Global Next-Generation Sequencing (NGS) Market to Reach $42.7 Billion by 2031


Posted September 9, 2024 by Meticulous2222

Next-Generation Sequencing (NGS) Market: Industry Outlook by Offering (Sample Preparation [DNA Extraction, Library Preparation, Automation], Systems, Bioinformatics, Sequencing Services) Application

 
Meticulous Research®, a global leader in market research, has released its latest comprehensive report titled, “Next-Generation Sequencing (NGS) Market: Industry Outlook by Offering (Sample Preparation [DNA Extraction, Library Preparation, Automation], Systems, Bioinformatics, Sequencing Services), Application (Clinical, Research), End User - Global Forecast to 2031.” The report reveals a significant upward trajectory for the next-generation sequencing (NGS) market, projecting a market valuation of $42.7 billion by 2031. This represents a Compound Annual Growth Rate (CAGR) of 15.7% over the forecast period.
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Key Drivers of Growth: Advancements and Rising Demand in NGS Technology
The surge in the NGS market is being propelled by several key factors, most notably:
• Cancer Treatment & Research: Rising global cancer prevalence has catalyzed the adoption of NGS technologies. Their ability to facilitate personalized medicine and targeted cancer therapies is becoming increasingly valuable in clinical research.
• Technological Innovations: Continuous advancements in NGS systems and sequencing procedures are revolutionizing data accuracy, throughput, and cost-efficiency. These innovations also extend to NGS informatics solutions, streamlining workflows and enhancing precision in genetic analysis.
• Collaborations & Partnerships: Strategic collaborations between NGS service providers and pharmaceutical companies are paving the way for accelerated research, improved drug discovery processes, and greater integration of NGS into clinical practices.
• Decreasing Genome Sequencing Costs: Technological progress has significantly reduced the costs of genome sequencing, broadening the accessibility of NGS technologies across research institutions, hospitals, and diagnostic laboratories.
• Increased R&D Expenditures: Pharmaceutical and biotechnology companies are making substantial investments in research and development, driven by the need for more effective diagnostic tools and therapies based on genetic data.
Despite these promising trends, the market does face challenges. High costs associated with NGS systems, consumables, and automation workstations are limiting widespread adoption in certain sectors. Additionally, data confidentiality concerns, the availability of alternative technologies, and ethical considerations surrounding NGS-based diagnostics present barriers to market growth.
Challenges and Opportunities in the NGS Market
The report also identifies several critical challenges and opportunities that will shape the future of the NGS market:
• Challenges: The high costs of automation and NGS consumables continue to hinder broader implementation, particularly in emerging markets. Additionally, the complexity of data management, privacy concerns, and regulatory uncertainties are major hurdles facing the industry. The lack of skilled professionals capable of interpreting complex genomic data further compounds these challenges.
• Opportunities: On the other hand, the growing integration of bioinformatics tools and genomic data management solutions is creating significant opportunities. These tools are essential for handling and interpreting vast amounts of data generated by NGS platforms. Government initiatives aimed at promoting large-scale genomic sequencing projects are also expected to boost market growth, especially as more countries invest in precision medicine initiatives.
Furthermore, collaborations between NGS vendors to develop more efficient library preparation protocols and advanced bioinformatics solutions are expanding the use of NGS in clinical settings. The increasing adoption of NGS informatics tools, particularly in hospitals and diagnostic laboratories, is enhancing the efficiency of genomic data analysis for patient care.
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Key Players Shaping the Global NGS Market
The report highlights several key players that are making significant contributions to the growth of the NGS market. These companies are at the forefront of technological innovations and strategic partnerships that are driving the industry forward. Notable market leaders include:
• Illumina, Inc. (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)
• F. Hoffmann-La Roche Ltd. (Switzerland)
• Revvity, Inc. (U.S.)
• QIAGEN N.V. (Netherlands)
• Agilent Technologies, Inc. (U.S.)
• Pacific Biosciences of California, Inc. (U.S.)
• Danaher Corporation (U.S.)
• Oxford Nanopore Technologies Plc. (U.K.)
• MGI Tech Co., Ltd. (China)
• Beijing Genomics Institute (BGI) (China)
These organizations are not only innovating in NGS systems and consumables but are also forging strategic partnerships with pharmaceutical and biotech companies to enhance the application of NGS in clinical diagnostics and research.
Market Segmentation and Future Outlook
The NGS market has been categorized into several segments based on offerings, applications, end users, and geographic regions.
• By Offering: The NGS market is segmented into four major categories—sample preparation, sequencing, data analysis/bioinformatics, and commercial sequencing/outsourced services. The report indicates that the commercial sequencing/outsourced services segment is expected to hold the largest market share, at 38.0%, in 2024. This segment’s growth is being driven by decreasing sequencing costs, the rising demand for clinical applications, and the increasing number of hospitals and diagnostic laboratories utilizing NGS technologies.
• By End User: The NGS market is further segmented into pharmaceutical and biotechnology companies, hospitals and diagnostic laboratories, academic and research centers, and other end users. In 2024, pharmaceutical and biotechnology companies are projected to account for the largest share of the market at 43.5%. This dominance is attributed to increased R&D spending and the rising incidence of chronic diseases driving the adoption of NGS products in drug development and clinical trials.
Geographical Insights: North America Leading the Market
In terms of regional distribution, North America is expected to dominate the NGS market, with a 48.7% share in 2024. Key drivers of growth in this region include:
• Strong Pharmaceutical & Biotech Presence: North America is home to several leading pharmaceutical and biotechnology companies that are driving innovation in NGS technology.
• Government Support & Initiatives: Governments in the U.S. and Canada are actively supporting genomics research through funding and favorable policies, creating a conducive environment for NGS market growth.
• Prevalence of Chronic Diseases: The rising incidence of cancer, genetic disorders, and other chronic conditions in North America has increased the demand for advanced diagnostic tools, such as NGS.
• Favorable Reimbursement Scenarios: The U.S. has established a favorable reimbursement landscape for NGS-based diagnostic tests, further encouraging the adoption of these technologies in clinical settings.
Other key regions analyzed in the report include Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe is anticipated to maintain a strong market position, driven by robust pharmaceutical R&D investments, while Asia-Pacific is emerging as a high-growth market due to increased government funding for genomics research and rising healthcare demand.
Looking Forward: The Future of the NGS Market
The NGS market is poised for robust growth over the next decade, with significant opportunities for innovation and expansion. As genomic sequencing technologies continue to evolve, the applications of NGS are expected to extend beyond cancer research and diagnostics into areas such as agriculture, environmental science, and animal health.
Moreover, advancements in bioinformatics tools and artificial intelligence (AI) are expected to further enhance the interpretation of genomic data, unlocking new possibilities for precision medicine and personalized healthcare.
While challenges such as data privacy concerns and the need for skilled professionals remain, the overall outlook for the NGS market is overwhelmingly positive. As the costs of sequencing continue to decline and the accessibility of NGS technologies improves, the industry is likely to see widespread adoption across diverse sectors.
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Issued By Dipali
Country India
Categories Business
Tags next generation sequencing for industry outlook ngs nextgeneration sequencing nextgeneration dn asequencing genome sequencing ngs technology ngs indus
Last Updated September 9, 2024