Home > Healthcare & Medical Devices > Next Generation Sequencing Market
Next Generation Sequencing Market size was valued more than USD 5.8 billion in 2020 and is expected to witness a 21.2% CAGR from 2021 to 2027. Improving reimbursement and regulatory scenario for next generation sequencing based diagnostic tests will prove beneficial for the market growth. Favourable funding scenario for genomics research across the globe will provide lucrative growth opportunities. Development of cost-effective next generation sequencing services and products for researchers accelerates the overall market expansion. Several market players such as Thermo Fisher, Illumina and others have geared up to fight against the COVID-19 outbreak with the help of genome sequencing.
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Next generation sequencing refers to large-scale DNA sequencing tools that help in exploration of whole genome. Next-generation sequencing (NGS) also called high-throughput sequencing is used to describe various modern sequencing technologies. These technologies allow for sequencing of RNA and DNA quickly than traditionally used Sanger sequencing.
Growing R&D activities for producing therapies utilized in treatment of genetic disorders will escalate the need for next generation sequencing method over the analysis period. Increasing investments in R&D activities and rising number of studies related to treatment of genetic disorders among individuals will create a huge market demand. Governments of developed economies have launched several policies and initiated acts for encouraging scientists and researchers to find solutions for treating chronic and rare ailments.
|Market Size in 2020:||5.9 Billion (USD)|
|Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||21.2%|
|2027 Value Projection:||22.4 Billion (USD)|
|Historical Data for:||2016 to 2020|
|No. of Pages:||218|
|Tables, Charts & Figures:||359|
|Segments covered:||Product Type, Application, Type, Technology, End-use and Region|
|Pitfalls & Challenges:|
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The consumables segment dominated more than 60% of the next generation sequencing market share in 2020. Consumables have short durability, thus there is high replacement rate that upsurges the demand for consumables. Also, consumables are ordered in abundant quantity from several producers as it is proven as a cost-effective way for researchers as well as scientists that enhances the market value. Major industry manufacturers are taking numerous efforts in developing innovative consumables that will help researchers gain accurate results, augmenting the industry expansion.
The research application is anticipated to showcase around 21% growth rate till 2027. The researchers use whole genome, exome and targeted sequencing to develop medicines on several conditions such as cardiomyopathies, inherited cancer and retinitis pigmentosa impelling the market progression. Scientists have found out treatments and solutions even for the uncurable diseases with the usage of next generation sequencing techniques, creating strong demand in the market.
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The whole genome sequencing segment accounted for 27% of the next generation sequencing market share in 2020. Whole genome sequencing enables to identify, copy number of variants and has a wide range of approaches to examine and identify the impact of DNA sequence variations on human diversity, securing the market position. In addition, it captures large and small variants and identifies potential other variants for additional studies of gene expression, fuelling the market growth. Also, WGS delivers large volumes of data in a short time to help the assembly of novel genomes, surging its adoption rate.
The ion semiconductor sequencing segment exceeded USD 697 million in 2020. Ion semiconductor sequencing technology is sophisticated, quick and cost effective as compared to other DNA sequencing technologies, influencing the segment progression. Similarly, ion semiconductor sequencing has several applications in transcriptome sequencing, exome sequencing, DNA and RNA sequencing, microbial genome sequencing, gene expression profiling, and viral and bacterial typing. Thus, wide range of applications of ion semiconductor sequencing technique will surge its industry growth.
The academic institutes & research centers end-use segment held 45% of the market share in 2020. Hospitals prefer next generation sequencing techniques due to their ability to provide clinical diagnosis in less time, favouring the market expansion. Also, next generation sequencing method can be used to gather the latest data and identification of transmission linkages to prevent infections across hospital settings that will prove beneficial for the market revenue.
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North America next generation sequencing market is estimated to attain a CAGR of over 21% CAGR through 2027. Rising prevalence of cancer and genetic diseases will surge the adoption of advanced next generation sequencing instruments, fostering the market demand. Furthermore, various market leaders are focusing on developing technologically advanced next generation sequencing products that will escalate the industry value.
Some of the prominent companies operating in the market include Agilent, BGI, Illumina, Qiagen, Roche and Thermo Fisher Scientific among others. These industry leaders are undertaking various growth strategies to garner higher revenue share in the industry.
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Market, By Product Type, 2016-2027 (USD Million)
Market, By Type, 2016-2027 (USD Million)
Market, By Application, 2016-2027 (USD Million)
Market, By Technology, 2016-2027 (USD Million)
Market, By End-use, 2016-2027 (USD Million)
The above information is provided for the following regions and countries: