New York, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Overview
The Global Next Generation Sequencing Market size is expected to reach USD 13.5 billion by 2024 and it is further anticipated to reach a market value of USD 92.2 billion by 2033, according to Dimension Market Research. The market is anticipated to register a CAGR of 23.8% from 2024 to 2033.
The global next-generation sequencing (NGS) market encompasses technologies, products, and services for high-throughput DNA and RNA sequencing. This dynamic industry drives advancements in genomics, personalized medicine, and diverse scientific applications, playing a crucial role in life sciences and biotechnology. Factors driving the growth of this market include research initiatives, expanding applications, and the integration of genomics into global healthcare and research practices.
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Important Insights
- Projections suggest a substantial surge, within the global next-generation sequencing market is expected to show noteworthy growth by reaching USD 92.2 billion by 2033 at a CAGR of 23.8%, commencing from its 2024 base value of USD 10.8 billion.
- Targeted sequencing and resequencing technologies is projected to hold a dominant position in this segment based on technology as they hold a 74.7% market share in 2024. Their cost efficiency and specificity facilitate focused genomic analysis, making genomics accessible and precise.
- Consumables are anticipated to command 68.0% market share in 2024, dominate the NGS segment, crucial for sample preparation. Frequent replenishment in high-throughput labs ensures a steady revenue stream.
- North America, especially the United States, is projected to command a significant 50.8% of the global NGS market in 2024, driven by a robust biomedical research ecosystem.
- Asia-Pacific is experiencing notable growth in the global next-generation sequencing market. As the technology matures globally, market dynamics may evolve, and Asia's demonstrated growth potential suggests increased adoption, positioning the region as a significant player in the expanding next-generation sequencing market.
Latest Trends
- Continuous technological progress plays a vital role, as innovations in sequencing platforms, sample preparation kits, and data analysis tools drive accuracy, speed, and cost-effectiveness in the genomics landscape.
- Expanding applications drive the NGS market's growth, encompassing genomics research, clinical diagnostics, and various industries, emphasizing their role in continuous technological progress.
- The growing integration of genomics into global healthcare and research practices significantly contributes to the expansion of the global next-generation sequencing market.
Next Generation Sequencing Market: Competitive Landscape
- The global next-generation sequencing market, led by major players like Illumina, Thermo Fisher Scientific, and Oxford Nanopore, is marked by innovation, collaborations, and acquisitions. Notable contributions include Illumina's NovaSeq, Thermo Fisher's Ion Torrent, PacBio's Sequel II, and Oxford Nanopore's MinION.
- Prominent companies drive the market through continuous innovation, strategic collaborations, and acquisitions, demonstrating a commitment to advancing sequencing technologies, reducing costs, and expanding applications in clinical diagnostics and personalized medicine.
- These leading companies have played pivotal roles in shaping the industry, providing a range of platforms and solutions that are widely utilized in research, clinical diagnostics, and genomics services, contributing to the overall growth and advancement of the next-generation sequencing market.
Some of the prominent market players:
- BGI Group
- Hoffmann-La Roche AG
- Pacific Biosciences of California Inc.
- Thermo Fisher Scientific Inc.
- Agilent Technologies Inc.
- Precigen Inc.
- Illumina Inc.
- Qiagen N.V.
- PerkinElmer Inc.
- PierianDx Inc.
- Other Key Players
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Next Generation Sequencing Market Scope
| Report Highlights | Details |
| Market Size (2024) | USD 13.5 Bn |
| Forecast Value (2033) | USD 92.2 Bn |
| CAGR (2024-2033) | 23.8% |
| Leading Region in terms of Revenue Share | North America |
| Percentage of Revenue Share by Leading Region | 50.8% |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2024 – 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Technology, By Product, By Application, By End User |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Regional Analysis
North America, led by the U.S., dominates the global NGS market with a 50.8% share in 2023, driven by a robust biomedical research ecosystem and high NGS adoption in healthcare. Key players, like Illumina and Thermo Fisher, contribute to innovation. Government initiatives and collaborations solidify North America's leadership, though global dynamics may shift over time, acknowledging progress in Europe and Asia-Pacific.
By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
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Market Analysis
In the context of technology, Targeted sequencing and resequencing technologies is projected to dominate the next-generation sequencing (NGS) market with a 74.7% share in 2024. Known for cost efficiency and application specificity, they facilitate focused genomic analysis, reducing overall costs and enhancing accessibility, especially in projects with budget constraints. The depth of coverage achieved is pivotal for accurate results, making targeted sequencing crucial in fields like cancer genomics and clinical diagnostics, where precision is paramount for identifying disease-causing mutations and guiding personalized treatment decisions.
