Unlocking Opportunities in the Next Generation Sequencing Market: 2025-2034 Forecast Report

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What Is the Expected CAGR for the Next Generation Sequencing Market Through 2025?
There has been a swift expansion in the next generation sequencing market size in the past few years. The value of the market is predicted to escalate from $14.52 billion in 2024 to $17.21 billion in 2025, experiencing a compound annual growth rate (CAGR) of 18.5%. This growth in the historic period is due to factors such as increased funding, higher healthcare spending, expansion in emerging markets, rapid advancements in technology, and a surge in the ageing population.

What's the Projected Size of the Global Next Generation Sequencing Market by 2029?
Expectations are high for the next generation sequencing market, which is anticipated to experience a swift expansion in the years to come. Projected to reach a value of $33.89 billion by 2029, the market is set to grow with a compound annual growth rate (CAGR) of 18.5%. The increase anticipated over the forecast period can be credited to factors such as the aging population, expanded access to healthcare, a rise in chronic diseases and an escalated demand for next generation sequencing in light of COVID-19. Key trends likely to shape the forecast period include targeting the use of artificial intelligence to minimize costs and time, conducting cost-effective research into rare diseases to maintain a competitive advantage against other technologies, marketing NGS technologies for newborn screenings and leveraging big data technologies for the analysis of extensive genomic data.

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Top Growth Drivers in the Next Generation Sequencing Industry: What's Accelerating the Market?
The escalating incidence of chronic diseases such as AIDS, cancer, and thalassemia has been a significant contributory factor to the expansion of the next-generation sequencing market. Globally, there has been a noticeable surge in chronic disorders brought about by an aging demographic and changes in societal behavior, resulting in an uptick in these common yet costly long-term health problems. Next-generation sequencing (NGS), with its adaptable development tool, is utilized extensively in cancer research by clinicians and researchers to identify biomarkers that can offer treatment guidance. The World Health Organization predicts a substantial rise in the prevalence of chronic diseases, which will consequently push the demand for NGS sequencing, thereby enriching the revenues and aiding the growth of the next-generation sequencing market.

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What Trends Will Shape the Next Generation Sequencing Market Through 2029 and Beyond?
In the next-generation sequencing market, key industry players are focusing on the innovation of technologies such as next-generation sequencing (NGS) platform technology, targeting speed enhancement, accuracy, and cost reduction. Notable advancements involve improved accuracy, increased throughput, and incorporation of Artificial Intelligence for data analysis. Next-generation sequencing (NGS) platforms are sophisticated technologies that allow DNA and RNA sequencing swiftly and economically by processing millions of fragments at the same time. They are extensively used in multiple applications like whole-genome sequencing, targeted resequencing, contributing enormously to genomic research and individualized medicine. For instance, Thermo Fisher Scientific, an American biotechnology business, introduced its IonTorrent Genexus Dx Integrated Sequencer in April 2022, which allows quick, automated next-generation sequencing in clinical laboratories, providing results in potentially just 24 hours. Its flexibility and user-friendly setup support both diagnostic testing and research, leading to the efficient progression of precision medicine.

What Are the Main Segments in the Next Generation Sequencing Market?
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 Top Companies are Driving Growth in the Next Generation Sequencing Market?
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

Which Regions Will Dominate the Next Generation Sequencing Market Through 2029?
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

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