Next-Generation Sequencing Data Analysis Market is Expected to Reach USD 5.4 billion by 2032, with a Projected 16.6 % CAGR| Transparency Market Research Inc.
The demand for in-depth information on genomic sequences has resulted in the growth of the next-generation sequencing data analysis market.
Wilmington, Delaware, United States, Nov. 22, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global next-generation sequencing data analysis market stood at US$ 1.17 billion in 2022 and the global market is projected to reach US$ 5.4 billion in 2032. The next-generation sequencing data analysis market is anticipated to expand at a CAGR of 16.6% between 2022 and 2032.
The tertiary analysis is the most demanding segment due to the critical need to interpret intricate genomic sequences. While it is no less apparent that tertiary analysis will drive the demand due to a large amount of complex NGS data and associated algorithms.
Due to the diminishing cost of next-generation sequencing technology, its demand in clinical applications is spurring. Such demand will escalate the need for large-scale clinical sequence datasets, thereby compelling the need for data analysis and interpretation of the results at a low cost. Several stakeholders are looking for low-cost solutions provided by companies. However, the lack of demand for skilled professionals will likely restrict the market to a certain extent.
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The market for next-generation sequencing data analysis is being constrained by the enormous amount of data that comes along, as well as a number of inherent challenges brought on by a general lack of standardization across databases, a lack of readily available software, underdeveloped infrastructure like computer capacity, storage, and the development of algorithms to be used in clinical settings.
Humans are exposed to a growing number of infectious diseases that are merely unrecognized. Changes in climatic conditions, settlements near livestock habitats, and the ever-increasing population associated with immunocompromised people contribute to the spread of new infections. For these purposes, next-generation sequencing has proved to be a suitable choice for diagnosing complex diseases. NGS methods have transformed clinical diagnosis with the personalized treatment of several diseases and escalating demand for data solutions, boosting R&D activities.
Next-Generation Sequencing Data Analysis Market: Key Players
- In May 2022, Illumina, Inc. and Allegheny Health Network (AHN) declared the collaboration for in-house comprehensive genomic profiling. The partnership will assess tissue and blood samples to ensure whether the approach will assist cancer patients.
- In January 2022, Illumina undertook a co-development partnership with SomaLogic to bring SomaScan Proteomics Assay to Illumina’s following–generation sequencing platforms. It is aimed to spur the throughput sector of the proteomic market. Researchers can make more biological connections from genetic sequence to cellular function.
Key Takeaways of Market Report
- Global next-generation sequencing data analysis market to generate absolute dollar opportunity worth US$ 5.4 billion until 2032.
- Global next-generation sequencing data analysis market is valued at US$ 610.6 million in 2021.
- The global next-generation sequencing data analysis market management market value from 2017 to 2021 is 17%.
Next-Generation Sequencing Data Analysis Market: Growth Drivers Top of Form
- Genomics studies of large populations have generated a large amount of data, giving rise to computational platforms. Cloud computing has emerged as a feasible option that assists in acquiring computational resources for a huge genomic population and provides data analysis solutions.
- Additionally, cloud-based technology has been developed to address the computational issues in NGS technology specifically.
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Next-Generation Sequencing Data Analysis Market: Regional Landscape
- The next-generation sequencing data analysis market in the U.K. is expected to be valued at US$ 348 Mn by 2032. Revenue through the market grew at 15.9% CAGR during 2017-2020 and is expected to achieve a growth rate of 26.7% over the forecasted period set between 2022 and 2032.
- The market is driven by the early adoption of clinical laboratories with next-generation sequencing technology, genetic testing services, and investment in R&D facilities for enhancing genome sequencing. The U.K. is one of the countries investing in its population genomics.
- The U.S. was the largest market for next-generation sequencing data analysis globally. The market in the country is projected to reach a valuation of US$ 1.8 Bn in 2032, growing from US$ 220.3 Bn. The market in the U.S. is projected to register an absolute dollar opportunity of US$ 1.6 Bn during 2022 – 2032, growing at a CAGR of 23.4%.
Next-Generation Sequencing Data Analysis Market: Segmentation
By Read Length
- Long Read Sequencing
- Short Read Sequencing
- Very Long Read Sequencing
By Product Type
- NGS Commercial Software
By Sourcing Type
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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