Next Generation Sequencing Market to Reach US$ 12,870.5 Million by...

Next Generation Sequencing Market to Reach US$ 12,870.5 Million by 2023

Posted 2023-10-09 13:09:20

Market Overview:
The global Next Generation Sequencing (NGS) Market is estimated to be valued at US$ 12,870.5 million in 2023 and is expected to exhibit a CAGR of 18.3% over the forecast period 2022-2030. Next Generation Sequencing is an advanced technology that enables the sequencing of millions of DNA molecules simultaneously, offering faster and cost-effective results compared to traditional methods. The advantages of NGS include its ability to analyze multiple genetic variations, identify disease-causing mutations, and provide personalized medicine options. With the increasing prevalence of chronic diseases, the need for accurate and rapid diagnostic techniques has driven the adoption of NGS technology in healthcare settings.

Market key trends:
One key trend in the Next Generation Sequencing market is the increasing adoption of NGS in precision medicine. Precision medicine aims to tailor medical treatments to an individual's genetic makeup, enabling more accurate diagnosis, prognosis, and targeted therapies. Next Generation Sequencing plays a crucial role in precision medicine by providing comprehensive profiling of an individual's DNA, enabling the identification of genetic mutations, and guiding personalized treatment decisions. The adoption of NGS in precision medicine is expected to accelerate further as healthcare providers and researchers recognize the potential to improve patient outcomes and optimize treatment plans. This trend is fueled by advancements in NGS technologies, reduced costs, and the growing availability of genomic data repositories for research purposes. In conclusion, the Next Generation Sequencing market is witnessing steady growth primarily due to the increased demand for precision medicine solutions.

Segment Analysis:
The Next Generation Sequencing market can be segmented based on technology, application, end user, and region.

Based on technology, the dominating segment in the Next Generation Sequencing market is the sequencing by synthesis (SBS) segment. SBS is a widely used technology that enables high-throughput sequencing by detecting the nucleotide incorporation in the synthesized DNA strands. This segment dominates the market due to its high accuracy, cost-effectiveness, and faster turnaround time compared to other sequencing technologies. Additionally, the SBS segment is witnessing advancements in terms of next-gen sequencers, which further contribute to its dominance in the market.

Key Takeaways:

The Global Next Generation Sequencing Market Demand is expected to witness high growth, exhibiting a CAGR of 18.3% over the forecast period of 2022-2030. This growth is primarily driven by the increasing demand for personalized medicine, rising prevalence of genetic diseases, and advancements in sequencing technologies.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Next Generation Sequencing market. This can be attributed to the presence of a well-established healthcare infrastructure, significant investments in genomics research, and the availability of advanced sequencing technologies. Furthermore, increasing government initiatives and funding for genomics research and precision medicine in countries like the United States contribute to the growth of the market in this region.

Key players operating in the Next Generation Sequencing market include 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. These key players focus on strategies such as collaborations, partnerships, product launches, and acquisitions to expand their market presence and gain a competitive edge in the Next Generation Sequencing market.