Dublin, June 27, 2023 (GLOBE NEWSWIRE) -- The "Next Generation Sequencing Market by Offering Type Application Technology - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global NGS market is projected to reach $27.5 billion by 2030, at a CAGR of 15.8% from 2023 to 2030.
Succeeding extensive secondary and primary research and in-depth analysis of the market scenario, the report comprises the analysis of key industry drivers, restraints, challenges, and opportunities.
The growth of the NGS market is driven by rising cancer prevalence and increasing application of NGS in cancer treatment and research, the declining costs of genome sequencing, technological advancements in sequencing procedures, increasing pharmaceutical R&D expenditures, the surge in genome mapping programs, and improvements in regulatory and reimbursement scenarios for NGS-based diagnostic tests.
However, the high costs of NGS systems and consumables, the availability of alternative technologies, the low chances of identifying positive, actionable mutations for precision medicine, and ethical and legal issues related to NGS-based diagnosis restrain the growth of this market.
The increasing applications of NGS, the rising adoption of bioinformatics and genomic data management solutions, and government initiatives supporting large-scale genomic sequencing projects are expected to create growth opportunities for the players operating in the NGS market.
However, the lack of skilled professionals and regulatory and standardization concerns in diagnostic testing are major challenges to market growth. The increasing demand for NGS automation, the development of portable sequencing technologies, and increasing partnerships and collaborations among NGS instrument manufacturers to expand and improve product offerings are prominent trends in the next-generation sequencing market.
Based on offering, in 2023, the consumables segment is expected to account for the largest share of the market. The growing adoption of NGS technology in research institutes, pharmaceutical and biotechnology companies, increasing adoption of NGS for genome mapping purposes, increasing the demand for consumables.
Based on sequencing type, targeted genome sequencing is expected to account for the largest share of the market. Targeted genome sequencing offers high throughput sequencing, high reliability, and low cost compared to WGS and WES, which are driving this segment's growth.
Based on technology, the sequencing by synthesis segment is expected to account for the largest share of the market. Less time for sequencing, error-free results, and low cost compared to other technologies are leading to the largest share of the segment. Additionally, the growing incorporation of this technology in NGS products further supports the largest share of this segment.
Based on application, in 2023, the clinical applications segment is expected to register the highest CAGR in the global NGS market. The increase in cancer cases, growing research activities to develop genome-based cancer medicine, and applications of NGS in reproductive health diagnosis contribute to this segment's large market share.
Based on end user, the hospitals and diagnostic laboratories segment is projected to register the highest CAGR during the forecast period. High patient inflows at hospitals and diagnostic laboratories, a wider range of services and treatments, and growing collaborations between hospitals and NGS supplier companies are supporting the growth of this segment.
Market Insights
Factors Affecting Market Growth
- Impact Analysis of Market Dynamics
- Factor Analysis
Trends
Industry Trends
- Increasing Partnerships and Collaborations among NGS Instrument Manufacturers to Expand and Improve Product Offerings
Technology Trends
- Development of Portable Sequencing Technologies
- Increasing Demand for NGS Automation
Case Studies
- Clear Labs, Inc. (U.S.) Offers Google Cloud Services-based NGS Platform for Food Safety Testing
- Pairend Biotechnology (Turkey) Offers NGS Cloud, an Artificial Intelligence-Supported Genetic Data Analysis Platform
Porter's Five Forces Analysis
Pricing Analysis
Company Profiles (Business Overview, Financial Overview, Product Portfolio, SWOT Analysis of Top 5 Companies, and Strategic Developments)
- Illumina Inc. (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- PerkinElmer Inc. (U.S.)
- Qiagen N.V. (Netherlands)
- Agilent Technologies Inc. (U.S.)
- Pacific Biosciences of California Inc. (U.S.)
- Danaher Corporation (U.S.)
- Bio-Rad Laboratories Inc. (U.S.)
- Oxford Nanopore Technologies Plc. (U.K.)
- 10X Genomics Inc. (U.S.)
- Beijing Genomics Institute (BGI) (China)
Scope of the Report:
NGS Market Assessment, By Offering
- Consumables
- Sample Preparation Consumables
- DNA Extraction and Amplification
- Library Preparation & Target Enrichment
- Quality Control
- Other Consumables
- NGS Platforms/Instruments
- Software
- Services
(Other consumables include vials, pipettes, containers, trays, sequencing reagents, flow cells, and tubes)
NGS Market Assessment, by Sequencing Type
- Targeted Genome Sequencing
- Whole Genome Sequencing
- Whole Exome Sequencing
- Other Sequencing Types
(Other sequencing types include degradome sequencing, chromatin immunoprecipitation (ChIP) sequencing, and methylation sequencing)
NGS Market Assessment, by Technology
- Sequencing by Synthesis
- Ion Semiconductor Sequencing
- Single-molecule Real-time Sequencing (SMRT)
- Nanopore Sequencing
- DNA nanoball sequencing
(Other sequencing technologies include polony sequencing, sequencing by ligation, pyrosequencing, and true single molecule sequencing (tSMS))
NGS Market Assessment, by Application
- Research Applications
- Drug Discovery
- Agriculture & Animal Research
- Other Research Applications
- Clinical Applications
- Reproductive Health Diagnosis
- Oncology
- Infectious Diseases
- Other Clinical Applications
(Other research applications include food microbiology, microbiota analysis in the beverage industry, and environmental studies, and other clinical applications include the detection of genetic aberrations in neurological disorders, rare diseases, metabolic and immune disorders, and food-borne illnesses)
NGS Market Assessment, by End User
- Hospitals and Diagnostic Laboratories
- Pharmaceutical & Biotechnology Companies
- Academic Institutes & Research Centers
- Other End Users
(Other end users include forensic laboratories & security agencies, food & beverage companies, and agriculture companies)
NGS Market Assessment, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/ehiyt9
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