Next Generation Sequencing Market Size, Share, Growth Analysis, By Product & Service(NGS Consumables, Sequencing Services (Exome & Targeted Resequencing and Custom Panels, RNA Sequencing, DE NOVO Sequencing), By Technology(Sequencing By Synthesis, Ion Semiconductor Sequencing, Nanopore Sequencing, Single-molecule Real-time Sequencing), By Application(Diagnostics (Cancer Diagnostics, Infectious Disease Diagnostics, Reproductive Health Diagnostics, Other Diagnostic Applications)), By End User(Academic Institutes And Research Centers, Pharmaceutical And Biotechnology Companies, Hospitals And Clinics, Reference Laboratories), By Region - Industry Forecast 2024-2031

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). 

Next generation sequencing is a technique that employs massive parallelism in sequencing millions or even billions of DNA strands. This method is also known as high throughput sequencing. NGS is less dependent on fragment-cloning strategies that are used in Sanger genome sequencing. The advantages of NGS over Sanger’s sequencing method include low cost, high accuracy and speed, precise results even if small amounts of samples are used. Thus, NGS is widely used in biomarker discovery, cancer studies, personalized medicine, agriculture and animal studies, etc. 

Genome sequencing has also been applied to understanding how Covid-19 spreads and can inform how interventions affect disease progression and subsequent treatments. The Covid-19 Genomics U.K. Consortium (COG-U.K.) was set up in March 2020, to utilize Whole-Genome Sequencing to investigate the coronavirus genome. Partners in the cooperation are the Welcome Sanger Institute, the NHS, Public Health Agencies, and other academic institutions. These organizations have collaborated on mapping the virus’s evolution and spread.

US Next Generation Sequencing Market is poised to grow at a sustainable CAGR for the next forecast year.