Global next generation sequencing market is valued USD 4.56 Billion in 2018 and is projected is to exhibit 19.6% CAGR during the forecast period. The market is projected to be around USD 19.06 Billion by 2026. The market is driven by the increasing research activities and growth in personalized medicine market.
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Next-generation sequencing (NGS), also known as high-throughput sequencing. NGS enables rapid sequencing of the base pairs in DNA or RNA samples. NGS is driving discovery and enabling the future of personalized medicine, genetic diseases, and clinical diagnostics. However, in this research study, the products of NGS have been classified into three broad segments as consumables, services and platforms.
Technological advancements in sequencing, rising prevalence of cancer, and decreasing prices of sequencing can be the key factors attributing to the growth of next generation sequencing market in the coming years. Advancement in the field of molecular biology has equally enhanced the sequencing procedures. Many industry players such as, Pacific Biosciences with Sequel, and Oxford Nanopore with PromethION have come up with innovative NGS technology in last few years.
Usage of sequencing in biomarker discussion and precision medicine and extensive training programs by manufacturers are likely offer significant growth opportunities during the forecast period. Biomarker discovery benefits in early diagnosis and differentiating in disease types. Whereas, precision medicine enables in treatment of the diseases NGS places a vital role in booth the application, giving it an array of opportunity in future.
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North America holds the major market share of the global next generation sequencing market due to focus of key NGS market players on strengthening their presence in the US. These companies have been taking up various organic and inorganic growth strategies to enhance its presence in the US. Additionally, funds by NIH is likely to propel the growth of NSG market in the region during the forecast period.
The global next generation sequencing market is segmented into type, application, and region. On the basis of the type the market is further bifurcated into sequencing by synthesis, ION semi-conductor synthesis, sequencing by ligation, pyrosequencing, single-molecule real-time sequencing, and others. The market based on application is segmented into diagnostics, drug discovery, biomarker, personalized medicine, agriculture & animal research, and others. Based on the geography the market is further segregated into North America, Latin America, Middle East & Africa, Europe and Asia Pacific.
The key players associated with the global next generation sequencing market are Macrogen Inc., Beijing Genomics Institute, Illumina Inc., Oxford Nanopore Technologies Ltd., Qiagen NV, Gatc Biotech AG, Eurofins Scientific, 454 Life Sciences Corporation, Pacific Biosciences of California Inc. and Other Companies.
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