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Next Generation Sequencing Market size to reach $47 Bn by 2032

Published Date: April 25, 2023

Next Generation Sequencing Market size is anticipated to be worth USD 47 billion by 2032, according to a new research report by Global Market Insights Inc.

Promising R&D programs, especially in North America and Europe, are driving the NGS industry trends. The U.S. highly contributes to product advancement through its leading research institutes such as the National Institutes of Health (NIH) and the Centers for Disease Control and Prevention.

Easy access to a wide range of sequencing to favor the whole genome sequencing (WGS) market

The next generation sequencing market from the whole genome sequencing (WGS) segment is primed to expand at more than 19.5% CAGR over the forecast period. Whole genome sequencing allows the identification of numerous variations and a variety of ways to analyze and determine the impact of DNA sequence variations on human diversity, which is bolstering its adoption among researchers.

Surging use in small laboratories to bolster ion semiconductor sequencing segment demand

The next generation sequencing market from the ion semiconductor sequencing segment is projected to expand at over 22% CAGR between 2023 and 2032 as it is more advanced, rapid, and economical compared to DNA sequencing technology. Similar to other sequencing methods, ion semiconductor sequencing has a variety of uses such as microbial genome sequencing, microbial transcriptome sequencing, targeted sequencing, amplicon sequencing, or quality testing. This is driving its use as a benchtop machine in hospitals and small laboratories for quick analysis.

Browse key industry insights spread across 315 pages with 389 market data tables & 20 figures & charts from the report, “Next Generation Sequencing Market Size By Product (Instruments, Consumables, Services), By Type (Research, Clinical {Cardiovascular, Reproductive Health, Cancer, Infectious Diseases}), By Application (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, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” In detail along with the table of contents:

Introduction of new NGS platforms for genome sequencing to increase instruments segment share

The next generation sequencing market from the instruments segment is speculated to be valued at USD 9 billion by 2032. As a result of recent developments in NGS instruments, researchers now have access to technology that enables them to analyze both small and large genome sequences rapidly and accurately.

Positive inclination of hospitals towards NGS for diagnosis purposes to shape industry value

Next generation sequencing industry size from the hospitals & clinics segment is estimated to progress at over 18.5% CAGR from 2023 to 2032, attributed to a strong preference for NGS techniques by hospitals due to their capability of providing a clinical diagnosis in a limited timeframe. In addition, access to the latest information and identification of transmission linkages to prevent infections across the setting is proving beneficial for the segment landscape.

Prominent innovations in NGS technology to augment its usage in clinical applications

The next generation sequencing market from the clinical application segment is slated to be valued at more than USD 19 billion by 2032 and is anticipated to be driven by its high precision and sensitivity of NGS for clinical applications, including target identification and ailments diagnostics. The development of novel NGS-based diagnostic techniques in molecular diagnostics is positively influencing market expansion. A 2022 study observed over a 20-month survival median with targeted NGS assay utilized in clinical trials among 557 IDHwt GBM patients.

Supportive regulatory scenario for NGS development to foster Europe industry gains

Europe next generation sequencing market size is foreseen to reach over USD 12 billion in revenue by the end of 2032 owing to an efficient regulatory environment that supports the development of next-generation sequencing products. Several laws implemented by regional agencies, such as the European Union Commission, protect the high quality of NGS equipment and consumables, promoting their adoption. To quote an instance, in December 2022, the EU awarded €4.8 million to support NGS workflows in clinical settings.

Collaborative R&D initiatives to boost the strategic outlook

Some other firms profiled in the next generation sequencing market include 10X Genomics, BGI, Agilent Technologies, Inc., Bio-Rad Laboratories, and GenapSys Inc.

Authors: Rupali Swain, Subodh Kharad