by The global Next Generation Sequencing Market is estimated to be valued at US$ 588.65 Bn or Billion in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Next Generation Sequencing enables sequencing of DNA and whole genomes rapidly and cost effectively. NGS helps understand DNA at a deeper level and enables discovering new applications in healthcare, agriculture and more.
Market key trends:
Next Generation Sequencing is witnessing rising adoption in clinical applications due to increasing application in precision medicine and non-invasive prenatal testing. The decline in sequencing costs and improvements in workflow efficiencies have increased the use of NGS in clinical settings. NGS allows rapid and versatile sequencing analysis helping doctors provide personalized treatment based on individual patient’s genetic content. Technological advancements expanding sequencing throughput while reducing costs are expected to further drive the growth of clinical NGS over the forecast period.
Market Key Trends:
The Next Generation Sequencing market is witnessing a strong trend of increasing adoption of NGS platforms for whole genome sequencing and gene panel sequencing. The reduced cost of sequencing has led to wider application of NGS in clinical diagnosis and precision medicine. Moreover, technological advancements such as longer read lengths, higher throughput and prompt data analysis are supporting the use of NGS in complex genome analysis.
SWOT Analysis:
Strengths: Reduced cost of sequencing per genome. Higher accuracy and throughput of NGS platforms.
Weaknesses: Requirement of extensive data storage solutions and high computational skills for data analysis. regulatory challenges for clinical use.
Opportunities: Growing application areas in oncology, infectious disease research and agricultural sciences. Increased adoption in low-and middle-income countries.
Threats: Increased competition from local players in Asia. Intellectual property risks associated with genomic data.
Key Takeaways
The global Next Generation Sequencing Market Share is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing demand for personalized medicine and whole genome sequencing in healthcare.
Regionally, North America dominated the global NGS market in 2023. However, Asia Pacific is expected to witness the highest growth during the forecast period driven by increasing R&D investment and favorable government policies in countries such as China and India.
Key players operating in the Next Generation Sequencing are Thermo Fisher Scientific Inc., Agilent Technologies, Inc, bioMérieux SA, F. Hoffmann-La Roche Ltd , QIAGEN, Illumina, Inc., Oxford Nanopore Technologies plc., BGI, PerkinElmer Genomics, and Pierian. This fragmented market is witnessing ongoing consolidation as large players are acquiring emerging companies to expand their NGS product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
