Pune, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Next Generation Sequencing Market Size & Growth Analysis:
According to SNS Insider, The Next Generation Sequencing Market, valued at USD 8.3 billion in 2023, is projected to reach USD 50 billion by 2032, growing at an impressive CAGR of 22 % during the forecast period of 2024-2032. This growth is driven by technological innovations, increasing adoption of NGS in fields like oncology, genomics, and personalized medicine, and a rising demand for advanced diagnostic and research tools.
Market Overview
The Next Generation Sequencing (NGS) market is undergoing substantial expansion, spurred by advancements in sequencing technologies and a growing demand for comprehensive genomic analysis. The market's growth is largely attributed to the increasing prevalence of genetic disorders and cancer, which drive the need for sophisticated diagnostic tools for early detection and personalized treatment.
Technological innovations, such as the development of more accurate and cost-effective sequencing platforms, are significantly supporting market growth. The market benefits from a robust supply chain, with advancements in both hardware and software enhancing efficiency and reducing costs. Ongoing investments by research institutions and pharmaceutical companies in NGS technologies are expected to further propel market growth.
Get a Sample Report of Next Generation Sequencing Market@ https://www.snsinsider.com/sample-request/3720
Key Next Generation Sequencing Market Players:
- Illumina
- F. Hoffman-La Roche Ltd.
- QIAGEN
- Thermo Fisher Scientific, Inc.
- Bio-Rad Laboratories, Inc.
- Oxford Nanopore Technologies
- PierianDx
- Genomatix GmbH
- DNASTAR, Inc.
- Perkin Elmer, Inc.
- Eurofins GATC Biotech GmbH
- BGI
Next Generation Sequencing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 8.3 Billion |
| Market Size by 2032 | US$ 50 Billion |
| CAGR | CAGR of 22% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Next Generation Sequencing Market Key Segmentation:
By Product
- Consumables
- Platforms
By Technology
- WGS
- Whole Exome Sequencing
- Targeted Sequencing & Resequencing
By Workflow
- Pre-Sequencing
- Sequencing
- NGS Data Analysis
By Application
- Oncology
- Clinical Investigation
- Reproductive Health
- HLA Typing/Immune System Monitoring
- Metagenomics
- Epidemiology & Drug Development
- Agrigenomics & Forensics
By End User
- Academic Research
- Clinical Research, Hospitals & Clinics
- Pharma & Biotech Entities
- Other Users
Do you have any specific queries or need any customization research on Next Generation Sequencing Market, Enquire Now@ https://www.snsinsider.com/enquiry/3720
Segment Analysis
By Product: In 2023, the consumables segment led the Next Generation Sequencing (NGS) market, holding a substantial 74.7% share. This dominance is due to the frequent use of consumables, such as target enrichment and sample preparation kits, which are essential for both research and commercial applications.
By Technology: In 2023, the targeted sequencing & resequencing segment commanded the NGS market with a 73.1% share and is projected to be the fastest-growing segment throughout the forecast period. The increasing popularity of whole genome sequencing (WGS) has driven the demand for targeted sequencing, which focuses on specific gene sites within large genomic datasets.
By Workflow: The sequencing segment held the highest market share in 2023, driven by its pivotal role in NGS workflows. Sequencing is critical for precise liquid measurements and automating tasks such as tube and microplate management, streamlining research processes. The NGS data analysis segment is expected to grow the fastest, with a forecasted CAGR of 22.89%.
By Application: The oncology segment led the NGS market in 2023, with a 27.8% share, and is emerging as one of the fastest-growing segments. This dominance is due to the extensive use of NGS for DNA and RNA sequencing, epigenetics studies, and analyzing chromosomal abnormalities, which account for over 75% of global sequencing data. The rising prevalence of cancer drives the need for advanced technologies like NGS for understanding molecular mechanisms and supporting precision medicine.
By End User: The academic research segment dominated the NGS market in 2023 with a significant 53.7% share. This is attributed to the widespread adoption of NGS technologies in universities and research institutions for genomic studies. The growing availability of scholarships for PhD research focused on NGS is expected to drive demand for NGS products and services.
Regional Analysis
North America: In 2023, North America was the leading region in the Next Generation Sequencing (NGS) market, accounting for a substantial share. The region's dominance is due to the presence of major technology companies, robust healthcare infrastructure, and high investment in R&D activities.
Asia Pacific: The Asia Pacific region is anticipated to exhibit rapid growth in the NGS market, driven by increasing investments in healthcare infrastructure and expanding research activities. Countries like China and India are emerging as key players with significant advancements in genomic research and technology. The region's growth is supported by rising healthcare expenditures, government initiatives, and the establishment of research centers focused on genomics.
Recent Developments
- In February 2024, Integrated DNA Technologies (IDT) and Element Biosciences, Inc. formed a partnership to enhance and streamline Next Generation sequencing (NGS) workflows.
- In January 2023, QIAGEN announced a strategic collaboration with Helix, a leading population genomics firm based in California, aimed at advancing NGS-based companion diagnostics for hereditary diseases.
Key Takeaways
- The Next Generation Sequencing market is set for significant growth, driven by technological advancements and increasing adoption in various applications.
- Consumables and targeted sequencing are dominant segments, highlighting their critical role in NGS technologies.
- North America leads the market, while Asia Pacific is emerging as a rapidly growing region due to expanding research and healthcare infrastructure.
- Recent developments emphasize continued innovation and strategic partnerships in the NGS sector, enhancing capabilities and expanding applications.
Buy a Single-User PDF of Next Generation Sequencing Market Analysis & Outlook Report 2024-2032@ https://www.snsinsider.com/checkout/3720
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Incidence and Prevalence (2023)
- Prescription Trends, (2023), by Region
- Device Volume, by Region (2020-2032)
- Healthcare Spending, by Region, (Government, Commercial, Private, Out-of-Pocket), 2023
6. Competitive Landscape
7. Next Generation Sequencing Market Segmentation, by Product
8. Next Generation Sequencing Market Segmentation, by Technology
9. Next Generation Sequencing Market Segmentation, by Workflow
10. Next Generation Sequencing Market Segmentation, by Application
11. Next Generation Sequencing Market Segmentation, by End User
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
Access Complete Report Details of Next Generation Sequencing Market Outlook 2024-2032@ https://www.snsinsider.com/reports/next-generation-sequencing-market-3720
[For more information or need any customization research mail us at info@snsinsider.com]
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
