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Revolutionizing Healthcare: Next Generation Sequencing Market Set to Reach $44.24 Billion by 2030

03-22-2024 01:25 PM CET | Health & Medicine

Press release from: Market Research Future

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Next Generation Sequencing Market

Next Generation Sequencing Market

Next Generation Sequencing Market Overview -

The Next Generation Sequencing (NGS) market is a dynamic sector within biotechnology that revolutionizes genomic research and clinical diagnostics. NGS technologies offer high-throughput sequencing of DNA and RNA, enabling researchers and clinicians to rapidly analyze genetic information with unprecedented speed and accuracy.

One of the key drivers of the NGS market is its wide range of applications across various fields, including oncology, infectious disease research, genetic disorders, agricultural biotechnology, and personalized medicine. Researchers utilize NGS to study complex diseases, identify genetic mutations, and understand the underlying mechanisms of various biological processes.

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Moreover, the declining cost of sequencing and continuous technological advancements have made NGS more accessible, fueling its adoption in both research and clinical settings. This accessibility has led to the democratization of genomic analysis, allowing smaller research laboratories and healthcare facilities to leverage the power of NGS.

Additionally, collaborations between NGS companies, academic institutions, and pharmaceutical companies drive innovation and expand the capabilities of NGS platforms. These collaborations facilitate the development of novel applications and the integration of NGS into routine clinical practice.

As the demand for personalized medicine and precision healthcare grows, the Next Generation Sequencing market is poised for further expansion. With ongoing research and development efforts focused on enhancing sequencing technologies and bioinformatics analysis tools, NGS is expected to play an increasingly pivotal role in advancing our understanding of genetics and improving patient care.

The Next Generation Sequencing Market Size was evaluated at USD 9.46 billion in 2021 and is expected to expand from USD 11.23 billion in 2022 to USD 44.24 billion by 2030, representing a compound yearly growth rate (CAGR) of 18.70% during the forecast period (2022- 2030).

Market Competitive Landscape:

Key Companies in the Next generation sequencing market includes

Becton Eurofins Scientific (US)
Illumina, Inc. (US)
Genome Life Sciences (India)
GenScript (US)
Thermo Fisher Scientific, Inc. (US)
Qiagen (Germany)
PerkinElmer, Inc. (US)
Hoffmann-La Roche Ltd (Switzerland)
Pacific Biosciences of California, Inc. (US)
Xcelris Genomics (India), among others

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Next Generation Sequencing Market Segmentation

The global Next Generation Sequencing Market has been divided into three segments: Technology, Workflow, and End User.

The next generation sequencing market is divided into three technology segments: whole exome sequencing, targeted sequencing and resequencing, and whole genome sequencing. Furthermore, targeted sequencing and resequencing are classified as DNA-based and RNA-based. In 2021, the exome sequencing segment contributed approximately 40-42% of next-generation revenue. This is due to technological breakthroughs that enable the quick sequencing of vast volumes of DNA.

The next generation sequencing market is segmented by process, which includes pre-sequencing, sequencing, and data analysis. Furthermore, pre-sequencing has been divided into NGS library preparation kits, NGS semi-automated library preparation kits, NGS automated library preparation kits, and clonal amplification. Data analysis has also been divided into three types: NGS primary data analysis, NGS secondary data analysis, and NGS tertiary data analysis. Pre-sequencing dominated the market in 2021 and is expected to be the fastest-growing sector during the projection period (2022-2030). Sequencing is a vital phase in the workflow that requires a significant amount of money, resulting in increased revenue. The final phase in the next-generation sequencing pipeline is to process, analyze, and interpret the sequencing data generated.

The next generation industry is divided into four categories based on end users: hospitals and clinics, diagnostic laboratories, pharmaceutical and biotechnology businesses, and academic and research institutes. The diagnostic laboratories segment led the market in 2021, with academic and research institutes expected to be the fastest-growing category over the forecast period. NGS testing for clinical diagnosis are classified into two types: laboratory-developed tests (LDTs) and in-vitro diagnostics. Adopting LDTs for routine clinical diagnostics necessitates ease of use for laboratories as well as rapid turnaround times to guarantee doctors make prompt decisions. In terms of NGS technology adoption, both IVDs and LDT produce easily repeatable, achievable, reliable, and cost-effective findings.

Market Drivers:

The Next Generation Sequencing (NGS) market is propelled by several key factors. Technological advancements enhance sequencing speed and accuracy. Decreasing costs make NGS more accessible to researchers and clinicians. Rising demand for personalized medicine and genetic testing fuels market growth. Government initiatives and funding support research and development in NGS technologies. Increasing applications in fields like oncology, agriculture, and forensics broaden the market scope. Collaboration between academic institutions and industry players fosters innovation. Emerging economies witnessing healthcare infrastructure development contribute to market expansion. Overall, the NGS market is driven by innovation, affordability, diverse applications, and supportive policies.

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Next Generation Sequencing Market Regional Insights

The Next Generation Sequencing (NGS) market has witnessed significant growth globally, with regional variations in adoption and market dynamics. In North America, particularly the United States, the market is robust due to strong investments in healthcare infrastructure and research and development. Europe follows suit, with countries like the United Kingdom, Germany, and France driving NGS adoption in both clinical and research settings.

In Asia Pacific, countries such as China, Japan, and India are emerging as key players in the NGS market, fueled by increasing healthcare expenditure and growing awareness of personalized medicine. These regions also benefit from a large patient pool, making them attractive markets for NGS-based diagnostics and therapeutics.

Latin America and the Middle East & Africa regions are witnessing steady growth in NGS adoption, albeit at a slower pace compared to other regions. Challenges such as limited healthcare infrastructure and access to technology hinder rapid market expansion in these areas.

Overall, the global NGS market is characterized by innovation, collaboration between academia and industry, and a growing demand for precision medicine solutions. As technology advances and costs decrease, NGS is expected to become more accessible worldwide, revolutionizing healthcare and personalized medicine across diverse regional landscapes.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Market Research Future (Part of Wantstats Research and Media Private Limited)

99 Hudson Street, 5Th Floor

New York, NY 10013

United States of America

+1 628 258 0071 (US)

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Email: sales@marketresearchfuture.com

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