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Next-generation Sequencing Market is anticipated to grow further up to USD 18.7 billion by 2031

02-24-2023 06:39 AM CET | Health & Medicine

Press release from: Global Insight Services

Next-generation Sequencing Market

Next-generation Sequencing Market

The global Next-generation Sequencing Market was valued at 5.4 billion in 2022 and it is anticipated to grow up to USD 18.7 billion by 2032, at a CAGR of 13.2% during the forecast period.

Next-generation sequencing (NGS) is a type of DNA sequencing technology that is used to determine the precise order of nucleotides in a genome. NGS is also used to identify mutations, SNPs, and other variations in a genome. NGS technology has revolutionized the field of genomics by providing a more rapid and cost-effective method for sequencing genomes. NGS can sequence an entire human genome in a matter of days, whereas it would take months or years to sequence a genome using traditional methods.

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Market Trends and Drivers

Growing technological developments in NGS instruments and technologies are further likely to offer significant market growth over the coming years. For instance, in January 2020, the Intelligence Advanced Research Projects Activity in the U.S. awarded a grant of USD 23 million to the Harvard University, DNA Script, and Broad Institute. The institutes are conducting collaborative research to develop a novel technology that will combine enzymatic DNA synthesis and NGS into a single instrument. To better understand the link between genetics and disease, several countries have invested in their own national population genome mapping projects. Furthermore, millions of genomes are being sequenced by government groups to progress research and discover better ways to identify and cure cancer, uncommon disorders, and other ailments. Efforts are being undertaken by the EU to improve the region large-scale genomic data with projects such as France's French Plan for Genomic Medicine 2025 and the U.K. 100,000 Genomes Project. Such initiatives have resulted in the growth of NGS informatics services in the region.

Market Restraints and Challenges

The high cost of sequencing is a major barrier to the adoption of NGS. The technology is still relatively new and the costs have not yet come down to a level that is affordable for many laboratories. In addition, the lack of standardization in NGS protocols means that there is no agreed upon set of best practices for data collection and analysis. This lack of standardization makes it difficult to compare results from different laboratories and makes it difficult to reproduce results. The need for skilled personnel is another challenge facing the NGS market. The technology is complex and requires a high level of technical expertise to operate. In addition, the data generated by NGS experiments can be very large and complex, making it difficult to analyze and interpret without the help of bioinformatics experts.

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Global Next-generation Sequencing Market Segmentation

By Workflow

• Pre-sequencing
• Sequencing
• NGS Data Analysis

By Technology

• WGS
• Whole Exome Sequencing
• Targeted Sequencing & Resequencing

Major Players in the Global Next-generation Sequencing Market

Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Next-generation Sequencing market include Agilent Technologies, Inc, BGI Group, F. Hoffmann-La Roche AG, Illumina Inc, Oxford Nanopore Technologies, Cepheid, PerkinElmer, Inc., Eurofins Scientific, Qiagen N.V., and Thermo Fisher Scientific Inc. among others.

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Reasons to buy Next-generation Sequencing Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

Contact Us:

Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: info@globalinsightservices.com
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/

About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

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