Next Generation Sequencing Market Size & Share 2023 to 2032
Market Size by Product (Instruments, Consumables, Services), by Application (Research, Clinical), by Type (Whole Genome Sequencing, Exome Sequencing, Targeted Sequencing), Technology, End Use & Forecast.
Report ID: GMI3247
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Published Date: April 2023
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Report Format: PDF
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Authors:
Monali Tayade, Jignesh Rawal
Next Generation Sequencing Market Size
Next Generation Sequencing Market size is anticipated to reach USD 8 billion in 2022. The industry is anticipated to grow at over 19% CAGR from 2023 to 2032 driven by favorable regulatory scenarios, especially in North America.
Next Generation Sequencing Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Rapid advancements in next-generation sequencing in developed nations are likely to stimulate business landscape. NGS is a potent instrument for a variety of applications, including medical diagnostics, personalized treatment, and scientific research, and these technical improvements are fostering the market outlook. For instance, long-read sequencing techniques offered by Oxford Nanopore and PacBio can produce reads as long as several kilobases, making it possible to sequence parts of the genome that are challenging to sequence, such as repetitive sections, structural variants, and epigenetic changes.
High cost of next generation sequencing may restrain industry progression
Even with subsidies, the price of NGS can still be quite high, especially for whole-genome sequencing (WGS) or large-scale initiatives. One of the main factors limiting market development is the cost of NGS, which relies on a number of variables, including the size of the genome being sequenced, the level of coverage required, the type of sequencing technology utilized, and the bioinformatics analysis necessary to process and interpret the data.
Next Generation Sequencing Market Analysis
Next generation sequencing market size from the consumables segment is poised to depict a 20% CAGR through the forecast period. Bulk orders from a variety of suppliers on account of it being a useful strategy for researchers and scientists are driving product adoption. Major industry participants are also focusing on developing unique consumables to support trustworthy research outcomes, which is likely to complement segment expansion.
The exome next generation sequencing market is estimated to be valued at more than USD 20 billion in revenue by 2032. Exome sequencing is gaining positive attention among academics and researchers due to its benefits including the complete coverage of coding regions and the capability to detect changes across a wide range of applications. In November 2022, a comprehensive study concluded that clinical exome sequencing is a helpful genetic test that offers quick diagnosis for adult patients with suspected genetic diseases and concludes their diagnostic journey.
In terms of application, the report states that the NGS market from the research segment is speculated to amass a revenue size of over USD 23 billion by 2032 on account of the exponential use of whole genome, exome, and targeted sequencing by researchers to develop medications for diseases including cardiomyopathies, hereditary cancer, and retinitis pigmentosa. A team of researchers discovered that panel-based next-generation sequencing led to the identification of 69 cases of pathogenic variants, assisting in early cardiomyopathy.
By technology, the next generation sequencing market from the sequencing by synthesis segment is projected to witness growth at more than 18.5% CAGR between 2023 and 2032 propelled by continuous developments in synthesis technology that allow a full human genome sequence in a matter of hours, complementing its pace of adoption. According to a January 2023 research study, synthetic DNA can be made more affordable with the use of automation and can be a feasible greener option compared to other technologies.
The next generation sequencing market from the academic institutes & research centers segment is slated to be worth USD 12 billion by 2032 due to extensive experiments carried out in laboratories to create breakthrough next-generation sequencing treatments. Next-generation sequencing techniques offer immense development potential, which aids scientists in discovering cures for illnesses that were previously incurable. In a 2022 study, researchers combined the CRISPR system with next-generation sequencing to speed up the development of personalized treatment of cancer.
The next generation sequencing market in North America is expected to reach over USD 21 billion by 2032, attributed to rising incidences of cancer and genetic disorders in the region. Furthermore, consistent efforts by market players to create technologically upgraded next-generation sequencing solutions are fueling industry progression.
Next Generation Sequencing Market Share
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The next generation sequencing market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD Million from 2018 to 2032 for the following segments:
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By Product
By Type
By Application
By Technology
By End-use
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
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Our 6-step research process
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