New York, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Government initiatives for large scale NGS based projects, collaborations for technical advancements in NGS and declining costs are key factors contributing to high CAGR of next generation sequencing market during the forecast period.
According to the current analysis of Reports and Data, the global next generation sequencing market was valued at USD 5,793.4 million in 2018 and is expected to reach USD 19,122.4 million by the year 2026, at a CAGR of 15.9%. Next-generation sequencing non-Sanger based high throughput method of sequencing. Entire next generation sequencing methodology engages a wide range of reagents, kits, equipment, software and tools for the pieces of its entire workflow that includes sample preparation, library preparation & amplification, sequencing, and analysis. Due to the constant innovations in the NGS technologies, there has been a significant decline in the sequencing costs, complexity and turnaround time. Horizons of the NGS applications is expanding, which in turn offers ample opportunities to emerging as well the existing market players.
Illumina, ThermoFisher Scientific, Pacific biosciences, and Oxford Nanopore Technologies are among key innovators of next generation sequencing technologies. Based on the application, individual technologies are conquering the NGS markets across the globe. Illumina’s SBS technology remains the top choice of the researchers across the globe, considering the reducing costs and high precision. Clinical Diagnostic applications of NGS is dominated by ThermoFisher’s semiconductor NGS technology owing it to its less turnaround time. Pacific Biosciences’ long read sequencing technology is paving its success path for the de-novo sequencing applications. Oxford Nanopore remains a key innovator with its long read, portable, real-time sequencing offerings. Despite differences in the technological basis of individual companies, the market players in NGS products & services are focused on providing low cost, efficient, reliable, user friendly, compact and accurate sequencing experience to their customers. Furthermore, bioinformatics tools plays a vital role in the advancement of NGS workflow and analysis, and continues to register significant growth in the global market. Also, NGS services holds more than one fourth of the revenue generated in the global next generation sequencing market and is fragmented in nature, unlike NGS products market.
Furthermore, increased government initiatives, availability of research funds from private as well as public bodies, improvement in the reimbursement scenario for NGS based diagnostics, and rising awareness about benefits of NGS technologies are among the key factors propelling the growth of next generation sequencing market.
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Further key findings from the report suggest
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Next Generation Sequencing market on the basis of product and service, technology, application, end user and region:
Product & Service Outlook (Revenue in Million USD; 2016–2026)
Technology Outlook (Revenue in Million USD; 2016–2026)
Application Outlook (Revenue in Million USD; 2016–2026)
End User Outlook (Revenue in Million USD; 2016–2026)
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Regional Outlook (Revenue in Million USD; 2016–2026)
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