Press release
Europe's NGS Market Anticipated to Reach $6.40 Billion by 2030
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The remarkable growth trajectory of the Europe NGS market is attributed to several key factors. The increasing prevalence of cancer and the expanding role of NGS in cancer treatment and research are major drivers. Additionally, the plummeting costs of genome sequencing, continuous technological advancements, and escalating pharmaceutical R&D investments are significantly propelling market expansion. Despite these positive trends, the market faces challenges, including high costs associated with NGS systems and consumables, as well as competition from alternative technologies.
Opportunities and Challenges
The burgeoning applications of NGS, coupled with the rising adoption of bioinformatics and genomic data management solutions, present substantial growth opportunities. Furthermore, government initiatives supporting large-scale genomic sequencing projects are expected to bolster market expansion. However, challenges such as a shortage of skilled professionals and regulatory and standardization issues in diagnostic testing may impede growth.
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Key Market Segments and Trends
The Europe NGS market is meticulously segmented by offering, sequencing type, technology, applications, end user, and geography.
Offering: In 2024, the consumables segment is forecasted to dominate the market, driven by the recurring need for consumables and the growing application of NGS in oncology, reproductive health, and drug discovery.
Sequencing Type: Targeted genome sequencing is anticipated to capture the largest market share in 2024 due to its cost-efficiency and ability to focus on clinically relevant genetic variations.
Technology: Sequencing by synthesis is expected to hold the largest share, owing to its high accuracy and reliability in DNA sequencing.
Applications: The research and other applications segment is projected to lead, propelled by the growing demand for personalized medicine and NGS-based research.
End User: The pharmaceutical and biotechnology companies segment is set to dominate, fueled by increasing R&D investments and the rise in chronic diseases.
Geographic Insights
The report highlights a comprehensive geographic analysis, covering Germany, France, the U.K., Italy, Spain, Switzerland, and the Rest of Europe. In 2024, Germany is predicted to hold the largest market share, driven by its extensive sequencing projects, high awareness of NGS-based tests, and rising incidence of cancer and genetic disorders.
Key Industry Players
The Europe NGS market is characterized by a competitive landscape with numerous prominent players, including:
Thermo Fisher Scientific Inc. (U.S.)
Illumina, Inc. (U.S.)
Qiagen N.V. (Netherlands)
F. Hoffmann-La Roche Ltd (Switzerland)
PerkinElmer, Inc. (U.S.)
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.)
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Related Reports :
NGS Market: Industry Outlook : https://www.meticulousresearch.com/product/NGS-market-industry-outlook-5957
Europe NGS Automation Market : https://www.meticulousresearch.com/product/europe-ngs-automation-market-5644
Mr. Khushal Bombe
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