Meticulous Research® Reveals Projected $3.15 Billion Market Value for NGS Library Preparation by 2029

[Redding, California , 27-02-2024] - Meticulous Research®, a leading global provider of innovative market intelligence, has unveiled its latest comprehensive report, "NGS Library Preparation Market by Product, Sequencing Type, Application, End User-Global Forecast to 2029."

NGS library preparation stands as a pivotal phase in sample preparation, crucial for readying nucleic acids for seamless integration with sequencing systems. This intricate process involves DNA fragmentation and the integration of specialized adapters, forming the sequencing library. With a myriad of kits available from diverse vendors, the market for NGS library preparation is witnessing substantial growth and evolution.

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According to Meticulous Research®'s latest projections, the NGS library preparation market is poised to surge to an impressive $3.15 billion by 2029, boasting a robust CAGR of 14.8% from 2022 to 2029.

The market's upward trajectory is propelled by several key factors, including the decreasing costs associated with sequencing, the escalating incidence of genetic disorders, and the expanding role of NGS in diagnostic applications. Moreover, augmented R&D investments and healthcare expenditure further bolster market growth. Additionally, the increasing array of NGS applications and the proliferation of collaborative endeavors among industry players to develop advanced library preparation protocols present substantial growth opportunities within the market.

Despite these promising prospects, budgetary constraints in emerging economies may temper the adoption of NGS automation solutions, thereby potentially impeding market growth. Moreover, challenges such as limited expertise and sequencing capabilities in mid and small-sized laboratories, alongside regulatory and standardization concerns in diagnostic testing, pose notable obstacles to market expansion.

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To deliver meticulous analysis, Meticulous Research® has segmented the market based on product, application, sequencing type, end user, and geography. The report offers a comprehensive evaluation of industry competitors and provides granular insights at the country level.

Key Insights:

Product Segmentation: In 2022, the reagents & consumables segment is anticipated to dominate the market, attributed to the recurrent demand for consumables, increased product launches by companies, and the growing utilization of NGS in clinical diagnostics and drug discovery.

Application Analysis: The disease diagnostics segment is expected to command the largest market share in 2022, driven by the rising prevalence of various cancers, the COVID-19 pandemic, and the high adoption of NGS-based testing for infectious diseases.

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Sequencing Type: Targeted sequencing is projected to lead the market in 2022, owing to its efficacy in analyzing specific gene locations and isolated genetic expressions, coupled with advantages in cost, time, and data analysis compared to other sequencing methods.

End User Landscape: Hospitals & diagnostic laboratories are forecasted to capture the largest market share in 2022, fueled by increased NGS-based testing, high hospitalization rates, and the growing imperative for early disease detection.

Geographical Insights: North America is anticipated to hold the largest market share in 2022, followed by Europe and Asia-Pacific. The dominance of North America is attributed to extensive NGS adoption in healthcare, robust R&D investments, and the presence of key market players in the region.

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The report offers comprehensive competitive intelligence, including financials and key growth strategies of major market players such as Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN N.V., Agilent Technologies, Inc., and others.

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This release was published on openPR.