The global next-generation sequencing market is projected to reach USD 16.35 billion by 2024 from USD 5.70 billion in 2018, at a CAGR of 19.2%
NEW YORK, August 29, 2018 /PRNewswire/ -- Global Next-generation Sequencing Market to Register a CAGR of 19.2% from 2018 to 2024
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The global next-generation sequencing market is projected to reach USD 16.35 billion by 2024 from USD 5.70 billion in 2018, at a CAGR of 19.2%. Factors such as advancements in NGS platforms, declining NGS capital cost coupled with decreasing cost of sequencing, improving regulatory & reimbursement scenario for NGS-based diagnostic tests, initiatives from government & private bodies for large-scale sequencing projects, and increasing application of NGS in precision medicine & molecular diagnostics are expected to propel the growth of this market. However, end-user budget constraints in developing nations are expected to restrain the growth of the next-generation sequencing market in the forecast period.
Sequencing by Synthesis Segment to Dominate the NGS Market, by Technology, in 2018
The next-generation sequencing market, by technology, is segmented into sequencing by synthesis, ion semiconductor sequencing, single-molecule real-time sequencing, nanopore sequencing, and other sequencing technologies.The sequencing by synthesis segment is expected to command the largest share of the next-generation sequencing market in 2018.
The large share of this segment can be attributed to the continuous advancements in SBS technology-based consumables and NGS bioinformatics solutions as well as the launch of advanced cost- & time-efficient platforms based on SBS technology.
Hospitals & Clinics Segment to Register the Highest CAGR During 2018–2024
On the basis of end user, the next-generation sequencing market is segmented into academic institutes & research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other end users.The hospitals & clinics segment is estimated to witness the highest growth rate during the forecast period.
The high growth in this segment can be attributed to the development of advanced NGS-based diagnostic solutions and growing number of agreements between companies and hospitals for developing advanced tests and products catering to the specific needs of hospitals and clinics.
The NGS Market in the APAC is Projected to Witness the Highest Growth Rate During the Forecast Period
The next-generation sequencing market in the Asia Pacific is expected to witness the highest CAGR from 2018 to 2024. Factors such as increasing financial support from public as well as private agencies for NGS based research and diagnostics, increasing number of NGS-based research projects, increasing awareness about precision medicine, and high incidence of chronic diseases in the region are driving the growth of the next-generation sequencing market in the APAC region.
Breakdown of supply-side primary interviews: by company type, designation, and region:
• By Company Type: Tier 1 - 40%, Tier 2 - 25%, and Tier 3 - 36%
• By Designation: C-level - 43%, Director-level - 22%, and Others - 35%
• By Region: North America - 37%, Europe - 12%, APAC - 41%, and RoW - 10%
The key players in the next-generation sequencing market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Pacific Biosciences of California, Inc. (US), BGI (China), PerkinElmer (US), Agilent Technologies (US), QIAGEN N. V. (Germany), Macrogen Inc. (South Korea), Oxford Nanopore Technologies, Ltd. (UK), and Eurofins Scientific (Luxembourg).
Research Coverage
This report studies the next-generation sequencing market based on product & service, technology, application, end user, and region.The report also analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting market growth.
It evaluates opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders.The report also studies micromarkets with respect to their growth trends, prospects, and contributions to the total market.
The report forecasts the revenue of the market segments with respect to four major regions.
Reasons to Buy the Report:
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on business strategies adopted by the major players in the next-generation sequencing market. The report analyzes the next-generation sequencing market based on product & service, technology, application, end user, and region
• Service Launches: Insights on the research and development activities and product & service launches in the next-generation sequencing market
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various next-generation sequencing types across regions
• Market Diversification: Exhaustive information about recent developments, and investments in the next-generation sequencing market
• Competitive Assessment: In-depth assessment of market ranking, strategies, and products of leading players in the next-generation sequencing market
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