Next Generation Sequencing Market Size, Share, Growth Analysis, By Product & Service, By Technology, By End User, By Region - Industry Forecast 2024-2031

Global Next Generation Sequencing Market size was valued at USD 7.82 billion in 2022 and is poised to grow from USD 9.27 billion in 2023 to USD 36.04 billion by 2031, growing at a CAGR of 18.5% in the forecast period (2024-2031).

Next-generation sequencing (NGS) is an advanced technique that utilizes massive parallelism to sequence millions or even billions of DNA strands simultaneously. Often referred to as high-throughput sequencing, NGS offers significant advantages over traditional Sanger sequencing methods. Unlike Sanger sequencing, which relies on fragment-cloning strategies, NGS is characterized by its cost-effectiveness, high accuracy, and rapid results. It is capable of delivering precise outcomes even with minimal sample quantities. As a result, NGS has become a critical tool in various fields, including biomarker discovery, cancer research, personalized medicine, agriculture, and animal studies. The application of genome sequencing extends to understanding the spread of diseases such as COVID-19. The COVID-19 Genomics U.K. Consortium (COG-U.K.), established in March 2020, utilizes whole-genome sequencing to explore the coronavirus genome. This consortium includes collaborations between the Wellcome Sanger Institute, the NHS, public health agencies, and several academic institutions. The collective efforts of these organizations aim to map the virus's evolution and transmission patterns, enhancing our understanding of how interventions impact disease progression and treatment strategies.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Next Generation Sequencing market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Next Generation Sequencing Market Segmental Analysis

The next generation sequencing market is segmented into Product and Service, Technology, Application, End User and region. Based on the Product & Service, the market is segmented into NGS Consumables, Sequencing Services (Exome & Targeted Resequencing and Custom Panels, RNA Sequencing, DE NOVO Sequencing, Chip Sequencing, Whole-genome sequencing, MethYl Sequencing, Other Sequencing Services), Pre-sequencing Products & Services (Library Preparation And Target Enrichment, Quality Control), NGS Platforms (Illumina [NovaSeq Systems, Nextseq Systems, Miseq Systems, iSeq 100 Systems, Miniseq Systems], Thermo Fisher Scientific, Oxford Nanopore Technologies, Pacific Biosciences, Other NGS Platforms), Bioinformatics (NGS Data Analysis Services, NGS Data Analysis Software and Workbenches, NGS Storage, Management, And Cloud Computing Solutions), Services for NGS Platforms. Based on the Technology, the market is segmented into Sequencing by Synthesis, Ion Semiconductor Sequencing, Nanopore Sequencing, Single-molecule Real-time Sequencing, and Other Sequencing Technologies. Based on Application, the market is segmented into Diagnostics (Cancer Diagnostics, Infectious Disease Diagnostics, Reproductive Health Diagnostics, Other Diagnostic Applications, Drug Discovery and Development (Pharmacogenomics, Other Drug Discovery and Development Applications), Agricultural and Animal Research, Other Applications. Based on the End-user, the market is segmented into Academic Institutes and Research Centers, Pharmaceutical and Biotechnology Companies, Hospitals and Clinics, Reference Laboratories, and Other End Users. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.

Drivers of the Global Next Generation Sequencing Market

The development of new and innovative technologies has led to the rise of next-generation sequencing (NGS), which is characterized by its speed, portability, and user-friendliness. These advancements enable quicker and more precise analyses, with significantly reduced turnaround times. By leveraging these technological improvements, companies gain a competitive edge, leading to increased investments in research and development. This, in turn, drives market growth and enhances the overall investment in innovation. The introduction of NGS represents a major leap forward in sequencing technology, offering substantial benefits in terms of efficiency and accuracy. These enhancements facilitate more rapid and reliable data analysis, positioning firms at the forefront of the industry. As businesses capitalize on these advancements, they contribute to a surge in market activity and foster further innovation, reinforcing their market position and driving continued growth in the sector.

Restraints in the Global Next Generation Sequencing Market

Next-generation sequencing generates enormous volumes of data, leading to significant challenges related to data storage, management, and analysis. The sheer scale of data produced necessitates the use of advanced and specialized bioinformatics tools and expertise, which may not always be readily available within an organization. These requirements can affect research and development timelines, elevate operational costs throughout the development cycle, and potentially restrict market opportunities. As a result, organizations may face difficulties in efficiently handling and leveraging the vast amounts of data generated by NGS technologies.

Market Trends of the Global Next Generation Sequencing Market

Next-generation sequencing (NGS) is increasingly utilized in both high and low-throughput research due to its growing simplicity, decreasing costs, and enhanced bioinformatics support. The application of NGS-based testing systems is broadening across various clinical fields, including oncology, reproductive health, and genetics. Organizations and companies are continuously striving for improvements and advancements in NGS technologies. For instance, RNA-sequencing is evolving to address a wider array of scientific and clinical domains, reflecting the ongoing efforts to expand the capabilities and applications of NGS.