PUBLISHER: The Business Research Company | PRODUCT CODE: 1429568
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429568
Next-generation sequencing is a sequencing technology that provides ultra-high throughput, scalability, and speed, and is utilized to determine the genetic variation associated with diseases or other biological phenomena.
The primary products in the next-generation sequencing market include NextSeq systems, MiniSeq systems, NovaSeq systems, iSeq 100 systems, ion PGM Systems, Ion Proton systems, ion GeneStudio S5 systems, PacBio RS II Systems, Sequel systems, and others. The MiniSeq system combines load-and-go operation with an intuitive user interface for a fast and easy NGS workflow. It integrates clonal amplification, sequencing through synthesis, and base calling into a single benchtop instrument, eliminating the need for additional equipment. Various technologies in next-generation sequencing include sequencing by synthesis, ion semiconductor sequencing, single-molecule real-time sequencing, nanopore sequencing, and other sequencing technologies applied in diagnostics, drug discovery, and other applications.
The next generation sequencing market research report is one of a series of new reports from The Business Research Company that provides next generation sequencing market statistics, including next generation sequencing industry global market size, regional shares, competitors with a next generation sequencing market share, detailed next generation sequencing market segments, market trends and opportunities, and any further data you may need to thrive in the next-generation sequencing industry. This next generation sequencing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The next generation sequencing market size has grown rapidly in recent years. It will grow from $10.44 billion in 2023 to $11.83 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth observed in the historical period can be attributed to the rise in funding, increased healthcare expenditure, emerging markets growth, rapid technological advances, and rapid growth in the elderly population.
The next generation sequencing market size is expected to see rapid growth in the next few years. It will grow to $19.75 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The anticipated growth in the forecast period can be attributed to the aging population, increased healthcare access, rising prevalence of chronic diseases, and the growing demand for next-generation sequencing due to COVID-19. Major trends in the forecast period include a focus on using artificial intelligence to reduce costs and time, studying rare diseases in a cost-effective manner to maintain a competitive edge over other technologies, offering NGS technologies for newborn screening, and adopting big data technologies to analyze large genomic data.
The growth of the next-generation sequencing market has been fueled by the increasing incidence of chronic conditions such as cancer, AIDS, and thalassemia. The prevalence of chronic illnesses is on the rise globally due to factors such as an aging population and shifts in social behavior, leading to an escalation in widespread and costly long-term medical issues. Researchers and clinicians employ next-generation sequencing (NGS) as a versatile tool in various cancer studies to identify biomarkers that guide treatment decisions. The World Health Organization anticipates a significant increase in the prevalence of chronic diseases. Consequently, the growing number of cases with chronic conditions is expected to drive the demand for NGS sequencing, contributing to the revenue growth of the next-generation sequencing market.
The next-generation sequencing market is set to experience growth driven by the increasing demand for personalized medicine. Personalized medicine, also known as precision medicine, is an innovative healthcare approach that considers an individual's unique genetic, environmental, and lifestyle factors to tailor medical decisions and treatments. Next-generation sequencing plays a foundational role in personalized medicine by enabling the precise assessment of an individual's genetic makeup and the development of customized healthcare strategies. Reports from October 2022 indicate a significant presence of over 75,000 genetic testing products and 300 personalized medicines, highlighting the rising demand for personalized medicine as a key driver for the growth of the next-generation sequencing market.
Major companies in the next-generation sequencing market are focusing on innovation with the introduction of new technologies such as the AVENIO Edge System to enhance profitability. The AVENIO Edge System is a fully automated solution designed for the preparation of samples for next-generation sequencing, encompassing target enrichment, pooling, normalization, and quantification steps. In December 2021, Roche Holding AG, a Switzerland-based pharmaceutical company, launched the AVENIO Edge System. This system streamlines the sequencing process, allowing researchers to concentrate on data processing and interpretation, providing high-quality sequencing results with reduced hands-on time.
Strategic partnerships are a key strategy employed by major companies in the next-generation sequencing market to boost profitability. In October 2022, Illumina Inc., a US-based biotechnology company, formed a partnership with GenoScreen. The collaboration aims to enhance access to genetic testing for multidrug-resistant TB and accelerate global efforts to eradicate the disease. Utilizing NGS technology, the alliance plans to develop and commercialize a novel tuberculosis test for the identification of drug-resistant TB strains.
Major companies operating in the next generation sequencing market report are Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Agilent Technologies, Inc., Pacific Biosciences of California Inc., Oxford Nanopore Technologies, 10x Genomics, Bio-Rad Laboratories, Inc., MGI Tech Co., Ltd., Oxford Gene Technology, Hoffmann-La Roche Ltd., BGI, PerkinElmer Inc., Macrogen Inc., Genotypic Technology Pvt. Ltd., Beijing Genomics Institute, SciGenom Labs Pvt. Ltd (India), Sysmex, Dante Labs, Roche, First Genetics JCS, Helix, Tempus, Massive Bio, Genetricsinc and King Abdullah International Medical Research Center, Inqaba biotec, Pacibo, Microsoft
North America was the largest region in the next generation sequencing market in 2023. Asia-Pacific was the second largest region in the global next generation sequencing market share. The regions covered in the next generation sequencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the next generation sequencing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The next generation sequencing market consist of sales of genetic sequencing equipment with advanced features and technologies such as ion semiconductor sequencing, nano-pore sequencing, single-molecule real-time sequencing, and other technologies that are used for next generation sequencing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Next Generation Sequencing Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on next generation sequencing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for next generation sequencing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The next generation sequencing market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.