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

The global next-generation sequencing (NGS) market size was valued at USD 8.30 billion in 2023. The market is projected to grow from USD 9.29 billion in 2024 to USD 27.55 billion by 2032, exhibiting a CAGR of 14.6% during the forecast period (2024-2032).

The next-generation sequencing (NGS) market is experiencing significant growth, revolutionizing our understanding of genetics and its applications in healthcare, research, and agriculture. This press release explores a recent key industry development, leading technology, and the future outlook for this transformative market.

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

𝗜𝗗𝗧 𝗮𝗻𝗱 𝗘𝗹𝗲𝗺𝗲𝗻𝘁 𝗕𝗶𝗼𝘀𝗰𝗶𝗲𝗻𝗰𝗲𝘀 𝗣𝗮𝗿𝘁𝗻𝗲𝗿 𝗳𝗼𝗿 𝗦𝘁𝗿𝗲𝗮𝗺𝗹𝗶𝗻𝗲𝗱 𝗡𝗚𝗦 𝗪𝗼𝗿𝗸𝗳𝗹𝗼𝘄𝘀:

Highlighting the collaborative spirit within the NGS market, Integrated DNA Technologies (IDT) announced a partnership with Element Biosciences, Inc. in February 2024. This collaboration aims to develop more streamlined workflows for NGS, making the technology more efficient, user-friendly, and accessible to a wider range of researchers and clinical labs. Streamlined workflows can significantly reduce processing times and costs, accelerating scientific discoveries and potentially improving patient care.

𝗧𝗼𝗽 𝗣𝗹𝗮𝘆𝗲𝗿𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗡𝗲𝘅𝘁-𝗚𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗦𝗲𝗾𝘂𝗲𝗻𝗰𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁:

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

𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝗿𝗶𝘃𝗲𝗿𝘀 𝗮𝗻𝗱 𝗥𝗲𝘀𝘁𝗿𝗮𝗶𝗻𝘁𝘀:

Several factors are propelling the next-generation sequencing market forward:

• 𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗗𝗲𝗺𝗮𝗻𝗱 𝗶𝗻 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹𝗶𝘇𝗲𝗱 𝗠𝗲𝗱𝗶𝗰𝗶𝗻𝗲: NGS plays a crucial role in personalized medicine by enabling targeted cancer therapies, pharmacogenomics, and the identification of genetic predispositions to diseases.
• 𝗔𝗱𝘃𝗮𝗻𝗰𝗲𝗺𝗲𝗻𝘁𝘀 𝗶𝗻 𝗡𝗚𝗦 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆: Continuous advancements in NGS technology, including faster sequencing times, lower costs, and improved accuracy, are expanding its applicability across various fields.
• 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗙𝘂𝗻𝗱𝗶𝗻𝗴 𝗳𝗼𝗿 𝗚𝗲𝗻𝗼𝗺𝗶𝗰𝘀 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵: Government initiatives and funding for genomics research are driving innovation and adoption of NGS technologies.

However, certain limitations remain:

• 𝗗𝗮𝘁𝗮 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀: The vast amount of data generated by NGS requires sophisticated bioinformatics tools and skilled personnel for analysis, posing a challenge for some labs.
• 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗖𝗼𝗻𝘀𝗶𝗱𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀: Regulatory frameworks for NGS-based clinical applications are still evolving, requiring ongoing collaboration between industry players and regulatory bodies.

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

𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝗽𝗼𝗿𝘁 𝗖𝗼𝘃𝗲𝗿𝗮𝗴𝗲:

For a comprehensive understanding of the next-generation sequencing market, Fortune Business Insights' report offers in-depth analysis on:

• 𝗠𝗮𝗿𝗸𝗲𝘁 𝗚𝗿𝗼𝘄𝘁𝗵 𝗣𝗿𝗼𝗷𝗲𝗰𝘁𝗶𝗼𝗻𝘀: The report provides detailed market size and growth forecasts for the NGS market over the forecast period.
• 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻: The report segments the market based on technology (sequencing By Type (Products {Instruments & Consumables}, and Services), By Technology (Sequencing By Synthesis (SBS), Nanopore Sequencing, ION Semiconductor Sequencing, and Others), By Application (Research & Applied and Clinical {Cardiovascular, Oncology, Genetic Diseases, Reproductive Health, and Others}), By End-User (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes, and Others).
• 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲: The report identifies key players in the market and analyzes their competitive strategies.
• 𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀: The report provides insights into the growth potential of NGS in different geographical regions.

𝗦𝗲𝗾𝘂𝗲𝗻𝗰𝗶𝗻𝗴 𝗯𝘆 𝗦𝘆𝗻𝘁𝗵𝗲𝘀𝗶𝘀 𝗟𝗲𝗮𝗱𝘀 𝘁𝗵𝗲 𝗪𝗮𝘆 (𝗳𝗼𝗿 𝗻𝗼𝘄):

Based on technology, the Sequencing by Synthesis (SBS) segment dominated the NGS market in 2023. SBS is a widely used and well-established technology for high-throughput DNA sequencing. However, other technologies like next-generation sequencing by nanopore (nanopore sequencing) are gaining traction due to their potential for longer read lengths and real-time sequencing capabilities.

𝗔 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲:

The NGS market is a competitive space with established players like Illumina and Thermo Fisher Scientific vying for market share alongside innovative startups developing new sequencing technologies and analysis tools. Partnerships like the one between IDT and Element Biosciences highlight the industry's focus on collaboration to address workflow challenges and advance NGS capabilities.

𝗧𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲 𝗼𝗳 𝗡𝗲𝘅𝘁-𝗚𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗦𝗲𝗾𝘂𝗲𝗻𝗰𝗶𝗻𝗴:

The next-generation sequencing market is poised for continued growth as technological advancements, increasing adoption in personalized medicine, and growing research efforts propel the field forward. Collaborations like IDT and Element Biosciences' partnership exemplify the industry's commitment to streamlining workflows and making NGS technology more accessible. As NGS continues to evolve, it holds immense promise for unlocking breakthroughs in healthcare, research, and our understanding of life itself.

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.