Next Generation Sequencing Market Revenue to Increase at 11.5% CAGR, to reach USD 10300 Million By 2030, Says MRFR

The Next Generation Sequencing Market is touted to record a CAGR of 11.5% over the forecast period to reach USD 10300 million by 2030.

Market Dynamics

NGS is used in a variety of applications, including biomarker exploration, oncology trials, personalized medicine, agricultural and animal testing, and so on. NGS has simplified nucleotide analysis and has effectively replaced traditional genomics tools, especially microarrays. As a result, the aforementioned factors contribute to the growth of the global next-generation sequencing market share. The market is expected to expand due to factors such as technological advances, increased NGS applications, and an increase in genome mapping programs. Furthermore, market growth is expected to be fueled by the demand for personalized medicine and rapid advancements in companion diagnostics production. Because of technical advances in NGS, an increase in NGS applications, and an increase in alliances and collaborations, the global next generation sequencing market is growing. Furthermore, the increase in genome mapping programs propels the global next generation sequencing market forward.

However, the market is expected to be hampered by a lack of understanding, ethical concerns associated with whole-genome sequencing, and the difficulty in managing large amounts of data. Furthermore, concerns about standardization in NGS-based diagnostics, a scarcity of qualified clinicians, and ethical and legal constraints are expected to stymie the market's growth. On the other hand, lucrative prospects in developing markets and cloud storage as a future data processing service are expected to pay off handsomely for market participants.

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Key Players

Qiagen

Advaita Bioinformatics

Roche

Biomatters

Illumina

Congenica

DNAnexus

Dovetail Genomics

Eagle Genomics

Edge Biosystems

Segmental Analysis

Next-Generation sequencing industry can be segmented with respect to technology, workflow, application and end user.

The primary technologies listed in the market study are whole-genome sequencing, whole-exome sequencing and targeted sequencing & resequencing.

The workflow-based market categories can be sequencing, data analysis and pre-sequencing.

The application areas of next-generation sequencing are clinical investigation, oncology, consumer genomics, drug development, reproductive health, epidemiology, Agri genomics & forensics, human leukocyte antigen typing or immune system monitoring, metagenomics, and others.

The end-users in the global market for next-generation sequencing are identified as pharmaceutical and biotechnology companies, diagnostic laboratories, hospitals & clinics, and more.

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Regional Analysis

Because of the increasing applications of NGS in diagnostics and genomics research, as well as the easy availability of funding for research activities, the Americas are expected to dominate the next-generation sequencing market. The growth of the next-generation sequencing market in North America is expected to be aided by the increasing number of funds being granted for genomics research and government measures to curb cases of genetically occurring diseases, as well as demand to boost the healthcare sector. The market in the region is expected to develop as a result of increased competition among market players, as well as acquisitions and mergers.

Due to companies' increased emphasis on developing better goods, Europe is projected to hold the second-largest spot in the global next-generation sequencing industry. Due to the involvement of some of the leading next-generation sequencing technology companies and an informed population interested in the development of next-generation sequencing technology, Europe is projected to hold the second-largest revenue share. Diverse regulations and a fragmented NGS market will limit the market's growth in the region, but a favorable funding environment and extensive support for scientific research will boost the region's next-generation sequencing market.

Due to rising technological advances and increased investment by major healthcare companies to develop innovative products, Asia-Pacific is projected to be the fastest-growing regional market. Due to the demand for innovative technology and access to improved treatment facilities, better acceptance of advanced genomics, a rise in disposable income, and rising pharmaceutical company investments in diverse treatment options, Asia-next-generation Pacific's sequencing market share is expected to expand in the coming years.

Due to the slow development of the healthcare industry in the Middle East and Africa, the demand for next-generation sequencing is expected to expand steadily. Moreover, due to a lack of technological expertise, a poorly established healthcare system, and inadequate medical facilities, the Middle East and Africa are projected to have the smallest share of the next-generation sequencing industry.

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