PORTLAND, Oregon and PUNE, India, April 26, 2017 /PRNewswire/ --
Next Generation Sequencing (NGS) Market Report, published by Allied Market Research, forecasts that the global market was valued at $3,567 million in 2015, and is expected to reach $12,801 million in 2022, supported by a CAGR of 19.9% during the forecast period 2016 - 2022. The consumables product segment held nearly three-fifths of the market share in 2015.
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NGS is also known as high-throughput and massive parallelization sequencing technology. In the NGS process, genetic material is extracted, fragmented, and linked to adapters and primers for the amplification reaction (PCR) for library construction. Sequencing of the fragmented genetic material is executed, NGS furnishes a massive set of sequence data in a very small duration. This data is further interpreted and analyzed by clinicians, researchers, scientists and others through clinical, agricultural, forensic, and other applications For instance, NGS has helped researchers identify desirable traits, which have led to resilient and productive livestock and crops. The increase in usage and application of NGS is expected to boost the market growth.
The major factors that drive the global NGS market are rise in technological advancements in NGS, growth in collaborations & partnerships, and increase in genome mapping programs throughout the world. In addition, rise in investment in R&D increases the demand for NGS and thereby provides lucrative opportunities for market growth. However, accuracy & standardization concerns and ethical & legal limitations associated with NGS restrain the market growth.
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The consumables product segment occupies the greatest share in the NGS product market owing to their sheer usage and need throughout the sample preparation, library construction, and other pre-requisite steps of NGS. Sequencing by synthesis technology is anticipated to dominate the global NGS market as most of the widely used NGS platforms utilize this technology in NGS methods. It accounted for over half of the total share in 2015.
Biomarkers and cancer is currently dominating the application segment and is expected to grow at a CAGR of 19.8%. NGS possesses the potential to recognize a broad spectrum of genetic differences and supplement the generation of potent biomarkers in medicine and disease diagnostics. In addition, sequencing time, protocol length, declining cost of NGS are factors that make NGS an ideal tool for biomarker discovery
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According to Sriram Radhakrishnan, Team Lead, Healthcare at Allied Market Research, "Sequencing by synthesis (SBS), is one of the most renowned and greatly adopted next-generation sequencing (NGS) technologies used by researchers and scientist globally. This technology offers a massive sequence throughput at modest costs, even in a single sequencing run."
KEY FINDINGS OF NEXT GENERATION SEQUENCING (NGS) MARKET:
- Platforms product segment is projected to be grow at the highest CAGR from 2016 to 2022.
- Personalized medicine application segment are poised to witness the fastest growth during the forecast period.
- Academic and government research institutes generated the highest revenue in 2015, and is expected to continue its dominance ahead as well.
- North America dominated the global NGS market, and is projected to grow at a CAGR of 19.0%.
- Among the technology segment, pyrosequencing technology is expected to witness the fastest growth during the forecast period.
In 2015, Asia-Pacific and LAMEA collectively accounted for two-sevenths of the global NGS market, and are expected to continue this trend due to rise in awareness regarding NGS technologies in China, India, and other developing economies. Various governmental and non-governmental organizations initiate genome mapping programs that supplement the growth of NGS market. In addition, increase in investments in R&D by public and private sectors is also expected to boost the market growth.
The major companies profiled in the report include Illumina, Inc., Thermo Fisher Scientific, Inc., Pacific Biosciences of California, Inc., Beijing Genomics Institute, Qiagen N.V., 454 Life Sciences Corporation (Roche Holding AG), Agilent Technologies, Inc., Perkinelmer, Inc. Genomatix GmbH, and PierianDx
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research