Pune, May 14, 2020 (GLOBE NEWSWIRE) -- The global next-generation sequencing market size is projected to touch USD 31,411.3 million by 2026, exhibiting a CAGR of 22.2% during the forecast period. Increasing prevalence of cancer worldwide is likely to emerge as a major growth driver for this market, observes Fortune Business Insights™ in its report, titled “Next-Generation Sequencing Market Share and Industry Analysis By Type (Products, Instruments & Software, Consumables, Services), By Application (Diagnostics, Research), By End User (Research Institutes, Healthcare Facilities & Diagnostic Centres, Pharmaceutical & Biotechnological Companies, Contract Research Organization) & Regional Forecast, 2019 – 2026”.
Latest data from the International Agency for Research on Cancer (IARC) reveals that the global burden of cancer has jumped to 18.1 million new cases and roughly 9.6 million deaths in 2018. With the cause of its eruption in a body still being a mystery, detecting the disease in its early stages is an insurmountable diagnostic challenge to physicians. In this regard, next-generation sequencing technology is increasingly being considered as an efficient solution to this problem. This is because the NGS technology enables whole-genome sequencing, helps in discovering infrequent gene alterations, provides a molecular profile of wide varieties of cancers, and identifies hereditary cancer mutation carriers.
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According to the report, the value of this market stood at USD 6,335.2 million in 2018. The report further provides the following:
- Comprehensive insights into the factors and trends shaping the share, size, and growth of the market;
- In-depth analysis of the market restraints;
- Detailed evaluation of all the market segments; and
- Microscopic study of the regional dynamics and competitive environment characterizing the market.
An Overview of the Impact of COVID-19 on this Market:
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Market Driver
COVID-19 Outbreak to Create New Research Opportunities in NGS
The on-going coronavirus pandemic has reinforced the importance of medical research. Many organizations are fervently conducting research to understand the virus strain and track its mutations and sharing their findings with each other. For example, researchers at GenBank and the Global Initiative to Share All Influenza Data (GISAID) are exchanging their knowledge of the origin of the SARS-CoV-2 genome and its transmission routes and epidemiology.
Their research is enhancing diagnostics and treatment development capacities across the globe. Private entities such as Thermo Fischer and Eurofins are exploring the applicability of NGS in analyzing the progress of the virus through the different transmission routes. Thus, the NGS market growth is set to go full throttle as this pandemic propels research in medicine and healthcare.
Regional Analysis
North America to Hold Lion’s Share in the Market; Asia-Pacific to Register Impressive Growth
The market size in North America stood at USD 2,331.4 million in 2018, giving the region an advantageous position to dominate the next-generation sequencing market share in the foreseeable future. The main growth determinants for the market in this region include increasing incidence of cancer, presence of well-established companies, and strong regulatory support to new medical technologies.
In Europe, the market will be primarily driven by rising focus on precision therapies and steadily rising investment in medical research, which will be further propelled by the COVID-19 pandemic. Growing incidence of genetic and chronic diseases, spreading awareness about reproductive health, and overall improvements in healthcare infrastructure will augur well for the market in Asia-Pacific.
Competitive Landscape
Strategic Alliances between Key Players to Spur Competition
The dynamics of the competitive landscape of this market are defined by the operations of the large companies such as Thermo Fischer and Roche. These companies are teaming up with other players to diversify their research activities and cater to the escalating demand for advanced diagnostics and therapies for various diseases.
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Industry Developments:
- June 2019: US-based Swift Biosciences and Switzerland-domiciled Saphetor SA collaborated to develop and release a set of differentiated NGS products and solutions for clinical research, translational, and genomics applications. Under the partnership, the companies will leverage Saphetor’s cloud-based platform, VarSome Clinical, for quick and accurate discovery and analysis of NGS data.
- January 2019: US-based genomics expert, PierianDx, announced its multi-year strategic collaboration with Illumina. The partnership will be aimed at providing variant interpretation of select Illumina oncology products using PierianDx’s Clinical Genomics Knowledgebase and Clinical Genomics Workspace platforms.
List of Companies Covered in the Next-Generation Sequencing Market Report:
- PierianDx
- Eurofins Scientific
- BGI
- Agilent Technologies, Inc.
- Thermo Fisher Scientific Inc.
- Macrogen, Inc.
- PerkinElmer Inc.
- QIAGEN
- F. Hoffmann-La Roche Ltd
- Illumina, Inc.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of Next-Generation Sequencing Diagnostics Test
- Regulatory Scenario - For Key Countries
- New Product Launch
- Startups with their Funding Overview
- Key industry Developments - Mergers, Acquisitions and Partnerships
- Global Next-Generation Sequencing Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Products
- Instruments & Software
- Consumables
- Services
- Products
- Market Analysis, Insights and Forecast – By Application
- Diagnostics
- Research
- Others
- Market Analysis, Insights and Forecast – By End User
- Research Institutes
- Healthcare Facilities & Diagnostic Centers
- Pharmaceutical & Biotechnological Companies
- Contract Research Organization (CROs)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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