Press release
Next-Generation Sequencing (NGS) Market to Hit $42.7 Billion by 2031, Growing at 15.7% CAGR
According to this latest publication from Meticulous Research®, the next-generation sequencing (NGS) market is projected to reach $42.7 billion by 2031, at a CAGR of 15.7% during the forecast period. The growth of the NGS market is driven by the rising cancer prevalence & the increasing application of NGS in cancer treatment and research, partnerships between NGS service providers & pharmaceutical companies, technological advancements in NGS, the growing demand for optimized & streamlined NGS workflows, the declining costs of genome sequencing, technological advancements in sequencing procedures, technological advancements in NGS informatics solutions, increasing pharmaceutical R&D expenditures, the surge in genome mapping programs, and improvements in regulatory & reimbursement scenarios for NGS-based diagnostic tests. However, the high costs of NGS systems and consumables, the high costs of automation workstations, data confidentiality concerns, the availability of alternative technologies, the low chances of identifying positive, actionable mutations for precision medicine, and ethical & legal issues related to NGS-based diagnosis restrain the growth of this market.
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Key Players
The key players operating in the next-generation sequencing (NGS) market (Markt für Next-Generation-Sequenzierung (NGS)) are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Revvity, Inc. (U.S.), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Pacific Biosciences of California, Inc. (U.S.), Danaher Corporation (U.S.), Oxford Nanopore Technologies Plc. (U.K.), MGI Tech Co., Ltd. (China), Tecan Group Ltd. (Switzerland), Beijing Genomics Institute (BGI) (China), Eppendorf AG (Germany), Hamilton Company (U.S.), Hudson Robotics (U.S.), LGC Limited (U.K.), Fabric Genomics, Inc. (U.S.), DNASTAR, Inc. (U.S.), Eurofins Scientific SE (Luxembourg), Novogene Co. Ltd. (China), and Quest Diagnostics Incorporated (U.S.).
Leading Drivers Fueling NGS Market Expansion:
A convergence of powerful factors is driving rapid expansion in the NGS market. Chief among these is the rising prevalence of cancer, which has led to an urgent need for enhanced diagnostics and personalized treatment solutions. NGS is now increasingly adopted in clinical oncology, not only for identifying actionable genetic mutations but also for monitoring disease recurrence through molecular residual disease (MRD) assays-exemplified by new whole-genome sequencing solutions for ctDNA detection recently launched by Illumina Inc. in partnership with Janssen Research & Development. Pharmaceutical companies and NGS service providers have formed strategic partnerships, further speeding adoption of genomic testing in therapeutic development and patient care.
Advancements in sequencing technology and informatics have dramatically improved the speed and accuracy of genome analysis, while declining costs make NGS accessible to a broader range of hospitals, laboratories, and research institutions. The trend toward more optimized and automated workflows-spanning sample preparation, data analysis, and bioinformatics solutions-has reduced turnaround times and increased the efficiency of large-scale projects.
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Technological Trends Shaping the Future:
The future of NGS hinges on several key technological innovations. Comprehensive sequencing platforms, such as sequencing by synthesis and nanopore sequencing, now deliver highly accurate genomic data, minimizing sequence-specific errors and empowering researchers to explore complex regions of the genome. Bioinformatics advancements have enabled secure, efficient data management, allowing seamless sharing and multi-team access to large genomic datasets.
Clinical applications of NGS are expanding, particularly in precision medicine, rare disease diagnosis, and early cancer detection. NGS supports personalized treatment strategies by identifying genetic variability and tailoring interventions to individual patient profiles. Informatics solutions help streamline workflows by automating analysis, monitoring instrument run quality, and transforming raw sequencing data into actionable clinical information.
Furthermore, automation in library preparation, sequencing protocols, and data analysis continues to enhance reliability, reproducibility, and scalability, which are critical for high-throughput research and clinical operations. As large-scale genome mapping programs and collaborative research initiatives proliferate, the adoption of NGS technologies is set to accelerate even further.
Regions Leading Market Growth:
North America currently dominates the NGS market, accounting for 48.7% of the global share in 2024. The region's growth is underpinned by strong R&D investment, proactive government initiatives in genomics, higher awareness of NGS testing, and a favorable reimbursement environment. The U.S.-with its concentration of major market players, cutting-edge research, and robust pharmaceutical sector-remains a powerhouse for NGS adoption and innovation.
However, the Asia-Pacific region stands out for its explosive growth potential, forecasted to experience the highest expansion rate at 16.9% CAGR through 2031.
China and India, in particular, are investing heavily in healthcare infrastructure, genome sequencing programs, and drug discovery, creating significant opportunities for NGS vendors. Government support for biotechnology, affordable skilled workforce, and increasing incidence of genetic diseases and cancer are accelerating market expansion across Asia-Pacific. These trends are gradually shifting the global landscape, with new research hubs and collaborative projects gaining momentum.
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Key Questions Answered in the Report:
• Which are the high-growth market segments in terms of offering, application, end user, and region/country?
• What was the historical market size for next-generation sequencing (NGS) products across the globe?
• What are the market forecasts and estimates for 2024-2031?
• What are the major drivers, restraints, opportunities, and challenges in the global next-generation sequencing (NGS) market?
Related Reports:
North America NGS Market: https://www.meticulousresearch.com/product/north-america-ngs-market-5607
Europe NGS Automation Market: https://www.meticulousresearch.com/product/europe-ngs-automation-market-5644
North America NGS Automation Market: https://www.meticulousresearch.com/product/north-america-ngs-automation-market-5736
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Each year, we conduct over 300 syndicated studies and manage 60+ consulting engagements across eight key industry sectors and 20+ geographic markets. With a focus on solving the complex challenges facing global business leaders, our research enables informed decision-making that propels sustainable growth and operational excellence. We are dedicated to delivering high-impact solutions that transform business performance and fuel innovation in the competitive global marketplace.
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