Next Generation Sequencing Market is projected to grow at a CAGR of 21.1% by 2033: Visiongain
Visiongain has published a new report entitled Next Generation Sequencing Market Report 2023-2033: Forecasts by Type (Consumables, Bioinformatics, Sequencing Services, Pre-sequencing Services, Instruments), by Workflow (Library Preparation, Sequencing, Data Analysis), by Application (Oncology, Reproductive Health, Genetic and Rare Diseases, Consumer Genomics, Agrigenomics & Forensics, Others), by End-use (Hospitals and Clinics, Academic and Research Institutes, Pharmaceutical and Biotech Companies, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The next generation sequencing market is valued at US$10,626.1 million in 2023 and is projected to grow at a CAGR of 21.1% during the forecast period 2023-2033.
Rising Adoption of NGS Technology to Boost Industry Growth
Compared to conventional sequencing techniques, NGS technologies let researchers swiftly and cheaply read and analyze enormous amounts of DNA or RNA. The rapid adoption of NGS technology for clinical diagnostics and the method’s affordability, speed, and precision are projected to fuel the market expansion. It is believed that the massively parallel sequencing capabilities of NGS, which are gradually replacing its predecessor, traditional Sanger sequencing, have had a substantial impact on the desire for sequencing technologies. The exponentially decreasing cost of next generation sequencing data generation has put large-scale investigation of rare variation within reach, and there has been a resultant shift in the field of complex disease genetics over the past decade. Over the next few years, it is anticipated that the benefits of NGS will aid in the market’s expansion.
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How has COVID-19 had a Significant Impact on the Next Generation Sequencing Market?
The COVID-19 pandemic has accelerated the adoption and utilization of NGS technology, showcasing its potential to address infectious diseases and public health emergencies. The use of NGS for genomic surveillance, diagnostic testing, vaccine development, variant tracking, and research on pathogenesis has significantly advanced the understanding of COVID-19 and has paved the way for future applications of NGS in infectious disease management. Many companies had launched innovative products to fight against the battle. For instance, QIAseq SARS-CoV-2 Primer Panel for next generation sequencing (“NGS”) of the coronavirus genome was introduced by QGEN during the pandemic. The company expanded its NGS product offering globally with this product. With this launch, QIAGEN increases the range of sample technologies, diagnostic tools, and research tools it offers, aiding in the global pandemic response.
How will this Report Benefit you?
Visiongain’s 242-page report provides 102 tables and 139 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the next generation sequencing market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for next generation sequencing. Get financial analysis of the overall market and different segments including type, workflow, application, and end-use and capture higher market share. We believe that there are strong opportunities in this fast-growing next generation sequencing market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Research and Clinical Collaborations Projected to Drive Industry Growth
The adoption and use of NGS technology has been facilitated by partnerships between academics, medical professionals, and business partners. The integration of multidisciplinary expertise allows for the translation of genomic research findings into clinical applications and the development of evidence-based genomic medicine. For instance, in Jan 2022, Using large-scale genomics and the creation of a premier clinico-genomic resource, Illumina, Inc. and Nashville Biosciences, LLC, a wholly-owned subsidiary of Vanderbilt University Medical Centre (VUMC), announced a multi-year collaboration to hasten the development of new medications. As the understanding of the genetic variables that contribute to cancer advances, NGS has the potential to revolutionize cancer risk assessment, detection, diagnosis, treatment, and monitoring. Such tactical actions are projected to boost market expansion during the anticipated period.
Rapid Technological Advancements to Boost Market Growth
NGS technologies continue to advance rapidly, driven by ongoing research and development efforts. The effectiveness, precision, and speed of NGS workflows have been improved by new library preparation techniques, improved instrument performance, and improved sequencing chemicals. These technological developments have boosted data quality, broadened the applications of NGS, and created new opportunities for genomic study and clinical diagnosis. For instance, there has been many technology breakthroughs by Illumina next generation sequencing. The iSeq 100 System delivers high-accuracy data in a portable system by combining a complementary metal-oxide semiconductor (CMOS) chip with one-channel SBS. The NextSeq 1000 and 2000 Systems provide simplicity in process, flexibility for new applications, and data analysis in as little as two hours.
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Where are the Market Opportunities?
Biomarker Discovery and Drug Development
NGS plays a crucial role in biomarker discovery, facilitating the identification of genetic markers associated with disease progression, therapeutic response, and adverse drug reactions. NGS-based approaches have accelerated the development of targeted therapies and companion diagnostics, leading to more effective and personalized treatment strategies. NGS data also contributes to drug discovery and development by elucidating disease mechanisms, identifying new drug targets, and supporting preclinical and clinical studies.
Personalized Medicine and Precision Oncology
NGS has emerged as a critical enabler of personalized medicine and precision oncology. By sequencing the genome or targeted gene panels, NGS can identify genetic variants associated with disease susceptibility, treatment response, and drug metabolism. This information enables clinicians to make more informed decisions regarding patient care, select targeted therapies, and optimize treatment regimens based on an individual’s genomic profile. The rising research and development of personalized medicine and precision oncology creates a huge opportunity for the market to grow further.
The major players operating in the next generation sequencing market are Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., Eurofins Scientific, F. Hoffman-La Roche Ltd, Illumina, Inc., PerkinElmer Inc., QIAGEN, and Thermo Fisher Scientific Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- On26th April 2023, Agilent Technologies Inc. signed a Memorandum of Understanding (MOU) with Theragen Bio in South Korea to advance bioinformatic (BI) solutions and advance precision oncology
- On 27th March 2023, a new cloud-based programme called Connected Insights was launched by Illumina Inc. providing tertiary analysis for clinical next generation sequencing (NGS) data.
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To find more Visiongain research reports in the Pharma sector, click on the following links:
- Gene Amplification Technologies Market 2023-2033
- Precision Medicine Market Report 2023-2033
- NGS Based RNA Sequencing Market Report 2021-2031
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