Next Generation Sequencing Market worth over $22bn by 2027

Next Generation Sequencing (NGS) Market size is set to surpass USD 22 billion by 2027; according to a new research report by Global Market Insights, Inc.
 

Increasing research and development activities in developed as well as developing economies along with technological advancements in next generation sequencing will augment the market growth during the forecast timeline. Moreover, the growing utilization of next generation sequencing techniques for drug discovery and development in biopharmaceutical companies will further accelerate the market expansion.

 

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Increasing technological advancements in next generation sequencing in developed countries

There have been significant advancements in the field of next generation sequencing in last decade. Next generation sequencing is an exciting branch of science which has opened doors to various opportunities in applications such as drug target identification, personalized therapy, pharmacogenomics, biopharmaceutics, and biomarker discovery among others. Next generation sequencing continues to develop and will foster substantial business growth over the coming years. NGS enables identification of novel candidate genes and in-depth modification of genes that leads to better interpretation of diseases. Its applications in identification of several non-communicable diseases including cancer will positively impact the adoption of the technology and ultimately boost the market revenue. Researchers and scientist across the world are relentlessly working to exploit the benefits of NGS technology with an aim to develop alternative medicines and personalized medicine for better disease management and better outcomes. In developed regions such as North America and Europe, number of companies are involved in the development of NGS technology. Some of these companies are Illumina, Thermo Fisher Scientific, Agilent Technologies, and Qiagen among others. Rising involvement of industry participants in development of NGS technology will propel the market value in the coming years.
 

Growing R&D activities in next generation sequencing will create significant demand for NGS instruments

NGS Market

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Instruments segment in the next generation sequencing market is projected to witness 20% growth rate till 2027. With the advancement in NGS instruments, researchers are now equipped with technology which enables them to analyze small as well as large genome sequences with faster rate and better accuracy. For instance, HiSeq, Nextseq, and GAIIx by Illumina are well suited for analyzing large plant or animal genome, whereas Ion PGM system by Thermo Fisher Scientific is ideal for analyzing amplicons and small genome sequences. With increasing R&D activities in next generation sequencing space, the demand for NGS instruments is likely to rise that will impel the industry growth.
 

Rising acceptance of NGS technology for disease diagnosis will create significant growth opportunities in clinical applications

Next generation sequencing market for clinical applications segment accounted for USD 2 billion in 2020. The use of NGS is clinical applications such as target identification and disease diagnosis has proved to be highly effective in recent few years. NGS provides high accuracy and sensitivity which helps in detecting minutest variations in the gene. Development of novel NGS based diagnostic methods in molecular diagnostics, ability to analyzed large genome sequences with precision, cost effectiveness of the NGS technology is likely to have positive impact on the growth of market.
 

Browse key industry insights spread across 218 pages with 348 market data tables & 11 figures & charts from the report, “Next Generation Sequencing  (NGS) Market Size By Product Type (Instruments, Consumables, Services), By Application (Research Application, Clinical Application {Cardiovascular, Reproductive Health, Cancer, Infectious Diseases}), By Type (Whole Genome Sequencing, Exome Sequencing, Targeted Sequencing), By Technology (Sequencing by Synthesis, Ion Semiconductor Sequencing), By End-use (Academic Institutes & Research Centers, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/next-generation-sequencing-market
 

Increasing applications of exome sequencing in research will propel the NGS market growth

The exome sequencing segment is anticipated to observe more than 21% CAGR through 2027. Exome sequencing is one of the most effective ways of identifying genetic variants. In addition, researchers and scientists emphasize more on exome sequencing due to benefits such as it recognizes variants across broad range of applications as well as achieves comprehensive coverage of coding regions.
 

Growing adoption of sequencing by synthesis technique will favor the market expansion

The sequencing by synthesis segment dominated around 80% of the next generation sequencing market share in 2020. This technique has broader applications that results into minimum repetition of polymers. Also, the key industry players are emphasizing on R&D to provide innovative synthesis by sequencing instruments to researchers and scientists. This is expected to spur the segment growth while also creating lucrative growth opportunities for the overall market.
 

Rising usage of next generation sequencing techniques in pharmaceutical & biotechnology companies will influence the market value

The pharmaceutical & biotechnology companies in the next generation sequencing market held 12% of revenue share in 2020 led by the extensive use of next generation sequencing instruments and consumables for manufacturing biological products as well as drugs. Extensive utilization of next generation sequencing techniques in biotechnology & pharmaceutical companies will provide lucrative growth opportunities.
 

Increasing regulatory scenario on next generation sequencing tool across several countries of Europe will fuel the market revenue

Europe next generation sequencing market is predicted to expand at a CAGR of over 20% during 2021 to 2027. Effective regulatory framework in European countries encouraging the development of next generation sequencing products will strengthen the regional dominance. Growing awareness regarding availability of better quality of next generation sequencing instruments and consumables will surge its acceptance rate. Additionally, various regulations executed by the regional authorities such as the European Union Commission safeguards superior quality of NGS consumables and instruments being marketed, stimulating the market progression. Thus, several such factors will lead to advancements in next generation sequencing products, driving the market demand.
 

Adoption of several organic and inorganic strategies assists major industry leaders to maintain their market share

Some of the leading companies operating in the NGS market include BGI, Agilent, Roche, Bio-Rad Laboratories, Genapsys, Illumina, Qiagen, and Thermo Fisher Scientific and others. These industry participants undertake several growth strategies to maintain strong foothold in the market.
 

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