A Bright Future for NGS in Saudi Arabia: Projected Market of $50 Million by 2031
In a report published by Meticulous Research® titled ‘‘Saudi Arabia Next Generation Sequencing (NGS) Market Size, Share, Forecast, & Trends Analysis by Offering, Type, Application, End User – Forecast to 2031,’ it’s projected that the Saudi Arabian NGS market will reach $50 million by 2031, growing at a CAGR of 10.1% from 2024 to 2031.
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Market Growth Drivers
The increasing prevalence of cancer, rising pharmaceutical R&D investment, and genome mapping projects are propelling the growth of the NGS market in Saudi Arabia. However, the market faces challenges from the high costs associated with NGS systems and data privacy issues.
Opportunities vs. Challenges
The market provides opportunities through the increasing adoption of NGS in healthcare and research settings, coupled with supportive government initiatives. However, the shortage of skilled professionals, issues related to data handling, and regulatory uncertainties pose challenges.
Consumables to Lead the Offering Segment
In 2024, consumables are projected to dominate the market with a 62.6% share. This includes essential items for sequencing processes like sample preparation. Among these, library preparation and target enrichment consumables are expected to lead with a 45% share, driven by their efficiency in sequencing workflows.
Targeted Genome Sequencing to Dominate
Targeted genome sequencing is expected to take the lead in the sequencing type category by 2024. It reduces unnecessary data and lowers costs compared to other sequencing methods, making it highly popular for clinical applications.
Applications: Research Takes the Lead
Research applications will account for 56.9% of the NGS market by 2024. Cancer research will be the most prominent within this segment, with a 49.4% share, due to the rising demand for personalized treatments.
End Users: Hospitals and Labs to Dominate
Hospitals and diagnostic labs are projected to be the largest end users by 2024, as NGS technology becomes increasingly accessible for clinical diagnostics. Government initiatives under Vision 2030, aiming to enhance local capabilities for genetic testing, are expected to support market growth.
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Key Players:
Some of the key players operating in Saudi Arabia NGS market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Revvity, Inc. (U.S.), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Pacific Biosciences of California, Inc. (U.S.), Danaher Corporation (U.S.), Oxford Nanopore Technologies Plc. (U.K.), Beijing Genomics Institute (BGI) (China), Bio-Rad Laboratories, Inc. (U.S.), and 10x Genomics, Inc. (U.S.).
Key Questions Answered in the Report-
- What is the value of revenue generated by the sale of NGS instruments, consumables, and software’s in Saudi Arabia?
- At what rate is the demand for NGS offerings projected to grow for the next five to seven years?
- What is the historical market size and growth rate for Saudi Arabia NGS market?
- What are the major factors impacting the growth of Saudi Arabia NGS market?
- What are the major opportunities for existing players and new entrants in the market?
- Which offering and end user segments create major traction for the manufacturers in this market?
- What are the key trends in this market?
- Who are the major players in Saudi Arabia NGS market? What are their specific product offerings in this market?
- What recent developments have taken place in Saudi Arabia NGS market? What impact have these strategic developments created on the market?
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