Next Generation Sequencing Global Market Report 2023

NEW YORK, Feb. 21, 2023 /PRNewswire/ -- Major players in the next-generation sequencing market are Illumina Inc., Thermo Fisher Scientific Inc, BGI Group, Agilent Technologies Inc., Qiagen N.V., Hoffmann-La Roche AG, Eurofins Scientific, Oxford Nanopore Technologies, Pacific Biosciences, and 10x Genomics.

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The global next generation sequencing market will grow from $9.22 billion in 2022 to $10.44 billion in 2023 at a compound annual growth rate (CAGR) of 13.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The next generation sequencing market is expected to grow to $17.32 billion in 2027 at a CAGR of 13.5%.

The next-generation sequencing market consists of sales of genetic sequencing equipment with advanced features and technologies such as ion semiconductor sequencing, nano-pore sequencing, single-molecule real-time sequencing, and other technologies that are used for next generation sequencing. The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Next-generation sequencing is a sequencing technology that offers ultra-high throughput, scalability, and speed. The technology is used to determine the genetic variation associated with diseases or other biological phenomena.

North America was the largest region in the next-generation sequencing market in 2022. Asia Pacific was the second largest region in the next-generation sequencing market.

The regions covered in the next-generation sequencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main products in the next-generation sequencing market are NextSeq systems, MiniSeq systems, NovaSeq systems, iSeq 100 systems, ion PGM Systems, Ion Proton systems, ion GeneStudio S5 systems, PacBio RS II Systems, sequel systems, and others. The MiniSeq system merges load-and-go operation with an intuitive user interface for a fast, easy NGS workflow.

The MiniSeq System integrates clonal amplification, sequencing through synthesis, and base calling into a single benchtop instrument, preventing the requirement for additional equipment. The various technologies in next-generation sequencing are sequencing by synthesis, ion semiconductor sequencing, single-molecule real-time sequencing, nanopore sequencing, and other sequencing technologies that are used in diagnostics, drug discovery, and other applications.

The growing number of cases with chronic conditions such as cancer, AIDS, and thalassemia contributed to the growth of the next-generation sequencing market. Chronic illnesses and disorders are on the rise around the world, an aging population and shifts in social behavior lead to a gradual increase in these widespread and expensive long-term medical issues.

Next-generation sequencing (NGS) is a versatile development tool utilized by researchers and clinicians across various cancer studies to recognize biomarkers that give guidance on treatments. The prevalence of chronic diseases is also expected to increase significantly, according to the World Health Organization.

Hence, the increase in the number of chronic disease cases will increase the requirement for NGS sequencing and boosts revenues for the next-generation sequencing market.

The high cost associated with next-generation sequencing technologies is a key factor hampering the growth of the next-generation sequencing market. The next-generation sequencing market is facing challenges as many people find it difficult to afford the test due to the high cost.

Consumables used for sequencing are the costliest portion of testing (68–72% of total cost) as machinery prices are higher in instances of rare disease. According to a review published on economic evaluations of exome and genome sequencing, the cost of next-generation genome sequencing ranges from $1906 to $24,810 for a single test.

Therefore, the high cost of next-generation sequencing is anticipated to restrict market growth over the forecast period.

Technological advances are shaping the next-generation sequencing market. Major companies operating in the sequencing industry are focusing on developing technologically advanced solutions for next-generation sequencing.

For instance, in 2020, Thermo Fisher Scientific introduced hematology-oncology assays for the Ion Torrent Genexus System, which authorize simultaneous analysis of DNA mutations and RNA fusion transcripts in myeloid samples in a single day and also enabled further in which turnaround times for next-generation sequencing (NGS) results could be reduced to less than 24 hours. It also offers researchers the ability to profile 40 DNA targets and 29 fusion driver genes, authorizing observing more than 600 fusion isotypes to recognize biomarkers associated with myeloproliferative neoplasm, acute myeloid leukemia.

The countries covered in the next-generation sequencing market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The next-generation sequencing market research report is one of a series of new reports that provides next-generation sequencing market statistics, including next-generation sequencing industry global market size, regional shares, competitors with a next-generation sequencing market share, detailed next-generation sequencing market segments, market trends and opportunities, and any further data you may need to thrive in the next-generation sequencing industry. This next-generation sequencing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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