The global next generation sequencing market size is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to advancement of the NGS platform, reduction in the cost of genome sequencing in addition to the increasing cancer incidence, and increasing use of NGS in cancer research.
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Next-generation diagnostic sequencing (NGS) technology has potential advantages in determining viral gene sequences and helping scientists understand viral mutations. During the COVID19 pandemic, governments around the world continued to cooperate with the private sector to implement NGS. Next Generation SARSCoV2 RNA qualitative sequencing is a technology that provides scalability, ultra-high throughput, and high speed for genome-wide nucleotide sequencing. NGS is continuously integrated with clinical laboratory analysis, testing and disease diagnosis in health departments around the world. NGS is widely used in pharmacogenomics to speed up the drug discovery process. With the development of next-generation sequencing technology, the number and types of library preparation solutions are also increasing.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing incidences of prolonged diseases and rising geriatric population is expected to boost the market during the forecast period.
- Rapid growth of the healthcare industry owing to covid-19 pandemic and advancements in next generation sequencing platform is major factors fueling the market during the forecast period.
- Rising demand for personalized medicines and investments in genome mapping project by research institutes is anticipated to drive the market during the forecast period.
- High installation cost and lack of affordability by small academics & research institutes is projected to hamper the market growth.
- Lack of skilled labor for handling of NGS technology and lack of reimbursement policy for government research institutes act as major factors that can restrict the market growth during the forecast period.
- Investment in high scale adoption of NGS equipment by private & government bodies to support large scale genome sequencing project is expected to offer significant opportunities for the market players.
Market Segment Insights
The whole genome sequencing segment is projected to hold a major market share
In terms of types of sequencing, the next generation sequencing market is divided into whole genome sequencing, targeted resequencing, RNA resequencing, CHIP sequencing, methyl sequencing, whole exome sequencing, and de novo sequencing. The whole genome sequencing segment is expected to hold a key share of the market during the forecast period.. Whole genome sequencing (WGS) is widely used to obtain information about COVD19 with the maximum possible resolution and is considered to have the potential to change the way we treat the infectious disease COVID19.
The services segment is expected to grow at a significant pace
On the basis of product types, the next generation sequencing market is segmented into instruments, reagent & consumables, and services. The services segment is expected to hold a key share of the market in the coming years due to the reduction in NGS sequencing costs, rapid adoption of genetic testing, new policies and the medical reimbursement policy. The main reasons for the growth are affordability, use of consumables and release of new products and emerging demand for a new platform for accurate interpretation of DNA data and advancement of bioinformatics.
The academics segment is anticipated to expand at a rapid high CAGR
Based on end users, the next generation sequencing market is fragmented into hospital & healthcare institutions, academics, and pharmaceuticals & biotechnology companies. The academics segment is expected to hold a key share of the market during the forecast period. Factors driving the growth of market are steady shift in the focus of traditional teaching, emergence of advanced next generation sequencing based technologies, full use of technologies in identifying medical cases like cancer and corona virus, and increasing focus on minimizing errors and profitability of teaching medical procedures.
The diagnostics segment is projected to hold a major market share
In terms of applications, the next generation sequencing market is segmented into drug discovery & personalized medicine, diagnostics, screening, agriculture & animal research, and others. The diagnostics segment is expected to hold a key share of the market during the forecast period.
North America is anticipated to dominate the market
On the basis of regions, the next generation sequencing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period.
Competitive Landscape
Key players competing in the next generation sequencing market include Thermo Fisher Scientific Inc.; Illumina Inc.; Agilent Technologies; Perkin Elmer Inc.; and F. Hoffmann-La Roche Ltd.
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