Next-generation Sequencing (NGS) Market set to increase significantly by 2025
The global market for next-generation sequencing is likely to witness a progressive growth in the next few years, thanks to the rising adoption across diverse industries. In addition, several lucrative opportunities in untapped markets and the rise in the number of government initiatives are projected to contribute towards the growth of the market. Furthermore, the use of next-generation sequencing in biomarker and precision medicine discovery is expected to supplement the growth of the overall market in the forecast period.
Global Next-generation Sequencing (NGS) Market: Key Trends
The technological advancements in the sequencing platforms and the rising number of applications of next-generation sequencing are likely to encourage the growth of the global next-generation sequencing market in the coming years. In addition, the growing adoption of next-generation sequencing technologies among research academic institutes and research laboratories are projected to supplement the development of the market in the near future.
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On the contrary, the rising issues in the storage of sequencing data and the dearth of skilled professionals are likely to curtail the growth of the market in the coming years. Nonetheless, the increasing awareness among consumers regarding the advantages of next-generation sequencing through workshops and conferences are projected to fuel the growth of the market.
Global Next-generation Sequencing (NGS) Market: Market Potential
The integration of next-generation of sequencing with the new cloud-based technology is one of the key factors estimated to encourage the growth of the global market in the coming years. In addition, the rising focus on cancer research and the increasing level of competition are predicted accelerate the growth of the market in the forecast period.
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However, several concerns related to the security of next-generation sequencing data and the standardization and accuracy issues in diagnostic testing are estimated to pose as major challenges for the leading players in the coming years. Nonetheless, the rising use of cloud computing is expected to offer promising growth opportunities throughout the forecast period.
Global Next-generation Sequencing (NGS) Market: Regional Outlook
Among the key regional segments studied in the research study, North America is anticipated to account for a key share of the global next-generation sequencing market in the forecast period. The presence of a large number of players in the U.S. and the favorable government schemes are the important factors that are predicted to accelerate the growth of the North America market in the coming years.
Furthermore, Asia Pacific is estimated to grow substantially in the next few years. The improvement of the healthcare infrastructure in developing nations and the favorable initiatives by government are predicted to fuel the growth of the next-generation sequencing market In Asia Pacific in the near future. In addition, the launch of new and advanced next-generation sequencing services and products are anticipated to contribute substantially towards the growth of the market.
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Global Next-generation Sequencing (NGS) Market: Competitive Analysis
Some of the prominent players operating in the next-generation sequencing market across the globe are Eurofins Scientific, Gatc Biotech AG, F. Hoffmann-La Roche AG, Perkinelmer, Inc., Illumina, Inc., Qiagen N.V., Agilent Technologies, Inc., Macrogen, Inc., Beijing Genomics Institute, Pacific Biosciences of California, Inc., Thermo Fisher Scientific Inc., and Oxford Nanopore Technologies, Ltd.
The entry of new players in the global next-generation sequencing market and the rising number of collaborations and mergers are projected to encourage the growth of the market in the next few years. Additionally, the rising focus of key players on research and development activities are estimated to offer promising opportunities for the leading players in the next few years.
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