LOS ANGELES, Dec. 11, 2019 (GLOBE NEWSWIRE) -- The global next generation sequencing market is expected to grow at a CAGR of around 18.7% over the forecast period 2019 to 2026 and reach the market value of around US$ 20.4 billion by 2026.
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Geographically, the North America region dominated in the next generation sequencing market in 2018 and is expected to maintain its share during the forecast period. This can be attributed to high investment in research and development activities, local presence of major market players, more awareness about new technologies, and increasing prevalence of infectious diseases and cancer. However, the Asia Pacific region is anticipated to propel the market growth at the fastest rate during the forecast period. This is due to growing investment by pharmaceutical and biotechnology companies considering high growth in the region and funding provided by the private and government organization for the development of innovative and effective treatment. Additionally, presence of large pool of targeted patients increases the demand for next generation sequencing from the region.
Based on the product & services, the market has been segmented into NGS platforms & related products and NGS services. In 2018, platforms and related products accounted for the largest share of the market. Related products include software and instruments used during sample preparation and sequencing of those samples. Major players operating in the NGS platform market are Illumina, Thermo Fisher Scientific, Pacific Biosciences, and Oxford Nanopore Technologies. However, NGS services market is anticipated to grow at the fastest rate during the forecast period. These services help the scientist to better understand genomic sequences in the diagnosis of chronic and rare diseases, such as cancer.
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Based on application, the NGS market is divided into oncology, reproductive health, clinical investigation, immune system monitoring, agriculture & animal research, epidemiology & drug development, and consumer genomics. Oncology held the maximum share of the market in 2018. High research in the field and lesser availability of alternative treatments are the key reasons for the dominance in the market.
Based on the technology, the market has been segmented into whole genome sequencing, targeted sequencing & resequencing, and whole exome sequencing. In 2018, targeted sequencing and resequencing accounted for the largest share of the market due to its ability of rapid and cost-effective detection of known variants in selected genes. However, demand for the whole genome sequencing is anticipated to increase with the fastest rate during the forecast period.
On the basis of end user, the NGS market is sub-segmented into academic institutes & research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other users. Academic institutes & research centers held the maximum share of the market in 2018 due to wide application of NGS in Ph.D projects and research. Furthermore, the segment anticipated to observe the fastest growth as well owing to strong clinical pipeline.
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Key players operating in the next generation sequencing market are BGI, Bio-Rad Laboratories, Inc., DNASTAR, Inc., Eurofins GATC Biotech GmbH; F Hoffman-La Roche Ltd.,Genomatix GmbH, Illumina Inc.; Oxford Nanopore Technologies, Perkin Elmer, Inc., PierianDx, Inc.,QIAGEN,and Thermo Fisher Scientific, Inc. Market players are adopting strategic moves such as collaboration for development and geographical expansion in the untapped region.
Some of the key observations regarding next generation sequencing industry include:
- In November 2019, Thermo Fisher Scientific introduced first fully integrated next-generation sequencing platform, Ion Torrent GenexusSystem, that produced results economically at the same day. The company launched this system at the Association for Molecular Pathology (AMP) 2019 annual meeting held in the U.S.
- In October 2019, Qiagen and Illumina entered into 15 years partnership to develop and commercialize NGS based in-vitro diagnostics for the application of precision medicine.
- In July 2019, Thermo Fisher Scientific signed a three years collaboration agreement with the Ontario Institute for Cancer Research (OICR) and Genome Canada to develop targeted NGS based assays and software for analysis. Through collaboration, the partners will develop three assays, two for targeted treatments in prostate and breast cancer and one rapid diagnostic for pancreatic cancer.
- In May 2019, Bayer and Foundation Medicine collaborated to develop next generation sequencing based companion diagnostics in the field of oncology.
- In May 2018, Agilent Technologies, Inc. acquired Lasergen, Inc., an emerging biotech company that focused on R&D of advanced technologies in the DNA sequencing field. The acquisition is aimed to develop workflow solution for clinical applications by using NGS leveraging Lasergen's Lightning Terminators chemistry.
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