Next-generation Sequencing Market Size, Trends, Growth, Opportunities 2024-2032 | Illumina Inc., Thermo Fisher Scientific, and F. Hoffmann-La Roche Ltd.

The next-generation sequencing market size was valued at USD 8.30 billion in 2023 and is expected to be worth 𝗨𝗦𝗗 𝟵.𝟮𝟵 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝗶𝗻 𝟮𝟬𝟮𝟰. The market is projected to reach 𝗨𝗦𝗗 𝟮𝟳.𝟱𝟱 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝗯𝘆 𝟮𝟬𝟯𝟮, recording a 𝗖𝗔𝗚𝗥 𝗼𝗳 𝟭𝟰.𝟲% during the forecast period.

The advent of Next-generation Sequencing (NGS) has brought about a paradigm shift in the field of genomics, offering unparalleled throughput, scalability, and velocity. This technological breakthrough has enabled researchers to explore biological systems with unprecedented depth, thereby catalyzing a wide range of applications. Governments worldwide have been providing research grants to facilitate the adoption of NGS, which is further bolstered by the technology's superior cost-effectiveness relative to other diagnostic modalities.

𝗗𝗶𝘀𝗰𝗼𝘃𝗲𝗿 𝗪𝗵𝗮𝘁 𝗬𝗼𝘂'𝗿𝗲 𝗠𝗶𝘀𝘀𝗶𝗻𝗴: 𝗚𝗲𝘁 𝗮 𝗙𝗿𝗲𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 (𝗣𝗗𝗙) 𝗦𝗮𝗺𝗽𝗹𝗲: https://www.fortunebusinessinsights.com/enquiry/sample/next-generation-sequencing-ngs-market-101000

𝗡𝗼𝘁𝗮𝗯𝗹𝗲 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁:

• 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟰:Integrated DNA Technologies (IDT) collaborated with Element Biosciences, Inc. to develop more streamlined NGS workflows.

𝗧𝗼𝗽 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗜𝗻 𝗧𝗵𝗲 𝗡𝗲𝘅𝘁-𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗦𝗲𝗾𝘂𝗲𝗻𝗰𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁:

• Illumina Inc. (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)
• Hoffmann-La Roche Ltd. (Switzerland)
• QIAGEN (Germany)
• PacBio (U.S.)
• Oxford Nanopore Technologies (U.K.)
• Perkin Elmer, Inc. (U.S.)
• BGI (China)

𝗡𝗲𝘅𝘁-𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗦𝗲𝗾𝘂𝗲𝗻𝗰𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝗿𝗶𝘃𝗲𝗿𝘀 𝗮𝗻𝗱 𝗥𝗲𝘀𝘁𝗿𝗮𝗶𝗻𝘁𝘀:

𝗗𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝗶𝗲𝗱 𝗨𝘀𝗲𝘀 𝗼𝗳 𝗡𝗲𝘅𝘁-𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗦𝗲𝗾𝘂𝗲𝗻𝗰𝗶𝗻𝗴 𝗶𝗻 𝗗𝗶𝗮𝗴𝗻𝗼𝘀𝘁𝗶𝗰𝘀 𝘁𝗼 𝗗𝗿𝗶𝘃𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗚𝗿𝗼𝘄𝘁𝗵

The global next-generation sequencing market has experienced significant growth, primarily driven by the diversified and expanding applications of this technology in diagnostics settings. The low costs associated with sequencing have increased the adoption of NGS techniques for diagnosing a wide range of diseases. Market players have responded by introducing various test kits and testing services targeting multiple applications, such as non-invasive prenatal testing, genetic testing, and cancer screening. Furthermore, the supportive regulatory environment characterized by product approvals and improved reimbursement coverage for diagnostic tests is anticipated to further propel the next-generation sequencing market growth.

However, the low economic feasibility of storing large volumes of data from genome projects poses a significant obstacle for research institutes and biopharmaceutical companies, limiting market expansion.

𝗡𝗲𝘅𝘁-𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗦𝗲𝗾𝘂𝗲𝗻𝗰𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲:

𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝘁𝗼 𝗙𝗼𝗰𝘂𝘀 𝗢𝗻 𝗡𝗲𝘄 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗟𝗮𝘂𝗻𝗰𝗵𝗲𝘀 𝘁𝗼 𝗦𝘁𝗮𝘆 𝗔𝗵𝗲𝗮𝗱 𝗼𝗳 𝗠𝗮𝗿𝗸𝗲𝘁 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝗼𝗻

Some of the key players operating in this market are focusing on expanding their existing product portfolio and customer base by launching new innovative products. They are also entering partnership, collaboration, and acquisition deals with other organizations to enhance their existing product range.

𝗡𝗲𝘅𝘁-𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗦𝗲𝗾𝘂𝗲𝗻𝗰𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝗽𝗼𝗿𝘁 𝗖𝗼𝘃𝗲𝗿𝗮𝗴𝗲:

The report has conducted a detailed study of the market and highlighted several critical areas, such as leading types, technologies, applications, and end users. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.

