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Next generation Sequencing Market by 2026 - Global Trends, Share Analysis, Leading Players, Business Opportunities

10-04-2022 10:02 AM CET | Health & Medicine

Press release from: MarketsandMarkets™

Next generation Sequencing Market

Next generation Sequencing Market

The next generation sequencing market is projected to reach USD 24.2 billion by 2026, growing at a CAGR of 18.7% during the forecast period.

Application of NGS in precision medicine and molecular diagnostics;

In personalized medicine, NGS tools are used to recognize gene expressions, which aids in the development of precision medicine, as per the patient's characteristics. The discovery of new biomarkers for various diseases, especially cancer, has brought about revolutionary changes in the fields of medical diagnostics. Continuous developments in sequencing technologies and a better understanding of genomics have increased the efficiency of biomarkers in disease detection. Since precise diagnosis and personalized medicine increase survival rates as well as reduce the financial burden on national health insurance programs, governments across the globe are expected to make significant investments in genome sciences, which will ensure a positive future demand for NGS in such applications.

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The NGS sequencing services segment is expected to grow at the highest growth rate in 2020.

Some institutes/organizations do not possess the infrastructure to carry out sequencing activities. Additionally, in cases where only a low number of samples need to be sequenced, outsourcing the NGS project is a time- and cost-efficient alternative to acquiring resources with specific skillsets and setting up the infrastructure necessary to carry out NGS efficiently. Therefore, the market is witnessing an increasing trend of outsourcing sequencing to firms at competitive prices. Some of the major players operating in the sequencing services market include BGI (China), Eurofins (Luxembourg), GENEWIZ (US), Macrogen (South Korea), PerkinElmer (US), QIAGEN (Netherlands), and Novogene (China). All of these players are certified service providers approved by sequencing platform companies. The expanding NGS services portfolio of companies, the complexity of NGS procedures, and the adoption of advanced NGS platforms by service providers are the major factors driving the growth of the NGS sequencing services segment.

By technology, nanopore sequencing segment is anticipated to grow at the fastest rate.

Nanopore sequencing, considered the fourth generation of sequencing, has emerged as a competitive, portable technology. This emerging technology has applications in basic research, disease/pathogen surveillance, environmental monitoring, food chain surveillance, and self-quantification and microgravity biology. Such factors are expected to drive growth for this segment.

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North America accounted for the largest share of the next generation sequencing market in 2020.
Favorable initiatives by government and private bodies for the development and adoption of NGS technologies, wide adoption of NGS diagnostics in the region, increasing number of NGS-based research and clinical applications in the region, growing research on cancer and rising awareness of NGS services are some of the factors driving the regional market growth.

Key Market Players;

Illumina (US), Thermo Fisher Scientific (US), PerkinElmer (US), BGI Group (China), and Agilent Technologies (US), are the prominent players operating in the next generation sequencing market.

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