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A new market study, titled “Discover Global Next Generation Sequencing (NGS) Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
The Global Next-Generation Sequencing (NGS) Market has been experiencing a significant level of growth in the past few years due to the dynamic technological advancement in Next-Generation Sequencing and the rise in the application of NGS. The rapid growth in the bioinformatics field has also played a key role and acted as a catalyst to accelerate the adoption of NGS solutions to diagnose and analyze rare medical conditions in patients. In the year 2018, the Next Generation Sequencing (NGS) Market was valued at USD 8.49 billion. It is expected that the growth of the market could get intensified during the forecasted period as it would take place at the CAGR of approximately 12.78 percent.
A thorough assessment of the market has been conducted to get an insight into the various factors that could influence its growth and overall performance during the forecasted period. The main focus has been given to the competitive landscape of the Next Generation Sequencing (NGS) Market, the key market drivers, and the opportunities and risks that arise in the dynamic market environment.
The Next Generation Sequencing (NGS) Market is one of the few industries that have the potential to experience high growth during the forecasted period. Some of the key factors that could accelerate the performance of the delicate and dynamic market include the dynamic evolution of NGS platforms, the constructive changes in the regulatory as well as reimbursement setting of NGS-based diagnostics test, the initiatives by the government and private organizations for taking part in large-scale sequencing projects. It is expected that well-established organizations will design and introduce new and innovative solutions which could drive the overall market growth and performance. Even though the market is extremely attractive, several challenges arise such as inadequate availability of skilled and competent professionals and limitations relating to ethical and legal elements.
Major market segments
The Next Generation Sequencing (NGS) Market can be segmented based on the type of product, end-users, and the geographical regions where it has a presence. Some of the main products of the market include the consumer products, the platform segment, and the NSG services segment. In the year 2018, HiSeq Series captured the major market share of the Next Generation Sequencing platform. Based on regional segmentation, the key segments include North America, Europe, and the Asia Pacific. During the forecasted period, it is expected that the North America region will dominate the market and accelerate the overall growth of the industry. It has been forecasted that the Asia Pacific region will contribute almost a quarter of the global NGS revenue by the year 2025. The end-users of the market include pharmaceutical and biotechnology firms, and government research institutes. Various factors come into play and impact the performance of the different market segments.
Latest happenings in the market
The Next Generation Sequencing market is expected to bring about revolutionary changes shortly as it has the potential to combine power with flexibility. ThermoFisher Scientific is a major market player that is strengthening its technology to offer comprehensive technology-driven solutions to make NGS accurate and user-friendly.
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