Next-generation Sequencing Market Size to Hit US$ 24.48 Bn by 2030

According to Precedence Research, the next-generation sequencing market size is projected to hit over US$ 24.48 billion by 2030 and is poised to grow at a registered CAGR of 16.1% from 2021 to 2030.

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Ottawa, Jan. 20, 2022 (GLOBE NEWSWIRE) -- The global next-generation sequencing market size was reached at USD 5.5 billion in 2020. The procedure of DNA sequencing known as next-generation sequencing determines the exact arrangement of nucleotides within a DNA molecule. The next-generation sequencer creates a million DNA molecules and RNA sequences per second, allowing for rapid sequencing. The high-throughput sequencing is referred to as next-generation sequencing (NSG).

The use of next-generation sequencing in the development of customized therapeutics at the generic level is expected to increase demand for next-generation sequencing in the future years. The increased applications of next-generation sequencing (NSG) in chronic diseases and oncology are projected to drive the next-generation sequencing market.

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Regional Snapshot

North America is the largest segment for next-generation sequencing market in terms of region. The regional market is driven by the existence of a number of clinical laboratories that employ next-generation sequencing (NGS) to provide genetic testing services. Furthermore, the leading firms in North America are developing and launching new products, which are fueling the next-generation sequencing market growth.

Europe region is the fastest growing region in the next-generation sequencing market. The key market players are increasingly focusing on offering cost-effective next-generation sequencing (NGS) technologies to developing nations in order to meet the demand for genomic therapeutics and whole-genome sequencing for personalized medicine.

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Report Scope of the Next-generation Sequencing Market

Report HighlightsDetails
Market Size by 2030US$ 24.48 Billion
CAGR from 2021 to 203016.1% 
Largest Revenue HolderNorth America
Fastest Growing RegionAsia Pacific
Base Year2021 
Forecast Period2021 to 2030
Companies CoveredBGI Group, PierianDx Inc., F. Hoffmann-La Roche AG, Pacific Biosciences of California Inc., PerkinElmer Inc., Thermo Fisher Scientific Inc., Agilent Technologies Inc., Illumina Inc., Qiagen N.V., Precigen Inc.

Report Highlights

  • Based on the product, the consumables segment dominated the global next-generation sequencing market in 2020 with highest market share. The consumables have a short lifespan, resulting in a high replacement rate, which drives increasing demand for them. The consumables are also ordered in large quantities from many manufacturers because it has been demonstrated to be cost-effective method for researchers and scientists to increase market value.

  • Based on the application, the biomarker and cancer segment dominated the global next-generation sequencing market in 2020 with highest market share. Due to an increase in the occurrence of different kind of cancers, the global next-generation sequencing market is predicted to develop significantly during the forecast period.

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Market Dynamics

Drivers - Rising research and development activities

The increasing research and development activities for developing therapies used in the treatment of genetic disorders will increase the demand for next generation sequencing methods over the course of the study. Increased investments in research and development activities, as well as an increase in the number of studies on the treatment of genetic disorders in individuals, will create a massive market demand. Governments in developed economies have implemented a number of policies and enacted legislation to encourage scientists and researchers to find solutions to chronic and rare diseases. Thus, the rising research and development activities are driving the growth of next-generation sequencing (NGS) market.

Restraints - Lack of clinical validation

Due to a lack of scientific evidence, the clinical validity of direct-to-consumer genetic tests has been consistently questioned. This has an adverse effect on the commercialization of predisposition tests. Single-gene testing by Sanger sequencing is used in direct-to-consumer tests because it is the most cost-effective method for studying inherited disorders with low phenotypic and genetic heterogeneity. With the increase in heterogeneity, it is more efficient to use next-generation sequencing (NGS) panels to study multiple targets at the same time. Furthermore, direct-to-consumer genetic tests have limited accuracy and frequently produce false-positive or false-negative results, which can have a negative impact on consumer health and cause emotional and mental distress. This has compelled regulatory authorities to scrutinize vendors and mandate the disclosure of risk information and instructions.

Opportunities - Advancement in next-generation sequencing (NGS) platforms

The continuous technological advancements in sequencers have enabled the introduction of efficient, portable, and simple-to-use of next-generation sequencing (NGS) platforms capable of providing rapid and accurate results and boasting improved turnaround times. The launch of next-generation sequencing (NGS) technologies provides key market players with a benefit; as a result, the market companies are highly investing on research and development of new technologies to drive the market growth. As a result, the advancement in of next-generation sequencing (NGS) platforms is creating lucrative opportunities for the growth of the market.

Challenges - End user budget constraints

In developing countries, the academic research is mostly reliant on outside financing. Despite private and government sector attempts to offer funding for research around the world, numerous research and academic institutes have budget limits when it comes to the purchase and use of innovative and high-priced equipment and technology. As a result, advanced research facilities in academic and research institutes in underdeveloped countries are being installed at a slow pace. Thus, end user budget is a big challenge for the market growth.

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Segments Covered in the Report

By Product

  • Consumables Platforms
  • Services and Nerve Blockers

By Application

  • Diagnostics
  • Biomarkers and Cancer
  • Reproductive Health
  • Personalized Medicine
  • Agriculture and Animal Research
  • Others

By Technology

  • Sequencing by Synthesis
  • Ion Semiconductor Sequencing
  • Sequencing by Ligation
  • Pyrosequencing
  • Single Molecule Real Time Sequencing
  • Others

By End User

  • Academic and Research Centers
  • Pharmaceutical and Biotechnology Companies
  • Hospitals and Clinics
  • Clinical Research
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • MEA
  • Latin America
  • Rest of the World

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