Next Generation Sequencing is Estimated to Witness High Growth Owing to Rising Demand for Genome Sequencing
Next generation sequencing is a technology used for DNA sequencing that is able to sequence genomes at much higher throughput and lower cost compared to traditional Sanger sequencing. It enables the sequencing of genomes, exomes and transcriptomes at a rapid pace and scale. The technology enables analyzing genetic variations such as single-nucleotide variants and structural variants involved in human diseases. Various applications of next generation sequencing includes targeted sequencing, whole genome sequencing, whole exome sequencing, RNA sequencing, CHIP-sequencing, methylation sequencing and de novo sequencing.
The global next generation sequencing market is estimated to be valued at US$ 678.13 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Market Dynamics:
Rising demand for genome sequencing is one of the key drivers of this market. With reducing sequencing costs, adoption of genome sequencing is increasing for a variety of applications such as reproductive health, oncology, cardiovascular diseases, and agriculture. Furthermore, growing incidence of cancer and availability of funding for research activities related to cancer diagnosis and treatment is also fueling the adoption of NGS technology. Development of enhanced NGS platforms by key players with upgraded capabilities such as higher throughput, rapid sequencing and lower input DNA requirement are further supporting the growth of this market.
SWOT Analysis
Strength: Next Generation Sequencing technology allows sequencing of whole genomes rapidly at lower costs compared to traditional sequencing methods. It has revolutionized biological research by enabling applications like disease research, genetic screening and personalized medicine. It possesses high accuracy and speed of sequencing which is fueling its adoption across various industries. The reduced cost of sequencing has made it affordable for wider applications.
Weakness: Despite growth opportunities, NGS still has certain limitations. Data analysis and storage of large sequencing data generated requires supercomputing capabilities which are often unavailable to small research organizations and developing regions. Standardization of protocols and data analysis still remains a challenge. Interpretation of large sequencing data also requires trained professionals which are limited in supply.
Opportunity: Growing genomic research activities, increasing focus on precision medicine and companion diagnostics will drive opportunities. Areas like non-invasive prenatal testing, cancer monitoring and infectious disease outbreak management offer new application scopes. The agricultural sector is also increasingly adopting NGS for plant and animal genome analysis. Development of third generation single molecule sequencing technology promises further reduction in costs.
Threats: Stringent regulations for clinical applications and data privacy can negatively impact the market. Ethical issues around uses like embryonic genome editing and reproductive cloning pose threats. Dependence on few technology giants for workflow solutions and lack of interoperability are challenges. Slow translation of research into clinical products and services delays commercialization.
Key Takeaways
The global Next Generation Sequencing market size is expected to witness high growth over the forecast period. The global Next Generation Sequencing Market is estimated to be valued at US$ 678.13 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
North America currently dominates the market due to presence of majority key players and extensive genomic research activities in the region. Asia Pacific is expected to grow at the fastest pace owing to rising healthcare investments, increasing research funding and expansion of key market players in the region. The U.S. contributes significantly owing to ongoing initiatives like Cancer Moonshot 2020 and All of Us Precision Medicine Initiative.
Key players related content comprises
Key players operating in the Next Generation Sequencing market are Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., Cronos Group, Hexo Corp., Organigram Holdings Inc., Curaleaf Holdings, Inc., Cresco Labs, Green Thumb Industries. Key players are focused on expanding product portfolios through mergers, acquisitions and strategic collaborations. They are also investing in development of advanced workflow solutions and third generation sequencing technologies to strengthen market position.
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