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Market Overview
Next Generation Sequencing Market Size was valued at USD 9.46 billion in 2021 and is projected to grow from USD 11.23 Billion in 2022 to USD 44.24 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 18.70% during the forecast period (2022 – 2030).
Competitive Analysis
The key players of the market are Becton Eurofins Scientific (US), Illumina, Inc. (US), Genome Life Sciences (India), GenScript (US), Thermo Fisher Scientific, Inc. (US), Qiagen (Germany), PerkinElmer, Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), Pacific Biosciences of California, Inc. (US), Xcelris Genomics (India), and Others
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Market Dynamics
Next-generation sequencing (NGS) has made great strides in the past few years, both in the lab and the clinic. Oncology, clinical investigation, reproductive health, human leukocyte antigen typing or immune system monitoring, metagenomics, epidemiology, drug discovery, agrigenomics, forensics, and consumer genomics are just a few of the many fields that benefit from NGS.
The next-gen sequencing market is driven because of the proliferation of genetic testing, the rising need for cancer analysis, and the expansion of service providers. Clinical laboratories are increasingly using NGS for assessment, testing, and disease diagnosis. The field of pharmacogenomics has made substantial use of NGS to hasten the process of creating new medicines. To further research and identify better ways to detect and cure illnesses, especially uncommon ones, government agencies are sequencing millions of genomes.
Furthermore, significant market development potential is expected to emerge as a result of expanded payment coverage and active government backing for such diagnostic tests. Over the forecast time frame, the market is expected to develop because of factors such as the introduction of expensive genomics projects, the expansion of research, and the increasing prevalence of chronic illnesses. Research and development in NGS technologies have achieved new heights as a result of increased worldwide funding. Increases in both NGS use and demand for genomic mapping software are driving market growth.
Market Segmentation
The next generation sequencing market segmentation, based on technology, includes whole exome sequencing targeted sequencing and resequencing, and whole genome sequencing.
The next generation sequencing market segmentation, based on workflow, includes pre-sequencing, sequencing, and data analysis.
The next generation sequencing market data has been segmented by application into oncology, clinical investigation, reproductive health, human leukocyte antigen typing or immune system monitoring, metagenomics, epidemiology and drug development, agrigenomics and forensics, consumer genomics, and others.
Based on end user, the next generation industry has been segmented into hospitals & clinics, diagnostic laboratories, pharmaceutical and biotechnology companies, and academic and research institutes.
Regional Analysis
The next-generation market in North America is predicted to grow at a CAGR of 18.15 percent throughout the period of analysis, from its 2021 level of $4.19 billion. The region’s advanced healthcare infrastructure, rising cancer rates, and growing interest in using Next Generation Sequencing for precision medicine all contribute to the region’s commanding market dominance.
Due to rising healthcare spending, increased use of genomics in medicine, and technological advances in sequencing, Europe’s next generation market is the world’s second biggest. Due to several technological and functional advancements, high-throughput sequencing, generally referred to as “next-generation” sequencing (NGS), is now integrated into standard clinical practice.
From 2022 to 2030, the Next generation market in Asia-Pacific is projected to expand at a CAGR of 20.63 percent. As the prevalence of cancer rises and the cost of sequencing technology decreases, more and more scientists are turning to next-generation sequencing for their cancer-related studies.
Browse In-depth Market Research Report (90 Pages) on Next Generation Sequencing: https://www.marketresearchfuture.com/reports/next-generation-sequencing-market-6354
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