Next Generation Sequencing Market Size to Hit USD 33.37 Billion by 2030 owing to Rising Applications in Clinical Diagnostics and Government Initiatives | Research by SNS Insider

According to SNS Insider’s research, the next generation sequencing market is propelled by a combination of technological prowess, increasing demand for personalized medicine, diverse applications in clinical diagnostics, cost reductions, collaborative initiatives, and a burgeoning landscape of genomics research.

Pune, Jan. 30, 2024 (GLOBE NEWSWIRE) — “The SNS Insider report indicates that the size for Next Generation Sequencing Market was projected to be approximately USD 6.8 billion in 2022, with an anticipated growth to USD 32.7 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 21.7% over the forecast period spanning from 2023 to 2030.”

Market Overview

Next-generation sequencing, also known as high-throughput sequencing, represents a quantum leap forward from the Sanger sequencing methodology that dominated the field for decades. Unlike its predecessor, NGS allows for parallel processing of multiple DNA fragments, enabling researchers to analyze vast amounts of genetic information simultaneously. This parallelization significantly accelerates the sequencing process, making it feasible to decode entire genomes in a fraction of the time previously required. The versatility of next generation sequencing market extends its applications across a multitude of scientific disciplines.

Market Analysis

The relentless pursuit of technological excellence has been a pivotal force behind the growth of the next generation sequencing market. Advances in sequencing technologies, such as Illumina’s NovaSeq and Oxford Nanopore’s nanopore sequencing, have significantly enhanced the efficiency, accuracy, and cost-effectiveness of genomic analysis. The continuous innovation in sample preparation methods and bioinformatics tools has further propelled the adoption of NGS technologies across diverse research applications. The paradigm shift towards personalized medicine has been a major catalyst for the expanding applications of next-generation sequencing. NGS enables the comprehensive analysis of an individual’s genomic makeup, paving the way for precision medicine approaches. The ability to identify genetic variations associated with diseases has not only accelerated diagnostic capabilities but has also facilitated the development of targeted therapies, leading to more effective treatment strategies. Collaborations and partnerships between key industry players, academic institutions, and pharmaceutical companies have played a crucial role in advancing NGS technologies.

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Key Players Listed in this Report are:

  • Oxford Nanopore Technologies
  • PierianDx
  • Genomatix GmbH
  • DNASTAR, Inc.
  • Perkin Elmer, Inc.
  • Eurofins GATC Biotech GmbH
  • BGI
  • Illumina
  • F. Hoffman-La Roche Ltd.
  • Thermo Fisher Scientific, Inc.
  • Bio-Rad Laboratories, Inc. & Other Players

Next Generation Sequencing Market Report Scope:

Report Attributes Details
Market Size in 2022  US$ 6.8 Billion
Market Size by 2030  US$ 33.37 Billion
CAGR  CAGR of 22% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2019-2021
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Market Growth Drivers • Advancements in NGS platforms
• Continual advancements in genomic research and personalized medicine drivers the growth

Key Takeaway from Next Generation Sequencing Market Study

  • The academic research segment stands as another major driver steering the next-generation sequencing market towards unprecedented growth. Academic institutions are at the forefront of genomic research, exploring the intricacies of the human genome, deciphering genetic mutations, and unraveling the complexities of various diseases. 
  • The convergence of the Consumables and Academic Research segments is poised to redefine the landscape of the next-generation sequencing market. The symbiotic relationship between these segments creates a dynamic ecosystem wherein advancements in consumables fuel academic research endeavors, and vice versa.

Recent Developments

  • Quantum-Si has introduced the world’s premier next-generation protein sequencer in Japan. The unveiling marks a pivotal moment in the field of bioscience, promising to revolutionize the way scientists decipher the intricate code of proteins. The cutting-edge technology developed by Quantum-Si allows for unparalleled precision and efficiency in protein sequencing.
  • Revvity and Element Biosciences have announced a collaborative partnership. This pioneering collaboration seeks to enhance and streamline the research workflow, addressing critical challenges faced by scientists and researchers in the rapidly evolving field of genomics.

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Market Dynamics Analysis

The next generation sequencing market is currently undergoing dynamic transformations driven by various factors that shape its landscape. One of the primary drivers propelling the growth of the NGS market is the escalating demand for personalized medicine and the increasing prevalence of genetic disorders. The ability of NGS technologies to offer comprehensive genomic information with high accuracy and speed has positioned them as a cornerstone in advancing precision medicine initiatives. Furthermore, the continuous advancements in bioinformatics and data analysis tools enhance the efficiency of NGS, fostering its adoption across research, clinical, and diagnostic applications.

However, the next generation sequencing market is not without its challenges and restraints. The high initial costs associated with implementing NGS technologies, coupled with the complexity of data interpretation, pose significant barriers for smaller research institutions and healthcare facilities. Additionally, concerns regarding data security and privacy have emerged as a restraint, especially given the sensitive nature of genomic information. These challenges underscore the need for ongoing efforts in cost reduction, user-friendly data analysis interfaces, and robust data protection measures to ensure wider accessibility and acceptance of NGS technologies.

Key Regional Developments

The North American region stands at the forefront of the next generation sequencing market, owing to its robust healthcare infrastructure, substantial investment in research and development, and a high prevalence of chronic diseases. Europe is a significant player in the NGS market, with a growing emphasis on precision medicine and genomic research. Collaborations between academic institutions, research organizations, and industry stakeholders have accelerated advancements in the region.  The Asia-Pacific region is emerging as a key player in the next generation sequencing market, fueled by increasing awareness, growing healthcare expenditure, and a rising prevalence of genetic disorders. Countries like China and India are witnessing a surge in genomics research and clinical applications of NGS technologies.

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Impact of Recession

The recession has led to widespread economic constraints, affecting funding and investment in research and development across industries. In the biotechnology sector, where innovation is paramount, the next generation sequencing market is experiencing a slowdown in financial support for projects and initiatives. Researchers and companies in the genomics field may find it challenging to secure funding for cutting-edge NGS technologies, potentially slowing down advancements in this crucial area of study. Despite economic challenges, the NGS market continues to witness technological advancements. The recession has compelled the industry to focus on efficiency, cost-effectiveness, and scalability. As a result, there is a growing trend towards the development of more affordable NGS platforms and streamlined workflows.

Table of Contents

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Next Generation Sequencing Market Segmentation, By Product
9. Next Generation Sequencing Market Segmentation, By Technology
10.Next Generation Sequencing Market Segmentation, By Workflow
11. Next Generation Sequencing Market Segmentation, By Application
12. Next Generation Sequencing Market Segmentation, By End User
13. Regional Analysis
14. Company Profile
15. Competitive Landscape
16. USE Cases and Best Practices
17. Conclusion

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