𝗙𝗼𝗿 𝗙𝘂𝗹𝗹 𝗥𝗲𝗽𝗼𝗿𝘁 𝗖𝗼𝘃𝗲𝗿𝗮𝗴𝗲 𝗩𝗶𝘀𝗶𝘁: https://www.fortunebusinessinsights.com/industry-reports/next-generation-sequencing-ngs-market-101000

𝗡𝗲𝘅𝘁-𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗦𝗲𝗾𝘂𝗲𝗻𝗰𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻:

𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝘀 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗟𝗲𝗮𝗱𝗶𝗻𝗴 𝗧𝘆𝗽𝗲 𝗙𝘂𝗲𝗹𝗲𝗱 𝗯𝘆 𝘁𝗵𝗲𝗶𝗿 𝗔𝗺𝗽𝗹𝗶𝗳𝗶𝗲𝗱 𝗨𝘀𝗮𝗴𝗲

Based on type, the market is segmented into products and services. In 2023, the products segment held the largest next-generation sequencing market share. This segment can be further categorized into instruments & consumables. The dominance of the products segment is attributed to the high consumption rate of consumables, widespread availability of these products, and continuous introduction of new offerings by key market participants.

𝗨𝘀𝗮𝗴𝗲 𝗼𝗳 𝗦𝗲𝗾𝘂𝗲𝗻𝗰𝗶𝗻𝗴 𝗕𝘆 𝗦𝘆𝗻𝘁𝗵𝗲𝘀𝗶𝘀 (𝗦𝗕𝗦) 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝗥𝗶𝘀𝗲𝘀 𝗗𝘂𝗲 𝘁𝗼 𝗜𝗹𝗹𝘂𝗺𝗶𝗻𝗮'𝘀 𝗘𝘅𝘁𝗲𝗻𝘀𝗶𝘃𝗲 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼

Based on technology, the market is categorized into Sequencing by Synthesis (SBS), nanopore sequencing, Ion semiconductor sequencing, and others. The Sequencing by Synthesis (SBS) segment dominated the market in 2023, with Illumina Inc. providing products and services utilizing this technology. The company's extensive product portfolio has established its leadership in this segment. Additionally, the numerous advantages associated with this technology contribute to its growing adoption among end-users.

𝗖𝗹𝗶𝗻𝗶𝗰𝗮𝗹 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 𝗟𝗲𝗮𝗱 𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝘂𝗲 𝘁𝗼 𝗪𝗶𝗱𝗲 𝗔𝗱𝗼𝗽𝘁𝗶𝗼𝗻 𝗼𝗳 𝗡𝗚𝗦 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝗶𝗻 𝗖𝗹𝗶𝗻𝗶𝗰𝗮𝗹 𝗗𝗶𝗮𝗴𝗻𝗼𝘀𝘁𝗶𝗰𝘀

By application, the market for is segmented into research & applied and clinical. The clinical segment emerged as the leading segment, primarily propelled by the increasing adoption of NGS technology in clinical diagnostics. This segment is further categorized into cardiovascular, oncology, genetic diseases, and reproductive health.

𝗣𝗵𝗮𝗿𝗺𝗮𝗰𝗲𝘂𝘁𝗶𝗰𝗮𝗹 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗟𝗲𝗮𝗱 𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝘂𝗲 𝘁𝗼 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝗱 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁𝘀 𝗶𝗻 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵

By end-user, the market is categorized into pharmaceutical & biotechnology companies, academic & research institutes, and others. The pharmaceutical & biotechnology companies segment dominated the market share in 2023. Factors, such as a strong emphasis on integrating NGS into drug discovery & development, the launch of novel products, and collaborative research efforts with industry peers have been instrumental in driving this segment's growth.

Concerning region, the market covers Europe, North America, the Middle East & Africa, Asia Pacific, and Latin America.

𝗡𝗲𝘅𝘁-𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗦𝗲𝗾𝘂𝗲𝗻𝗰𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀:

𝗡𝗼𝗿𝘁𝗵 𝗔𝗺𝗲𝗿𝗶𝗰𝗮 𝗗𝗼𝗺𝗶𝗻𝗮𝘁𝗲𝘀 𝗚𝗹𝗼𝗯𝗮𝗹 𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝘂𝗲 𝘁𝗼 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗼𝗳 𝗡𝗲𝘄 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝘃𝗲 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝘀

North America led the market in 2023 with a revenue of USD 4.60 billion and is projected to maintain its dominant position throughout the forecast period. This sustained leadership can be attributed to the increasing introduction of new and innovative products and collaboration among industry players.

The market's growth in Asia Pacific is driven by factors, such as robust government support, increasing demand for genetic sequencing and testing in China, and advancements in bioinformatics tools utilized in genomic research. Furthermore, the focus on research and development to create drugs for rare diseases and technological progress integrating next-generation sequencing and companion diagnostics is accelerating market expansion.

𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗲 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁 𝗔𝗰𝗰𝗼𝗿𝗱𝗶𝗻𝗴 𝗧𝗼 𝗬𝗼𝘂𝗿 𝗖𝗼𝗻𝘃𝗲𝗻𝗶𝗲𝗻𝗰𝗲: https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/next-generation-sequencing-ngs-market-101000

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This release was published on openPR.