PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1648505
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1648505
The next-generation sequencing market is expected to reach USD 22.38 billion in 2029 from USD 13.28 billion in 2024, at a CAGR of 11.0% during the forecast period.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD) |
Segments | Offerings, Product Type, Platform Technology, Product Workflow, Product End User, Service Type, Service Workflow, Application |
Regions covered | North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa |
The increasing adoption of NGS in areas like oncology, infectious diseases, reproductive health, metagenomics, and personalized medicine is a major growth driver. Moreover, improved bioinformatics tools for data analysis and interpretation are enhancing the usability of NGS, driving its widespread adoption.
"The consumables segment accounted for the largest share by products segment in the NGS market in 2023"
The NGS products market is divided into consumables, platforms, and bioinformatics tools. The consumables holds the largest share of the market in 2023. The consumables is the segment with the largest share in products. The consumables segment dominates the product type category of the NGS market. These include reagents, library preparation kits, sequencing flow cells, and sample preparation kits, which are consumed in large volumes across diverse applications. The ongoing need for high-quality consumables ensures a steady demand, unlike instruments that represent one-time purchases. Additionally, the increasing adoption of targeted sequencing and custom panels drives the demand for specialized consumables tailored for specific research and clinical applications. The growing number of NGS users, coupled with advancements in sequencing chemistries, has further increased the reliance on consumables to optimize workflows and improve data quality.
"The academic & research institutes segment accounted for the largest share by services end-user segment in the NGS market in 2023"
The NGS services market is segmented into academic & research institutes, pharmaceutical & biotechnology companies, hospitals & clinical laboratories, and other end users. The academic & research institutes are the segment with the largest share in the end-user segment in 2023. The large share of academic & research institutes is due to these institutions benefit from substantial government and private funding for research projects, enabling significant investments in NGS products, including instruments and consumables. However, the pharmaceutical & biotechnological companies accounted for the second largest share in the segment.
"The Asia Pacific region is growing at the highest CAGR in the NGS market from 2024 to 2029."
The Asia Pacific is estimated to be the fastest-growing segment of the market owing to the large scale of population genomics projects, and the rising demand for precision medicines is supporting the growth. Further, the rising prevalence of rare and genetic diseases is attributed to the aging population of countries such as Japan, and China. This is supporting the adoption of sequencing technologies in healthcare management and treatment driving the market growth.
This research report categorizes the NGS market by offerings (products and services), products by type (consumables, platforms, bioinformatics tools), consumables (library preparation kits & reagents, sequencing kits & reagents, and other consumables), platforms (sequencing platforms, library preparation platforms), bioinformatics tools (data analysis software & workbenches, data visualization tools, and other tools), platforms by technology (sequencing by synthesis, ion semiconductor sequencing, single-molecule real time sequencing, nanopore sequencing, and other sequencing technologies), products by workflow (presequencing, sequencing , and data analysis), products by end user (academic and research institutes, pharmaceutical and biotechnology companies, clinical & diagnostics laboratories, and other end users), services by type (sequencing services, presequencing services, bioinformatics and data analysis services, and services for NGS platforms), presequencing services by type (library preparation & target enrichment, sample preparation, and quality control), sequencing services by type (exome & targeted resequencing and custom panels, rna sequencing, de novo sequencing, chip sequencing, whole genome sequencing, methyl sequencing, and other sequencing services), bioinformatics & data analysis services by type (data analysis services, data visualization and interpretation, data storage and management services), services by workflow (presequencing services, sequencing services, and data analysis services), servuces by end user (academics and research institutes, pharmaceutical and biotechnology companies, hospitals and clinical laboratories, other end users), application (drug discovery & development, diagnostics, agriculture and animal research, and other applications), diagnostic applications (cancer diagnostics, infectious disease diagnostics, reproductive health diagnostics, and other diagnostic applications), drug discovery & development application (pharmacogenomics, and other drug discovery & development applications), and by region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa). The scope of the report covers detailed information regarding the major factors, such as drivers, challenges, opportunities, and restraints influencing the growth of the NGS market. A detailed analysis of the key industry players has been done to provide insights into their business overview, product & service portfolio, key strategies such as product & service launches, collaborations, partnerships, expansions, agreements, and recent developments associated with the NGS market. Competitive analysis of top players and upcoming startups in the NGS market ecosystem is covered in this report
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall NGS market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.
Analysis of key drivers (Advancements in sequencing platforms, Rising clinical applications of sequencing, Growing demand for precision medicine, Declining sequencing cost), restraints (Data analysis complexity, High initial capital investment), opportunities (Integration of AI and ML, adoption of long-read sequencing technologies, emphasis on multiomics integration), and challenges (Standardization issues) influencing the growth of the market.