July 20, 2024

Next Generation Sequencing Market, Market Overview, Market Key Trends, Key Takeaways

Market Overview:

NGS technologies have revolutionized the field of genomics by enabling high-throughput sequencing of DNA and RNA. These advanced sequencing platforms offer several advantages, including faster speed, greater accuracy, and decreased cost per base pair, compared to traditional Sanger sequencing methods. NGS products find extensive application in genomics research, clinical diagnostics, and drug discovery. The need for precise and personalized genomic information is driving the demand for NGS technologies, as they allow for the identification and understanding of genetic variations associated with various diseases.

Market Key Trends:

One of the key trends observed in the NGS market is the increasing adoption of NGS in oncology research and diagnostics. With the growing prevalence of cancer worldwide, there is a rising demand for precise and targeted therapies. NGS plays a crucial role in identifying genetic mutations and alterations associated with different types of cancers. This technology allows for the comprehensive profiling of cancer genomes, enabling personalized treatment approaches and the development of targeted therapies. Additionally, NGS facilitates the detection of minimal residual disease, monitoring treatment response, and predicting relapse in cancer patients. The integration of NGS with other omics technologies, such as proteomics and transcriptomics, further enhances its utility in cancer research. As a result, the oncology segment is expected to contribute significantly to the growth of the NGS market in the coming years.

Segment Analysis

Next Generation Sequencing Market:

The Next Generation Sequencing (NGS) market can be segmented by technology, application, end user, and region.

By technology, the market is dominated by the sequencing by synthesis (SBS) segment. This is due to the widespread adoption of SBS technology in NGS platforms, which offers high accuracy, reproducibility, and scalability. The SBS segment is expected to maintain its dominance in the market over the forecast period.

In terms of application, the diagnostics segment is expected to witness high growth. This can be attributed to the increasing demand for NGS-based tests in clinical diagnostics for the identification and detection of genetic disorders, cancer, and infectious diseases. The diagnostics segment is likely to be the dominating sub-segment within the NGS market.

Among end users, the academic research institutes segment is expected to hold a significant share in the market. This is mainly due to the rising number of research activities in genomics and the increasing collaborations between academic institutions and pharmaceutical companies for NGS-based research. Academic research institutes are expected to be the dominant end user in the NGS market.

Key Takeaways:

The Global Next Generation Sequencing Market Demand is expected to witness high growth, exhibiting a compound annual growth rate (CAGR) of 18.3% over the forecast period of 2023-2030. This growth can be attributed to several factors. Firstly, the increasing adoption of NGS technologies for precision medicine and personalized healthcare is driving the market growth. NGS enables the sequencing of an individual’s entire genome, allowing for the identification of genetic variations and better diagnosis and treatment of diseases. Additionally, the decreasing cost of sequencing and the advancements in NGS platforms are further fueling the market growth.

In terms of regional analysis, North America is anticipated to be the fastest growing and dominating region in the NGS market. This can be attributed to the presence of major players in the region, favorable government initiatives supporting genomics research, and the high adoption rate of NGS technologies in clinical diagnostics. Additionally, Asia Pacific is also expected to witness significant growth due to the increasing focus on precision medicine and improving healthcare infrastructure in emerging economies.

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 companies are investing in research and development activities, collaborations, and strategic partnerships to enhance their product portfolios and gain a competitive edge in the market.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it