Next Generation Sequencing Market to Hit $15 Billion by 2025: Global Market Insights Inc.
North America next generation sequencing market surpassed USD one billion in 2018 and is expected to register a lucrative CAGR from 2019 to 2025, driven by increasing prevalence of cancer and genetic diseases
SELBYVILLE, Del., April 24, 2019 /PRNewswire/ -- Asia Pacific next generation sequencing market held 20.2 percent revenue share in 2018 and regional market growth is driven by rising prevalence of genetic diseases. People have become aware regarding benefits of early detection of genetic diseases that should augment adoption of NGS instruments in hospitals. Also, industry players such as Illumina having a strong foothold in this region adopt several initiatives that support development in the next generation sequencing techniques, ensuring its adoption and thereby proving beneficial for the regional industry growth.
Global next generation sequencing market is poised to surpass USD 15 billion by 2025, according to a new research report by Global Market Insights Inc. Research institutes and biotechnology companies undertake extensive R&D activities that will foster demand for next generation sequencing instruments over the forecast timeframe. Academic as well as research institutes conduct R&D activities to understand cause and occurrence of certain genetic conditions. Scientists carry out detailed analysis of genome samples to develop the underlying cause and cure of such diseases. Availability of targeted sequencing and exosome sequencing techniques enable scientists to predict the exact cause and nature of genetic disease. Thus, adoption of such technologically advanced NGS instruments is high in the field of research that should augment NGS market growth in upcoming years.
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Technological advancements in the field of next generation sequencing will drive the industry growth throughout the forecast period. Introduction of targeted sequencing panels has enabled analysis of specific mutations. Moreover, specificity of the NGS technology has improved speed and scalability of research processes. Upgradations in technology have allowed the researchers to assess multiple genes across several genome samples at a single time. Also, NGS techniques produce smaller sets of data and make it manageable as compared to data generated by whole genome sequencing technique. Therefore, as the technology is evolving, more sophisticated NGS instruments are replacing the conventional, proving beneficial for the industry growth. However, high cost of the NGS instruments may have negative impact on the industry growth.
Clinical application segment of the next generation sequencing market was valued at USD two billion in 2018 and is projected to witness significant growth during the forecast years. Doctors and clinicians utilize NGS technology to predict the occurrence of several chronic diseases within individuals. Due to an increase in prevalence of hereditary diseases, adoption of WGS technique for studying the genome has elevated over the last few years. According to Global Genes, 350 million people suffer from rare genetic disease globally that has positively impacted the demand for NGS technology driving segmental growth.
Exome sequencing segment is expected to have 20.7 percent growth throughout the analysis timeframe, owing to its extensive usage in detecting genetic diseases. It is one of the most effective ways of identifying genetic variants. Exome sequencing is often utilized to detect mutations in the genes as well as identify novel genes by comparing the exomes from patients with similar features that make the drug discovery process easy. Aforementioned factors are projected to elevate the segment growth.
Browse key industry insights spread across 135 pages with 148 market data tables and 10 figures and charts from the report, "Next Generation Sequencing Market Size By Product Type (Instruments, Consumables, Services), By Application (Research Application, Clinical Application {Cardiovascular, Reproductive Health, Cancer, Infectious Diseases}, Other Applications), By Type (Whole Genome Sequencing, Exome Sequencing, Targeted Sequencing), By Technology (Sequencing by Synthesis, Ion Semiconductor Sequencing), End-user (Academic Institutes & Research Centers, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Japan, India, China, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2019 - 2025," in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/next-generation-sequencing-market
Ion semiconductor sequencing segment accounted for 11.2 percent in 2018 and will grow significantly throughout the analysis period. Ion semiconductor technology is superior to other sequencing technologies in terms of efficiency and accuracy. Therefore, this technology is being extensively utilized in research, clinical and other research processes as it provides accurate analysis. It possesses around 99.6 percent accuracy that elevates its adoption, thereby propelling the segment growth.
Research centers and academics segment is expected to show 21.3 percent growth during analysis timeframe. Stupendous segmental growth will be as a result of wide usage of NGS platform in various research studies. Academic institutes and research centers in developed economies undertake several experimental studies that involve analysis of genetic data at the molecular level. Therefore, these academic institutes prefer technologically advanced NGS that are efficient and cost-effective which will stimulate the segment growth of the next generation sequencing market in coming years.
Few major industry players operating in the next generation sequencing market include Illumina, Thermo-Fisher, Roche, Pac-Bio, Long Read Solutions, BGI, Oxford Nanopore, Qiagen, Genapsys, BioRad, Agilent, NanoString and 10X Genomics. Chief industry players adopt various strategic initiatives such as mergers, acquisitions and new product launches that render them with a competitive advantage. For instance, in 2018, Illumina announced a collaboration with KingMed Diagnostics to develop NGS technology for hereditary disease testing and oncology that will extend the company's product portfolio and foster the company's growth.
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Next Generation Sequencing Market Forecast 2019-2025
The worldwide next generation sequencing market is expected to register 20.4 percent CAGR from 2019 to 2025 supported by increasing technological advancements introduced in next generation sequencing instruments.
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Next Generation Sequencing Market Size
SOURCE Global Market Insights Inc.
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