SELBYVILLE, Del., March 4, 2021 /PRNewswire/ -- According to latest report "Next Generation Sequencing Market by Product Type (Instruments, Consumables, Services), Application (Research Application, Clinical Application), Type (Whole Genome Sequencing, Exome Sequencing, Targeted Sequencing), Technology (Sequencing by Synthesis, Ion Semiconductor Sequencing), End-use (Academic Institutes & Research Centers, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of next generation sequencing (NGS) will cross $22 billion by 2027. Increasing application of next generation sequencing tools in several medical research field as well as a clinical diagnosis will prove beneficial for the market growth.
Rising usage of NGS techniques by pharmaceutical and biopharmaceutical companies will positively impact the market expansion. The rising prevalence of chronic diseases such as cancer, diabetes and inflammatory bowel disease have created an enormous demand for advanced medicines and treatments. Biopharmaceutical and pharmaceutical industries are investing in R&D activities to develop alternative solutions and produce personalized medicines for various diseases. NGS techniques are used for studying genomes and identifying issues caused in genes due to disease development. Different business performers have developed NGS library preparation kits, sequencing instruments and automated data analysis tools for studying genes.
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The services segment in the next generation sequencing market will witness around 20% growth rate till 2027. Next generation sequence services are widely available in the areas including whole genome sequencing, cancer analysis services, RNA sequencing, metagenomics solutions, oligo synthesis service and others that secure the segment growth.
The target sequencing segment accounted for USD 700 million in 2020. The targeted sequencing type accurately measures an individual's gene pool that can be further used for personalized medicines. As genetic makeup varies from individual to individual the concentration of drugs to be consumed also varies. Therefore, the growing demand for personalized medicines will prove beneficial for market value.
The research application held more than 49% of the NGS market share in 2020. Extensive experiments and studies performed in research centers to develop novel next generation sequencing therapies will secure its market position. Next generation sequencing techniques are used for various research activities, propelling the market demand. Next generation sequencing tools have enabled scientists to discover solutions to disorders that were earlier incurable, creating significant growth opportunities.
The sequencing by synthesis segment is estimated to attain a CAGR of 20.6% through 2027. Sequencing by synthesis allows analyzing DNA accurately, quickly and shows to be a cost-effective option, enhancing the segment revenue. The entire human genome can be sequenced in few hours owing to the availability of technologically advanced equipment, thereby surging its adoption rate. However, developments in other technologies are expected to grab some revenue share from sequencing by synthesis segment during the forecast timeframe.
The academic institutes & research centers segment in the next generation sequencing market exceeded USD 2.5 billion in 2020. Increasing research on genomic aspects with the usage of NGS methods will create the significant market revenue. The government of developed economies also provide funds to the research institutes to promote developments in the drug discovery process. This ensures that the research laboratories and academic institutes are well-equipped with advanced NGS devices, driving its preference.
Asia Pacific next generation sequencing market accounted for 20.5% of revenue share in 2020. Healthcare reforms in countries such as China and India for integration of new technologies along with several developments in healthcare facilities will prove beneficial for the regional growth. Also, rising clinical development and R&D facilities in the APAC region will create subsequent growth opportunities. Also, a decrease in the prices of genome sequencing owing to improved capacity of whole genome sequencers and technological advances in NGS products thereby, stimulating the industry growth.
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Some of the prominent companies operating in NGS market include Qiagen, BGI, Genapsys, Agilent, Thermo Fisher Scientific, Bio-Rad Laboratories, Illumina, Roche, and others. These market leaders are executing several growth strategies such as mergers, product launch, and partnerships, in order to gain financial stability in the industry.
Table of Contents (ToC) of the report:
Chapter 3 Next Generation Sequencing Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By product type
3.4.2 By application
3.4.3 By type
3.4.4 By technology
3.4.5 By end-use
3.5 COVID-19 impact analysis
3.6 Technology landscape
3.7 Regulatory landscape
3.8 Porter's analysis
3.9 Competitive landscape, 2020
3.10 PESTEL analysis
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Next Generation Sequencing Market Growth Predicted at 21.2% Through 2027: GMI
The services segment in the next generation sequencing market is poised to expand at more than 20% CAGR till 2027.
SOURCE Global Market Insights Inc.