PUBLISHER: Meticulous Research | PRODUCT CODE: 1535296
PUBLISHER: Meticulous Research | PRODUCT CODE: 1535296
Next-Generation Sequencing (NGS) Market: Industry Outlook by Offering (Sample Preparation [DNA Extraction, Library Preparation, Automation], Systems, Bioinformatics, Sequencing Services) Application (Clinical, Research) End User-Global Forecast to 2031
The global next-generation sequencing (NGS) market is projected to reach $42.7 billion by 2031 at a CAGR of 15.7% from 2024 to 2031.
Succeeding extensive secondary and primary research and in-depth analysis of the market scenario, the report comprises the analysis of key industry drivers, restraints, challenges, and opportunities.
The growth of the NGS market is driven by the rising cancer prevalence & the increasing application of NGS in cancer treatment and research, partnerships between NGS service providers & pharmaceutical companies, technological advancements in NGS, the growing demand for optimized & streamlined NGS workflows, the declining costs of genome sequencing, technological advancements in sequencing procedures, technological advancements in NGS informatics solutions, increasing pharmaceutical R&D expenditures, the surge in genome mapping programs, and improvements in regulatory & reimbursement scenarios for NGS-based diagnostic tests.
Furthermore, the increasing applications of NGS, the rising adoption of bioinformatics and genomic data management solutions, collaborations between vendors to develop library preparation protocols, the growing use of bioinformatics and genomic data management solutions for large-scale data analysis and interpretation, the increasing adoption of NGS informatics tools among hospitals and clinical laboratories, and government initiatives supporting large-scale genomic sequencing projects are expected to generate growth opportunities for the players operating in the NGS market.
The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in the industry over four years (2021-2024). The key players operating in the global next-generation sequencing (NGS) market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Revvity, Inc. (U.S.), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Pacific Biosciences of California, Inc. (U.S.), Danaher Corporation (U.S.), Oxford Nanopore Technologies Plc. (U.K.), MGI Tech Co., Ltd. (China), Tecan Group Ltd. (Switzerland), Beijing Genomics Institute (BGI) (China), Eppendorf AG (Germany), Hamilton Company (U.S.), Hudson Robotics (U.S.), LGC Limited (U.K.), Fabric Genomics, Inc. (U.S.), DNASTAR, Inc. (U.S.), Eurofins Scientific SE (Luxembourg), Novogene Co. Ltd. (China), and Quest Diagnostics Incorporated (U.S.).
Among the offerings studied in this report, in 2024, the commercial sequencing/outsourced services segment is expected to account for the largest share of 38.0% of the market. The large market share of this segment can be attributed to the benefits offered by NGS service providers, including quick results, cost-effectiveness, and a wide array of services available for various applications.
Among the applications studied in this report, in 2024, the research & other applications segment is expected to account for the largest share of 62.2% of the next-generation sequencing (NGS) market. The large share of the segment is attributed to the decreasing cost of sequencing procedures, increasing R&D by pharmaceutical and biotechnology companies for drug discovery, the increasing applications of NGS in multiple clinical and research settings, and the increasing use of informatics solutions to find pharmacological targets, confirm therapeutic hypotheses, and predict the potential safety of inhibitory compounds aimed at molecular targets.
Among the end users studied in this report, in 2024, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of 43.5% of the next-generation sequencing (NGS) market. The large market share of this segment can be attributed to the increasing R&D spending by pharmaceutical & biotechnology companies and the rising incidence of chronic diseases, which drive the adoption of next-generation sequencing products among pharmaceutical & biotechnology companies.
An in-depth analysis of the geographical scenario of the global next-generation sequencing (NGS) market provides detailed qualitative and quantitative insights into five major regions (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. In 2024, North America is expected to account for the largest share of over 48.7% of the next-generation sequencing (NGS) market. Additionally, in 2024, the U.S. is expected to account for the largest share of the next-generation sequencing (NGS) market in North America. North America's large market share is attributed to the favorable government initiatives for genomic research, growing applications of sequencing-based research, presence of leading providers of next-generation sequencing technologies in the region, increasing research investments by pharmaceutical and biopharmaceutical companies, declining cost of sequencing coupled with the rising availability of advanced sequencing products and solutions, increasing cancer prevalence, and favorable reimbursement scenario in the region.
Next-Generation Sequencing (NGS) Market Assessment-by Offering
Next-Generation Sequencing (NGS) Market Assessment-by Application
Next-Generation Sequencing (NGS) Market Assessment-by End User
Note: 1. Other Reagents include dilution buffers, DNA standards, target enrichment kits/reagents, and other reagents required to support the NGS sample preparation workflow
Next-Generation Sequencing (NGS) Market Assessment-by Geography
(*Note: SWOT Analysis Provided for Top 5 Companies*)