Next Generation Sequencing Market Is Anticipated To Grow Up To USD 18.7 Billion By 2032 |Agilent Technologies, Cepheid, PerkinElmer

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.

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.

COVID-19 Impact:

Following the World Health Organization's (WHO) declaration of COVID-19 as a pandemic, a diverse group of recognized pharmaceutical and biotechnology companies, have decided to step forward to boost the global research efforts to develop test kits and vaccines. Furthermore, major companies across the globe have increased their research and development capacities. This substantial focus on COVID-19 vaccine development offered a lucrative opportunity for the adoption of NGS during the pandemic period. For instance, a group of researchers in China utilized MinION Mk1C, a product by Oxford Nanopore Technologies (U.K.) for the sequencing of COVID-19 samples. In addition, factors such as extensive adoption of NGS technologies in clinical diagnostics due to rapid result time and faster processing are also projected to offer a favorable environment for market growth during the forecast period. For instance, in August 2020, Pediatrix Medical Group, GeneDx Inc., and OPKO Health signed an agreement to provide state-of-the-art, next-generation gene-sequencing to enhance clinical diagnosis in uncommon disorders for newborn intensive care units.

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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

By Application

Oncology
Clinical Investigation
Reproductive Health
HLA Typing/Immune System Monitoring
Metagenomics, Epidemiology & Drug Development
Others

By End-user

Academic Research
Clinical Research
Hospitals & Clinics
Pharma & Biotech Entities
Others

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This release was published on openPR.