Next-generation Sequencing (NGS) Market: $13.0B to $27.0B Growth Forecast (2022-2027)

The global next-generation sequencing market, valued at US$12.13 billion in 2023, is forecasted to grow at a robust CAGR of 13.2%, reaching US$12.65 billion in 2024 and an impressive US$23.55 billion by 2029.
The "Next-generation Sequencing (NGS) Market [https://www.marketsandmarkets.com/Market-Reports/next-generation-sequencing-ngs-technologies-market-546.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=paidpr] Size, Share & Trends by Product & Service (Consumables, Platforms, Services), Technology (SBS, Nanopore), Application (Diagnostic, Drug Discovery, Agriculture), End User (Pharma, Biotech, Academic) & Region - Global Forecast to 2027", report highlights substantial growth projections. It anticipates the market to escalate from $13.0 billion in 2022 to $27.0 billion by 2027, at a notable CAGR of 15.7%. The next-generation sequencing (NGS) market is expanding due to falling genome sequencing costs, rising cancer rates, and the introduction of new NGS platforms. Key drivers include advancements in NGS technologies from major players like Oxford Nanopore Technologies, Thermo Fisher, and Illumina. However, budget constraints in developing countries pose a challenge, limiting the adoption of advanced NGS technologies. Opportunities lie in NGS applications in precision medicine and molecular diagnostics, with increasing investments expected from governments to enhance these areas. Consumables led the market in 2021, driven by the demand for sequencing kits and reagents. North America was the largest regional market, bolstered by active genomics research and a strong demand for NGS platforms. Major players in the NGS market include Illumina, Thermo Fisher Scientific, PerkinElmer, BGI Group, and others.

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Illumina (US): Market Leader in Next-Generation Sequencing

Illumina is a leading force in the next-generation sequencing (NGS) market, commanding the largest market share with its comprehensive suite of sequencing, genotyping, gene expression, and molecular diagnostic platforms. The company's dominance is driven by its continuous innovation, including the launch of new products and strategic collaborations. Key offerings include the Urinary Pathogen ID/AMR Panel (UPIP), Viral Surveillance Panel, NovaSeq X Series, NovaSeq 6000 Dx, TruSight Oncology 500 HRD test, Illumina DRAGEN v4.0, and the TruSight Oncology Comprehensive (TSO) test. Illumina's significant market presence is attributed to its advanced SBS technology and ongoing product development.

Thermo Fisher Scientific (US): Key Player in Next-Generation Sequencing

Thermo Fisher Scientific holds the second position in the NGS market, recognized for its extensive range of sequencing instruments and consumables. The company focuses on expanding its product offerings with advanced instruments for biotechnology and pharmaceutical applications. Thermo Fisher is also noted for its strategic collaborations and recent achievements, such as the FDA approval of the Oncomine Dx Target Test in September 2022. This NGS-based companion diagnostic kit aids in selecting therapy for patients with RET Mutations/Fusions in thyroid cancers, underscoring Thermo Fisher's commitment to innovation and market leadership.

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Technology-Based Segmentation

The market is divided into sequencing by synthesis (SBS), ion semiconductor sequencing, nanopore sequencing, single-molecule real-time sequencing, and other technologies. In 2021, the SBS segment led the market, largely due to the introduction of new platforms utilizing this technology.

Application-Based Market Insights

NGS applications are categorized into diagnostics, drug discovery & development, agricultural & animal research, and other areas. The diagnostics segment, which includes cancer diagnostics, infectious disease diagnostics, reproductive health diagnostics, and other applications, held the largest market share in 2021. This segment's dominance is expected to continue, driven by new product launches for in-vitro diagnostic (IVD) applications and increased demand for NGS-based diagnostic kits. The drug discovery & development segment is further divided into pharmacogenomics and other discovery & development applications.

End-User Market Analysis

The end-users of NGS technologies are categorized into academic institutes & research centers, hospitals & clinics, reference laboratories, pharmaceutical & biotechnology companies, and other entities. Academic institutes & research centers accounted for the largest market share in 2021, driven by favorable funding for genomics and the development of cost-effective NGS products.

Regional Market Overview

Geographically, the NGS market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America led the market in 2021, with expectations to maintain its position due to ample research funding and growing applications of NGS in diagnostics and genomics research.

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