Global Next Generation Sequencing Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024
Global Next Generation Sequencing (NGS) market is expected to grow significantly from USD 4.93 billion in 2017 to USD 17.44 billion in 2024, at an exponential CAGR of 22.2% from 2018 to 2024.
Factors propelling the growth of next generation sequencing (NGS) market include technological advancements in data integration and cloud computing, growing demand for new scientific research, and strong demand for clinical diagnostic. Moreover, increasing adoption of next generation sequencing technology in various end-user segments and growing investments in research and development is further propelling the market growth.
The years used for the assessment are as follows;
Historical year: 2014, 2015, and 2016
Base year: 2017
Forecast period: 2018 – 2024
The research and analysis is based on the data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, government websites, annual reports, press releases, white papers, surveys, investor presentation of companies, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year Impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the total next generation sequencing market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global next generation sequencing market
Finalizing the overall size and share of the global next generation sequencing market
To analyze market trends, opportunities, drivers, and restraints associated with the global next generation sequencing market
To study market response with respect to the mergers and acquisitions in the industry
To profile key companies operating in the next generation sequencing market and provide their competitive landscape
The research scope for global next generation sequencing market is as follows:
By Product Type
Reagents & consumables
By Sequencing Type
Whole Genome Sequencing
Targeted Sequencing & Resequencing
RNA Based Targeted Sequencing
DNA Based Targeted Sequencing
De Novo Sequencing
Reproductive Health Diagnostics
Agriculture and Animal Research
Academic Institutes & Research Centers
Hospitals & Clinics
Central & South America
Middle East and Africa
The ability of Next-generation sequencing (NGS) technology to generate large amount of sequence data in a short time helps in wide range of genetic analysis, and is being rapidly used in advance clinical research. The strong demand of NGS technology is mainly due to its growing applications in chromosome counting, molecular analysis, gene expression profiling, detection of epigenetic changes, and disease detection. NGS technology presents progressive advantages of cost effectiveness, high resolution and accuracy in genetic analysis. With the use of NGS technology, millions of changes in DNA can be detected with a single test and the cause of disease can be determined. Moreover, growing research and development activities in NGS has resulted in increased demand from various end-user segments.
Geographically, the global NGS market is segmented into North America, Europe, Asia-Pacific, Central & South America, and Middle East and Africa. North America held the major share of the global market in 2017. The growth in the region is attributed to the increasing investments in research and development activities due to the high prevalence of cancer and infectious diseases. Moreover, development in NGS bioinformatics solutions and pre-sequencing, and presence of major player in the region is also driving the market growth. North America is witnessing strong demand for various tests such as non-invasive prenatal test (NIPT), clinical laboratory-developed test (LDT), microbiology and infectious disease testing, which is expected to propel the market growth during the forecast period. Factors driving growth in the European NGS market are; emergence of new applications in various disease diagnosis and significant government support in the region. The NGS market in Asia-Pacific is witnessing significant growth, owing to growing research and development in NGS based diagnostics and genetic research. Moreover, the growing adoption of NGS technology in various end-user segments in Asia-Pacific countries such as Japan, India, and China for new drug and clinical developments is expected to fuel the market growth during 2018-2024.
Some of the key companies operating in the market include Illumina, Inc., Oxford Nanopore Technologies, Pacific Biosciences of California, Inc., Agilent Technologies, Inc., GENEWIZ, Inc., PierianDx., Eurofins Genomics, 10x Genomics, Genomatix AG, QIAGEN, BGI Genomics Co., Ltd., Macrogen, Inc., Thermo Fisher Scientific, and among others.