Press release
Next Generation Sequencing (NGS) Market to be worth $27.5 Billion by 2030
Meticulous Research®, a globally renowned market research company, is pleased to announce the release of its latest research report titled, "Next Generation Sequencing (NGS) Market by Offering (Kits [Library Prep, QC, DNA Extraction], System) Type (Genome, Exome, Targeted) Application (Reproductive, Oncology, Infectious) Technology (SBS, Nanopore, Nanoball, SMRT Seq) - Global Forecast to 2030."
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According to this groundbreaking publication from Meticulous Research®, the global NGS market is projected to reach a staggering $27.5 billion by 2030, showcasing a robust CAGR of 15.8% from 2023 to 2030. The driving forces behind this exponential growth include the escalating prevalence of cancer, the expanding role of NGS in cancer treatment and research, the decreasing costs associated with genome sequencing, advancements in sequencing technologies, augmented pharmaceutical research and development investments, a surge in genome mapping initiatives, and improvements in regulatory and reimbursement landscapes for NGS-based diagnostic tests.
Nevertheless, challenges such as the high costs of NGS systems and consumables, the presence of alternative technologies, ethical and legal concerns related to NGS-based diagnosis, and the limited identification of actionable mutations for precision medicine are identified as potential hurdles to market growth. Despite these challenges, the NGS market is expected to witness opportunities arising from the increasing applications of NGS, growing adoption of bioinformatics and genomic data management solutions, and government support for large-scale genomic sequencing projects.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/next-generation-sequencing-market-5040
Key Players Driving NGS Innovation:
Leading the charge in the global NGS market are prominent players including Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), PerkinElmer, Inc. (U.S.), Qiagen N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Pacific Biosciences of California, Inc. (U.S.), Danaher Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K.), 10X Genomics, Inc. (U.S.), and Beijing Genomics Institute (BGI) (China).
Future Outlook of the NGS Market:
The comprehensive NGS market study offers historical market data for 2021 and 2022, estimated current data for 2023, and forecasts for 2030. The market is analyzed based on offerings (Consumables, NGS Platforms/Instruments, Software, Services), sequencing types, technology, applications, end-users, and geography.
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In 2023, the consumables segment is anticipated to dominate the NGS market, driven by recurring usage, increased demand for NGS-based diagnostic tests, and expanding applications in oncology, reproductive health diagnosis, and drug discovery.
Targeted genome sequencing is expected to hold the largest market share among sequencing types in 2023, fueled by its rapid and cost-effective methods, applications in discovering somatic mutations, and high researcher demand for studying gene-drug associations.
The sequencing by synthesis technology is poised to capture the largest share of the NGS market in 2023, attributed to its high accuracy in DNA sequencing, error-free throughput, and growing incorporation in NGS products.
The research and other applications segment is projected to command the largest market share in 2023, propelled by the increasing prevalence of genetic disorders, growing adoption of sequencing-based tests, demand for personalized medicines, and expanding NGS-based research.
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Pharmaceutical & biotechnology companies are expected to be the largest end-users of the NGS market in 2023, driven by increased R&D spending and the rising incidence of chronic diseases.
Geographically, North America is estimated to lead the NGS market in 2023, driven by the pharmaceutical & biotechnology industry's increased R&D expenditure, the presence of key market players, government initiatives, growing awareness of NGS-based tests, and a favorable reimbursement scenario.
The research report further delves into major geographies, providing a comprehensive analysis of North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Meticulous Research® continues to be at the forefront of delivering in-depth market intelligence, empowering businesses to make informed decisions in an ever-evolving global landscape. For a detailed analysis of the NGS market and its potential impact on your business, access the full report on our website or contact our research experts.
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Related Research:
1. Latin America Next Generation Sequencing (NGS)Market by Type (Consumables, NGS Platform), Sequencing Type (Whole Genome, Targeted), Technology (Sequencing by Synthesis, Sequencing by Ligation), Application (Clinical, Research), End User - Forecast to 2027 https://www.meticulousresearch.com/product/latin-america-next-generation-sequencing-market-5106
2. Asia-Pacific Next Generation Sequencing (NGS) Market by Offering (Kits [Library Prep, QC, DNA Extraction], System), Type (Genome, Exome, Targeted), Application (Reproductive, Oncology), Technology (SBS, Nanopore, Nanoball, SMRT Seq) - Forecast to 2030 https://www.meticulousresearch.com/product/asia-pacific-next-generation-sequencing-market-5722
3. Next Generation Sequencing (NGS) Informatics Market by Offering (Data Analysis, Interpretation & Reporting, Storage & Computing, LIMS) Application (Diagnostic, Drug Discovery, Precision Medicine, Biomarker Discovery) End User - Global Forecast to 2030 https://www.meticulousresearch.com/product/ngs-informatics-market-3483
4. Europe NGS Market by Offering (Kits [Library Prep, QC, DNA Extraction], System), Type (Genome, Exome, Targeted), Application (Reproductive, Oncology, Infectious, CVD, Drug Discovery), Technology (SBS, Nanopore, Nanoball, SMRT Seq, DNB) - Forecast to 2030 https://www.meticulousresearch.com/product/europe-ngs-market-5744
5. Middle East & Africa NGS Market by Offering (Kits [Library Prep, QC, DNA Extraction], System) Type (Genome, Exome, Targeted), Application (Reproductive, Oncology, Infectious, Drug Discovery), Technology (SBS, Nanopore, Nanoball, SMRT Seq) - Forecast to 2031
https://www.meticulousresearch.com/product/middle-east-and-africa-ngs-market-5786
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