Next Generation Sequencing Market 2024-2033: Growth Trends & Forecast Analysis

The next generation sequencing market size has grown rapidly in recent years. It will grow from $10.44 billion in 2023 to $11.83 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to rise in funding, increased healthcare expenditure, emerging markets growth, rapid technological advances and rapid growth in elderly population.

The next generation sequencing market size is expected to see rapid growth in the next few years. It will grow to $19.75 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to aging population, increase in healthcare access, rising prevalence of chronic diseases and increasing demand for next generation sequencing due to covid-19 . Major trends in the forecast period include focusing on using artificial intelligence to reduce costs and time, studying rare diseases in a cost-effective manner to maintain a competitive edge over other technologies, offering ngs technologies for newborn screening and adopting big data technologies to analyze large genomic data.

Market Overview -
Next-generation sequencing is a sequencing technology that offers ultra-high throughput, scalability, and speed. The technology is used to determine the genetic variation associated with diseases or other biological phenomena.

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Rising Incidence Of Chronic Diseases Drives Growth In The Next-Generation Sequencing Market
The growing number of cases with chronic conditions such as cancer, AIDS, and thalassemia contributed to the growth of the next-generation sequencing market. Chronic illnesses and disorders are on the rise around the world, an aging population and shifts in social behavior led to a gradual increase in these widespread and expensive long-term medical issues. Next-generation sequencing (NGS) is a versatile development tool utilized by researchers and clinicians across various cancer studies to recognize biomarkers that give guidance on treatments. The prevalence of chronic diseases is also expected to increase significantly, according to the World Health Organization. Hence, the increase in the number of chronic disease cases will increase the requirement for NGS sequencing and boosts revenues for the growth of next generation sequencing market.

Competitive Landscape -
Major companies operating in the next generation sequencing market report are Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Agilent Technologies, Inc., Pacific Biosciences of California Inc., Oxford Nanopore Technologies, 10x Genomics, Bio-Rad Laboratories, Inc., MGI Tech Co., Ltd., Oxford Gene Technology, Hoffmann-La Roche Ltd, BGI, PerkinElmer Inc., Macrogen Inc., Genotypic Technology Pvt. Ltd., Beijing Genomics Institute, SciGenom Labs Pvt. Ltd (India), Sysmex, Dante Labs, Roche, First Genetics JCS, Helix, Tempus, Massive Bio, Genetricsinc and King Abdullah International Medical Research Center, Inqaba biotec, Pacibo, Microsoft

Innovative Technologies Driving Growth In The Next Generation Sequencing Market
Major companies operating in the next generation sequencing market are innovating new technologies such as AVENIO Edge System to increase their profitability in the market. The AVENIO Edge System is a completely automated system for the steps of preparing samples for next-generation sequencing (NGS), target enrichment, pooling, normalizing, and quantification. For instance, in December 2021, Roche Holding AG, a Switzerland-based pharmaceutical company launched AVENIO Edge System. The system is employed for pooling, normalizing, quantification, and target enrichment. With the AVENIO Edge System, researchers may concentrate on data processing and interpretation since it is designed to offer high-quality sequencing findings with less hands-on time.

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Key Segments -
The next generation sequencing market covered in this report is segmented -
1) By Product: Instruments, Reagents And Kits, Software
2) By Technology: Sequencing by Synthesis, Ion Semiconductor Sequencing, Single-molecule Real-time Sequencing, Nanopore Sequencing, Other Sequencing Technologies
3) By Application: Diagnostics, Drug Discovery, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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