Global Next Generation Sequencing Market Projected to Surpass $33.89 Billion by 2029 with 18.5% Annual Growth

What market dynamics are playing a key role in accelerating the growth of the next generation sequencing market?
An escalation in the incidence of chronic conditions such as cancer, AIDS, and thalassemia has been a significant contributor to the expansion of the next-generation sequencing market. Chronic illnesses are witnessing an upsurge globally, a situation exacerbated by an aging population and changing societal practices, triggering a slow yet steady rise in these prevalent and costly chronic health conditions. Next-generation sequencing (NGS) finds extensive application as a potent research instrument employed by researchers and clinicians in diverse cancer studies to identify biomarkers that instruct on appropriate treatments. As the World Health Organization predicts, the prevalence of chronic diseases is set to rise significantly. Consequently, the surge in chronic disease cases will escalate the demand for NGS sequencing, thereby enhancing the revenue generation potential for the next-generation sequencing market.

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How will the growth rate of the next generation sequencing market shape industry trends by 2034?
Over the past few years, the size of the next generation sequencing market has significantly expanded. It is projected to balloon from $14.52 billion in 2024 to $17.21 billion in 2025 with a compound annual growth rate (CAGR) of 18.5%. The notable growth during the historic period is due to factors such as increased funding, higher healthcare spending, growth in emerging markets, swift technological progress and the swift rise in the geriatric population.

The market size for next generation sequencing is predicted to experience a tremendous surge in the coming years, escalating to a value of $33.89 billion by 2029 with a compound annual growth rate (CAGR) of 18.5%. This forecasted growth during the period can be ascribed to the aging demographic, expanded accessibility to healthcare, growing occurrence of chronic diseases, and swelling demand for next generation sequencing due to the COVID-19 pandemic. Prevailing trends for this forecast period incorporate the use of artificial intelligence to decrease costs and time, researching rare diseases in a cost-effective way to retain a competitive advantage over other technologies, offering NGS technologies for newborn screening, and implementing big data technologies to evaluate large genomic data.

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How are the latest trends influencing the growth of the next generation sequencing market?
Leading businesses in the next-generation sequencing market are concentrating on the creation of state-of-the-art technologies such as the next-generation sequencing (NGS) platform technology to boost speed, precision, and cost-efficiency. Notable advancements involve increased precision, greater throughput, and the incorporation of AI for data evaluation. Next-generation sequencing (NGS) platforms are sophisticated systems that facilitate swift and economical sequencing of DNA and RNA by processing millions of snippets simultaneously. They have a wide range of uses, including whole-genome sequencing and targeted resequencing, revolutionizing genomic research, and personalized healthcare. For instance, Thermo Fisher Scientific, a biotechnology firm based in the US, introduced an IonTorrent Genexus Dx Integrated Sequencer in April 2022. This sequencer supports rapid, automated next-generation sequencing in clinical labs, with the ability to deliver results in a minimal time of 24 hours. It's user-friendly nature and adaptable features promote both diagnostic testing and research, advancing precision medicine more effectively.

Which primary segments of the next generation sequencing market are driving growth and industry transformations?
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

Subsegments:
1) By Instruments: Sequencing Systems, Library Preparation Instruments, Quality Control Instruments
2) By Reagents And Kits: Sequencing Reagents, Library Preparation Kits, Amplification Kits
3) By Software: Data Analysis Software, Bioinformatics Software, Workflow Management Software

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Which geographical regions are pioneering growth in the next generation sequencing market?
North America was the largest region in the next generation sequencing market in 2024. Asia-Pacific was the second largest region in the global next generation sequencing market share. The regions covered in the next generation sequencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the influential players reshaping the next generation sequencing market landscape?
Major companies operating in the next generation sequencing market include 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), Dante Labs, Roche, First Genetics JCS, Helix, Tempus, Massive Bio, Genetricsinc and King Abdullah International Medical Research Center, Inqaba biotec

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What Is Covered In The Next Generation Sequencing Global Market Report?

• Market Size Forecast: Examine the next generation sequencing market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the next generation sequencing market for a structured understanding.
• Key Players Overview: Analyze major players in the next generation sequencing market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the next generation sequencing market.
• Segment Contributions: Evaluate how different segments drive overall growth in the next generation sequencing market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the next generation sequencing market.
• Industry Challenges: Identify potential risks and obstacles affecting the next generation sequencing market.
• Competitive Landscape: Review strategic developments in the next generation sequencing market, including expansions, agreements, and new product launches.

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