Next Generation Sequencing Market Estimated to Witness High Growth Owing to Rising Demand for Personalized Medicine
The Next Generation Sequencing market is estimated to be valued at US$ 588.65 Bn 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 (NGS) enables simultaneous sequencing of millions of DNA molecules and allows researchers to sequence full genomes. NGS has applications in DNA sequencing, RNA sequencing, chromatin analysis and other areas of life sciences research. It enables precision medicine by allowing fast, cheap and comprehensive analyses of patient DNA which enables personalized treatment plans. NGS is used for disease research, agricultural sciences, cancer research and other areas.
Market Dynamics:
Advancements in sequencing technologies are a key driver of market growth. Ongoing R&D has made sequencing cheaper, faster and more accurate. For example, instruments now allow fast and affordable whole genome sequencing. This has increased uptake of NGS across healthcare, research and industrial applications.
Rising demand for personalized medicine is also fueling market growth. NGS enables comprehensive genetic profiling of patients which allows selection of precise therapies based on individual genetic makeup. It improves treatment outcomes while reducing trial and error associated with conventional medicine. Biopharma companies are utilizing NGS extensively in drug discovery and development which expands market opportunities.
However, data storage, management and analysis remain challenges due to the huge volumes of data generated. Lack of skilled workforce and high costs also limit the technology’s adoption in some settings. Additionally, strict regulations around genetic data handling can hamper market prospects. Nonetheless, the market is projected for strong growth over the forecast period.
SWOT Analysis
Strength: Next Generation Sequencing has high accuracy and speed. NGS allows DNA sequencing of entire genomes within a single run. It can analyze massive amounts of DNA and RNA more quickly and cheaply than previous methods.
Weakness: NGS requires complex computational processes and large storage capabilities to analyze large amounts of sequencing data. It also has high capital investments and running costs. Data analysis requires specialized bioinformatics tools and expertise.
Opportunity: The technology is finding numerous clinical applications in cancer research, genetic testing and clinical diagnostics. It is expected to drive major innovations in healthcare. The reduced costs are also improving accessibility.
Threats: Ethical issues around data handling and privacy need oversight. Intellectual property rights over genomic data are still evolving. Developing economies may find costs prohibitive limiting widespread adoption.
Key Takeaways
The global Next Generation Sequencing Market Share is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing applications in clinical diagnostics, cancer research and agriculture. The current market size for 2023 is estimated at US$ 588.65 Bn.
Regional analysis - North America dominates currently due to strong government funding and private investments. Asia Pacific is expected to grow the fastest due to increasing research activities, healthcare spending and expansion of leading market players in the region.
Key players - Key players operating in the Next Generation Sequencing market 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. Illumina dominates currently with over 50% market share due to wide product portfolio and geographic presence. However, others are launching new platforms to compete effectively.
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