Based on products, Consumables is anticipated to dominate the NGS market with a 68.0% share in 2024, driven by their essential role in sample preparation and target enrichment. DNA and RNA extraction kits, library preparation kits, and reagents are crucial for high-quality genetic data. With diverse products offering customization, consumables ensure flexibility in NGS workflows. Their lower per-unit cost and consistent demand create a steady revenue stream, emphasizing their pivotal and evolving role in genomics.
Next Generation Sequencing Market Segmentation
By Technology
- Targeted Sequencing & Resequencing
- DNA-based
- RNA-based
- Whole Genome Sequencing
- Others
By Product
- Consumables
- Sample Preparation
- Target Enrichment
- Others
- Platform
- Sequencing
- Data Analysis
By Application
- Oncology
- Diagnostics and Screening
- Oncology Screening
- Sporadic Cancer
- Inherited Cancer
- Companion Diagnostics
- Other Diagnostics
- Oncology Screening
- Research Studies
- Diagnostics and Screening
- Clinical Investigation
- Infectious Diseases
- Inherited Diseases
- Idiopathic Diseases
- Others
- Reproductive Health
- NIPT
- Aneuploidy
- Microdeletions
- PGT
- Newborn Genetic Screening
- Single Gene Analysis
- NIPT
- Immune System Monitoring
- Metagenomics, Epidemiology & Drug Development
- Agrigenomics & Forensics
- Consumer Genomics
By End User
- Academic Research
- Clinical Research
- Hospitals & Clinics
- Pharma & Biotech Entities
- Others
Growth Drivers
- Accessibility initiatives, aiming to reduce the overall cost of NGS procedures, including sequencing and data analysis, enhance technology accessibility, and foster widespread adoption in healthcare and research practices.
- The next-generation sequencing market's expansion is propelled by a growing focus on precision medicine and personalized treatment, aligning with evolving trends in healthcare and biotechnology.
Restraints
- High Initial Investment and Technical Challenges: This framework’s expensive cost in acquiring NGS instruments and infrastructure, the absence of well-trained specialists, is a challenge that affects small to medium-sized laboratories.
- Regulatory and Ethical Concerns: Legal challenges, particularly concern to patient’s privacy, discrimination, and consent attracted regulatory restraints affecting the market’s growth rates. Potential downfalls of stringent regulation are that they slow the pace of approvals and influence market circumstances.
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Growth Opportunities
- Expanding Applications in Research and Healthcare: It is important to emphasize that NGS is nowadays successfully applied in medical diagnostics, diagnostics during pregnantams, genetic newborn screening, and precision oncology, which create a solid basis for sustainable business.
- Emerging Markets and Technological Integration: The global and specifically developing countries represent a progressively interested market in NGS technologies due to the enhancement in health care facilities and genomics information. Combining of NGS with AI and ML brings improvement to applicability and productivity.
Recent Developments in the Next-Generation Sequencing Market
- January 2024: Illumina launched a new high-throughput sequencing system to reduce costs and increase accessibility for clinical research and diagnostics, boosting NGS adoption in personalized medicine and cancer research.
- February 2024: Thermo Fisher Scientific introduced new NGS analysis software to streamline data interpretation and integration into clinical workflows, addressing data complexity and improving genetic testing accuracy.
- March 2024: Qiagen partnered with Helix to advance companion diagnostics for hereditary diseases by integrating Qiagen's QIAseq NGS technology with Helix’s population genomics expertise, enhancing precise diagnostic tool development.
- March 2023:SOPHiA GENETICS partners with Qiagen, integrating QIAseq reagents and DDM platform to enhance NGS-based tumor analysis, likely aiming for improved diagnostic accuracy and efficiency.
- January 2023:QIAGEN partners with Helix, a California-based genomics leader, to advance next-generation sequencing companion diagnostics, focusing on hereditary diseases.
- September 2022:Illumina launches NovaSeq X Series, featuring NovaSeq X and NovaSeq X Plus, production-scale sequencers with faster, more powerful, and sustainable large-scale genomic sequencing capabilities.
- March 2022:Thermo Fisher Scientific launched the CE-IVD-marked Ion Torrent Genexus Dx Integrated Sequencer, an automated NGS platform delivering results in a day, significantly expediting diagnostic processes and enhancing efficiency in healthcare.
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