Jan 16, 2020 1:27 AM ET
Next Generation Sequencing Market is Estimated to Grow at CAGR of 17.25% During 2019–2025
iCrowd Newswire -
Jan 16, 2020
The global Next Generation Sequencing market is estimated to grow at a CAGR of 17.25% during the forecast period 2019–2025. The market is projected to grow from $4,570Mn in 2018 to $13,714Mn by 2025. Next Generation Sequencing (NGS) is a mixture of techniques used in diagnosing and treating various diseases. Next-generation sequencing (NGS) is emerging as a valuable method for obtaining a deeper and more accurate look into the molecular underpinnings of individual tumors.
- In the coming years, growing interest in the Next Generation Sequencing by Healthcare industry and Medical technology firms is anticipated to drive development in the Next Generation Sequencing industry.
- Key sustainability strategies such as mergers or acquisitions, product and service launch are being adopted by the market players to ensure the growth of Next Generation Sequencing market.
- Asia-pacific is estimated to record the fastest CAGR during the forecast period for New Generation Sequencing Market.
By Sequence Type – Segment Analysis
In 2018, Whole Genome Sequencing segment dominated the NGS market in terms of revenue. Its popularity can be attributed to the fact that it allows researchers to sequence genes and genomes, and allow them to look for mutations which cause diseases at a faster pace than traditional testing methods.
By Product Type – Segment Analysis
Services Segment is estimated to dominate the NGS Market in 2018 in terms of revenue. It accounted for a significant share in 2018. This market is projected to grow owing to the increasing use of NGS software and services for sequencing procedures in the healthcare field.
End User – Segment Analysis
In End user segment, Clinical Diagnostic Laboratories featured to show the largest growth among others. This is attributed to substantial growth in the number of research and diagnostic laboratories all round the world. Hospitals and Healthcare Institutions are also an aiding factor for the NGS Market.
By Application – Segment Analysis
The Diagnostics/Infectious Diseases segment displayed the largest share of the overall NGS market in 2018, and it is forecast to grow the fastest, at a CAGR of 9.32% during the period under consideration. The application of NGS technology in Diagnostics/Infectious Diseases is due to the growing cancer incidence and increased prevalence of genetic disorders in children. NGS technology helps to obtain better conclusions in medical diagnostic procedures.
Geography – Segment Analysis
In 2018, the North America region occupied 54% of the global Next Generation Sequencing market in terms of revenue. North America Next Generation Sequencing market is mainly attributed to the increasing technological developments in the countries, which has allowed growth in medical technology. The clinical use of this technology plays a significant part in shaping the healthcare industry and provides much precise, efficient, and safer alternatives to disease management which is driving the market as incidence. However, the Asia-pacific region is estimated to record the fastest growth rate during the forecast period.
Drivers – Next Generation Sequencing Market
- High Investments In The Sector
The new investments in the field by various companies have spun-up the growth of the NGS Market. The main reason firms invest in the technology is due to its high accuracy rates and capability to accurately spot the infected organs. As investment increases, advancements in the field also tend to grow aiding the growth of the market.
- Rising Application of Next Generation Sequencing
NGS is expected to have various applications in the healthcare and medical technology market. The growth and dominance of new generation sequencing technology has caused a shift in the framework of scientific research, opening the doors to a new era of oncology research and diagnostics, as well as requiring scientists with stronger molecular knowledge alongside computational skills to carryout complex researches.
Challenges – Next Generation Sequencing Market
- High setup costs for laboratories.
Diagnostic laboratories would have to invest enormous sums for the procurement and setting up of the equipment, software and consumables required for NGS. This often discourages small scale laboratories to adopt the new technology and forces then to continue using the traditional methods of identifying diseases.
Strategic partnerships and acquisitions along with product development and service launches are the key strategies of the players in the Next Generation Sequencing market. Some Key players in the market include, PierianDx, Saphetor, Macrogen Inc, Illumina Inc, GATC Biotech AG, F. Hoffmann-La Roche Ltd, DNASTAR Inc., Agilent , Technologies, Thermo Fisher Scientific Inc., Qiagen, PerkinElmer Inc and others.
Next Generation Sequencing Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Next Generation Sequencing market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the Sequence Type, Product Type, End User, Application & Geography.
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