Next-Generation Sequencing (NGS) Market: Global Forecast 2024-2030 – Trends, Growth, Impact of Inflation, Opportunities, and Company Analysis

Next-Generation Sequencing (NGS) Market: Global Forecast 2024-2030 – Trends, Growth, Impact of Inflation, Opportunities, and Company Analysis

May 8, 2024
0 Comments

Global Next-Generation Sequencing (NGS) Market Outlook

According to Renub Research, the global market for Next-Generation Sequencing (NGS) Market is expected to reach approximately US$ 34.19 billion by 2030. NGS has transformed the field of genomics by enabling rapid, high-throughput DNA sequencing. This technology allows multiple DNA fragments to be sequenced simultaneously, revolutionizing genomics research, personalized medicine, and applications in biology, medicine, and agriculture. Techniques like Illumina sequencing, which gained popularity in the mid-2000s, have significantly reduced the time and cost of genetic studies, paving the way for advances in personalized medicine and diagnostics. The scalability and accuracy of NGS have redefined biological research, driving breakthroughs in genetics, evolution, and disease mechanisms.

Market Growth Projections and Key Drivers

The global NGS market is projected to experience a Compound Annual Growth Rate (CAGR) of 18.16% from 2024 to 2030. A significant driver of this growth is the increasing use of NGS in clinical diagnostics. NGS’s ability to deliver comprehensive genetic information has accelerated its adoption in diagnosing various diseases and supporting personalized treatment decisions. The rising demand for precision medicine and continued advancements in genomic research are expanding the applications of NGS, fueling market growth. As NGS becomes more integrated into medical workflows, its role in diagnostics significantly contributes to the market’s ongoing expansion.

Transition to NGS Technology and Market Trends

Request for free Sample Report: https://www.renub.com/request-sample-page.php?gturl=next-generation-sequencing-market-p.php

The market is experiencing growth as many companies replace older technologies like microarrays with NGS, which offers superior accuracy, higher throughput, and cost-effectiveness compared to traditional methods. A 2022 article published by Elsevier indicated that NGS outperforms microarrays in detecting DNA and other genomic functions. This shift towards NGS technologies has led to substantial growth, underscoring the crucial role of NGS in advancing research, diagnostics, and personalized medicine.

Regional Trends and Technological Advances

North America and Europe are experiencing rapid advancements in NGS methodologies for oncology and infectious disease applications. Researchers and healthcare professionals increasingly rely on NGS services, including sequencing and data interpretation, for comprehensive solutions. The introduction of NGS panels for targeted sequencing of specific genomic regions has transformed genetic analysis, offering cost-effective and efficient solutions for a wide range of applications. Continued advancements in NGS technology and growing awareness across various sectors suggest a promising future for genomics and precision medicine. The global NGS market was valued at approximately US$ 10.63 billion in 2023.

Key Product Segments in the NGS Market

The global NGS market is segmented into Instruments, Reagents & Consumables, and Services. The Reagents & Consumables segment holds a significant share due to the recurrent use and high demand for these products in both commercial and research applications of NGS. Reagents and consumables include sample preparation kits and kits for target enrichment, which are extensively used in diagnostic applications and cancer studies. The widespread adoption of NGS by pharmaceutical companies and research institutes has driven demand for these products, contributing to the segment’s growth.

Major Applications and Technologies in the NGS Market

The global NGS market’s primary applications include Diagnostics, Agriculture and Animal Research, Drug Discovery, Personalized Medicine and Genetic Screening, among others. The Diagnostic applications segment is crucial, as it directly impacts healthcare. NGS’s capability to analyze genetic variations provides accurate disease prognosis, diagnosis, and personalized treatment plans, making it a cornerstone for applications in oncology, rare diseases, infectious diseases, and prenatal screening.

In terms of technology, Sequencing by Synthesis (SBS) is one of the most widely used methods, known for its accuracy and ability to process large volumes of data. This technology plays a pivotal role in various NGS applications, including research, diagnostics, and personalized medicine.

Rapid Growth Among Academic and Clinical Research Centers

The global NGS market is classified into four end-user segments: Academic and Clinical Research Centers, Pharmaceutical and Biotechnology Companies, Hospitals and Clinics, and Others. The Academic and Clinical Research Centers segment is anticipated to grow rapidly due to the increasing use of NGS in cancer research. This technology allows researchers to identify new cancer-related genes, study tumor heterogeneity, and detect mutations associated with tumorigenesis.

The United States Leads the Global NGS Market

The United States is expected to lead the global NGS market due to its advanced healthcare infrastructure, strong research capabilities, and substantial investments in genomics. A solid regulatory framework, a thriving biotechnology industry, and extensive funding create an environment conducive to NGS adoption. The US FDA’s breakthrough device designation for the PredicineCARETMcfDNA Assay, used for tumor mutation profiling in cfDNA from liquid biopsy samples, further demonstrates the country’s significant role in the global NGS market.

Key Players and Recent Developments

The major players in the global NGS market include Illumina, Thermo Fisher Scientific, Pacific Biosciences, QIAGEN N.V., Roche, Bio-Rad Laboratories, Inc., Takara Bio Inc., Hamilton Company, Geneious, and BioMérieux SA. Noteworthy developments in the sector include Illumina’s memorandum of understanding with the African Society for Laboratory Medicine in December 2023 to improve access to genomics in Africa to combat infectious diseases. Additionally, SOPHiA GENETICS partnered with Qiagen in March 2023 to use QIAseq reagent technology with the DDM platform to enhance tumor analysis using NGS.

About the Company: 

Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 9000 syndicated reports and worked on more than 750 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.

Media Contact:

Company Name: Renub Research

Contact Person: Rajat Gupta, Marketing Manager

Phone No: +1-478-202-3244 | +91-120-421-9822 (IND)

Address: 225 Kristie Ln, Roswell, GA 30076

Email: info@renub.com

LinkedIn: https://linkedin.com/company/renub-research

Website: www.renub.com

Add a comment

Your email address will not be published. Required fields are marked *

QAS Autos is a multi service company that was established in 2019 in New York. We provide the inventory, parts and service under one roof. We also provide shipping, container loading, half and full cut of vehicles.
Copyright © 2021. All rights reserved.