevalence and genetic diseases, and favorable reimbursement scenario for NGS-based tests in the region.
However, Asia Pacific is expected to witness a rapid growth during the forecast period. The growth of this regional market is attributed to the accelerated economic growth in many countries within the region, leading to increased government focus on improving the healthcare sector. This has resulted in heightened investments to enhance the accessibility of healthcare services, improve healthcare infrastructure, and support drug discovery programs. Additionally, the rising incidence and prevalence of cancer, the growing adoption of advanced diagnostic and therapeutic technologies, and government initiatives aimed at supporting genome sequencing programs also contribute to the market’s growth in the region.
The report also includes an extensive assessment of the key growth strategies adopted by leading market players in the past few years. In the last couple of years, the Next Generation Sequencing (NGS) Informatics market has witnessed various strategic developments.
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Scope of the Report:
Next Generation Sequencing (NGS) Informatics Market Assessment - by Offering
- 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
- By Type
- NGS Informatics Services
Next Generation Sequencing (NGS) Informatics Market Assessment - by Application
- Disease Diagnoses
- Biomarker Discovery
- Drug Discovery
- Precision Medicine
- Agriculture and Animal Research
Next Generation Sequencing (NGS) Informatics Market Assessment - by End User
- Pharmaceutical and Biotechnology Companies
- Hospitals & Diagnostic Laboratories
- Academic & Research Institutes
- Other End Users
Note: Other end users include forensic laboratories & security agencies, food and beverage companies, and agriculture companies.
Next Generation Sequencing (NGS) Informatics Market Assessment - by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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