What is the Global market size of the Next Generation Sequencing Market?

Global Next Generation Sequencing Market size was valued at USD 4.84 billion in 2021 and is poised to grow from USD 5.51 billion in 2022 to USD 14.8 billion by 2030, growing at a CAGR of 12.4% in the forecast period (2023-2030).

Who are the key vendors in the Global Next Generation Sequencing Market?

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Illumina, Inc.', 'Thermo Fisher Scientific, Inc.', 'BGI Group', 'Qiagen N.V.', 'F. Hoffmann-La Roche AG', 'Pacific Biosciences of California, Inc.', 'Oxford Nanopore Technologies Ltd.', 'Agilent Technologies, Inc.', 'PerkinElmer, Inc.', 'Eurofins Scientific', 'GENEWIZ', 'Macrogen, Inc.', 'Beijing Genomics Institute (BGI) Americas Corporation', 'Partek Inc.', 'Genotypic Technology Pvt Ltd', 'Bio-Rad Laboratories, Inc.', 'Fluidigm Corporation', '10x Genomics, Inc.', 'NuGEN Technologies, Inc.', 'Dovetail Genomics, LLC'

What is the key driver of the Global Next Generation Sequencing Market?

The key factor that drives the industry growth includes the advancements in the next generation platforms. Continuous technological advancements in sequencers have enabled the development of efficient, portable, and simple-to-use NGS platforms that can deliver fast and precise results while also reducing turnaround times. The introduction of such products and the technology that support them gives players an immediate competitive advantage; as a result, major corporations companies are increasingly focused on product research and development to increase their market positions and share. Hence, this contributes to the growth of the market during the forecast period.

What is the key market trend for the Global Next Generation Sequencing Market?

NGS usage will broaden at both the high- and low-throughput sides of the research industry, owing to workflow simplicity, ongoing cost reductions (for both instruments and reagents), and improved bioinformatics capabilities. NGS-based testing is also being more widely used in clinical sectors, including cancer, reproductive health, and genetics. In this context, many firms are continuing to develop (for example, long-read RNA-sequencing technologies), expanding both the scientific and clinical application areas.

Which region accounted for the largest share in the Global Next Generation Sequencing Market?

The global next generation sequencing market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North American region is projected to hold the most substantial share of the market. The regional market is likely to be driven by the presence of various next generation sequencing players and clinical laboratories that use next generation sequencing to offer genetic testing services in the region. Besides, the launch of various novel products along with the upgradations in the existing products by the key players are also likely to aid the regional industry growth during the forecast period.

Next Generation Sequencing Companies

Next Generation Sequencing Market Competitive Landscape

Top Player’s Company Profile

Illumina Inc. (US)
Thermo Fisher Scientific, Inc. (US)
PerkinElmer Inc. (US)
BGI Group (China)
Agilent Technologies Inc. (US)
Eurofins Scientific SE (Luxembourg)
Pacific Biosciences of California Inc. (US)
Oxford Nanopore Technologies (UK)
QIAGEN NV (Netherlands)
F. Hoffmann-La Roche AG (Switzerland)
GENEWIZ Inc. (US)
Psomagen, Inc. (South Korea)
10x Genomics Inc. (US)

FAQs

Global Next Generation Sequencing Market size was valued at USD 7.82 billion in 2022 and is poised to grow from USD 9.27 billion in 2023 to USD 36.04 billion by 2031, growing at a CAGR of 18.5% in the forecast period (2024-2031).

The next-generation sequencing market can be defined by intense competition among the prominent market players. The introduction of unique platforms that are fast, small, and affordable is one of the tactics utilized by the organizations to enhance their market position. Cerba Research, declared two new COVID-19 exploratory tools in January 2021, one PCR-based and the NGS-based for improving research and development necessary for vaccine development against coronavirus. 'Illumina Inc. (US) ', 'Thermo Fisher Scientific, Inc. (US) ', 'PerkinElmer Inc. (US) ', 'BGI Group (China) ', 'Agilent Technologies Inc. (US) ', 'Eurofins Scientific SE (Luxembourg) ', 'Pacific Biosciences of California Inc. (US) ', 'Oxford Nanopore Technologies (UK) ', 'QIAGEN NV (Netherlands) ', 'F. Hoffmann-La Roche AG (Switzerland) ', 'GENEWIZ Inc. (US) ', 'Psomagen, Inc. (South Korea) ', '10x Genomics Inc. (US) '

NGS allows extensive analysis of a person’s genome, which helps in the identification of genetic variations. This influence drug response, susceptibility to diseases, and possible adverse reactions. This personalized technique is boosting the incorporation of NGS into clinical settings, where it improves treatment efficiency by customizing therapies that match the genetic profiles of patients.

NGS provides a powerful tool for diagnosing rare genetic disorders accurately and swiftly. By sequencing an individual’s genome, clinicians can pinpoint the genetic basis of rare diseases, enabling early intervention and more effective management strategies. This capability drives market growth as healthcare providers increasingly rely on NGS for precise and timely diagnosis of challenging medical conditions.

Based on regions, North America is dominating the next generation sequencing market with the largest share. This is mainly because the region has some of the best clinical labs that use NGS for offering genetic testing services. Furthermore, increasing investment in R&D, the availability of advanced medical research structure, and the advancement of WGS is also positively influencing the market growth in this region. The presence of prominent manufacturers, active government support, and the increasing prevalence of cancer are also driving the expansion of the market in North America. The region also has many prestigious research institutions, top universities, and major pharmaceutical companies, equipped with financial resources for investing in the most advanced NGS technologies. Such infrastructure not only supports outstanding research in many scientific groups but also boosts innovation in genomic medicine and biotechnology.

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What is the global market size of Next Generation Sequencing Market?

Who are the key vendors in the Next Generation Sequencing Market?

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What is the key market trend for Next Generation Sequencing Market?

Which region accounted for the largest share in Next Generation Sequencing Market?

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