Next Generation Sequencing Market size is set to grow by USD 3409.76 million from 2023-2027, 10X Genomics Inc., Azenta Inc. & BGI Genomics Co. Ltd., and more to emerge as Some of the Key Vendors, Technavio

NEW YORK, April 4, 2024 /PRNewswire/ -- The global next generation sequencing market size is estimated to grow by USD 3409.76 million from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 12.45% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 38%. 

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Major Players in the Market

Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:

10X Genomics Inc., Azenta Inc., BGI Genomics Co. Ltd., Bio Rad Laboratories Inc., Eurofins Scientific SE, F. Hoffmann La Roche Ltd., Illumina Inc., Konica Minolta Inc., Laboratory Corp. of America Holdings, Merck KGaA, Nabsys Inc., OPKO Health Inc., Oxford Nanopore Technologies plc, Perkin Elmer Inc., PierianDx Inc., Psomagen Inc., QIAGEN NV, Standard BioTools Inc., Takara Bio Inc., Thermo Fisher Scientific Inc.

Key Market Drivers

Next-Generation Sequencing (NGS) technologies, led by companies like Illumina, QIAGEN, Thermo Fisher Scientific, Bio-Rad Laboratories, Danaher, and PerkinElmer, have revolutionized the diagnostic industry. The Broad Institute's Human Genome Project and advancements in semiconductors have made genomic profiling more accessible. NGS enables simultaneous sequencing of millions of DNA fragments, reducing costs and increasing sensitivity for companion diagnostics in oncology and infectious diseases. Key players include Life Technologies and Myriad. NGS is transforming cancer diagnosis, providing insights into the mechanics of tumor cells and solid tumor neoplasms through DNA & RNA sequencing and epigenetics. Companies like Color Genomics and Cloud Health offer personal health awareness services for certain cancers and genetic testing. NGS is also used for chromosomal abnormalities, genealogy, and paternity testing. IVD testing in oncology and oncologists' understanding of cancer are significantly advanced by NGS technologies. Global sequencing data continues to expand, providing valuable insights into various diseases.

Challenges and Opportunities

The Next-Generation Sequencing (NGS) market is experiencing significant growth due to the incidence of cancer and the potential for precision medicine and molecular diagnostics. Key players in the market include PromethION from Oxford Nanopore Technologies and iSeq 100 from Illumina. Academic R&D and genomics research projects are driving innovation in NGS, with a focus on disease detection through the identification of biomarkers and genome sciences. NGS platforms, such as NGS consumables, pre-sequencing products and services, and sequencing services, are essential for NGS data analysis. Bioinformatics plays a crucial role in interpreting complex genomic data, but assumptions based on limited data can lead to inaccuracies. Illumina and Life Technologies dominate the market, but competitors like DNA Script and the Broad Institute are making strides with genomics programs and NGS informatics services. NGS technologies, including semiconductors and genomic profiling, are revolutionizing diagnosis and personalized medicine. Companion diagnostics for solid tumor neoplasms and IVD testing are becoming increasingly important in oncology and infectious diseases. The financial burden of NGS, including the cost of consumables, kits and reagents, can be a barrier to entry for some. However, the potential for improved survival rates makes the investment worthwhile. Epigenetics and NGS data analysis are also gaining attention in the NGS market, with NGS panels and NGS technologies offering new insights into disease mechanisms. The future of NGS lies in its ability to provide accurate and actionable information for disease detection and treatment.

The Next Generation Sequencing (NGS) market has experienced remarkable growth due to advancements in genomic research, initiated by the Human Genome Project in 1990. NGS technologies, such as those provided by Illumina, QIAGEN, Thermo Fisher Scientific, Bio-Rad Laboratories, Danaher, and PerkinElmer, have revolutionized the detection and understanding of chromosomal abnormalities and genetic disorders. Myriad and Helix offer genealogy and paternity testing services, while personal health awareness drives the demand for NGS in clinical environments. Oncologists utilize NGS to unravel the mechanics of cancer through analysis of tumor cells, contributing to precision medicine and molecular diagnostics. Global sequencing data facilitates the discovery of biomarkers for disease detection, particularly in certain cancers like solid tumors. Companies like Color Genomics, Cloud Health, Inc., and Oxford Nanopore Technologies (PromethION and iSeq 100) lead the market, with academic R&D and pre-sequencing products & services also playing significant roles. Assumptions about the incidence of cancer and the potential of NGS in cancer research continue to fuel market growth.

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Market Overview

The Next Generation Sequencing (NGS) market is experiencing significant growth due to its revolutionary impact on the diagnostic and research sectors. NGS technologies, such as Comprehensive Genomic Profiling (CGP) and DNA Sequencing, enable the identification of genetic variations and mutations with high accuracy and efficiency. NGS is particularly valuable in the diagnosis of genetic disorders and cancer, providing valuable insights for personalized treatment plans. NGS is also transforming the research landscape, enabling large-scale genomic studies and the discovery of new genes and genetic associations. The NGS market is expected to continue growing, driven by increasing demand from various end-users, including academic and research institutions, hospitals, and pharmaceutical companies. The market is also being fueled by advancements in technology and the development of new applications for NGS. (Keywords: Next Generation Sequencing, NGS market, Comprehensive Genomic Profiling, DNA Sequencing, diagnostic sector, research sector, genetic disorders, cancer, personalized treatment plans, academic and research institutions, hospitals, pharmaceutical companies, technology, applications)

Table of Contents:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

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SOURCE Technavio