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 the decreasing cost of sequencing, and improving regulatory & reimbursement scenario for NGS-based diagnostic tests are driving the growth of the global NGS market. However, budget constraints for research in developing nations are expected to restrain market growth during the forecast period.
Download FREE Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=546
Companies operating in this market are increasingly focusing on upgrading older versions of their platforms to reduce turnaround times, reduce sequencing costs, and increase output. The launch of iSeq & NovaSeq platform by Illumina and GeneStudio platform by Thermo Fisher are among the major technological advancements in the NGS market. On the basis of products & services, the next-generation sequencing market is segmented into pre-sequencing products & services (DNA fragmentation, end repair, A-tailing, and size selection; library preparation & target enrichment; and quality control), NGS platforms, consumables, services for platforms, sequencing services, and bioinformatics (NGS data analysis, storage, and management). The market for NGS platforms is further segmented into Illumina (Hiseq Series, Hiseq X Ten & HiSeq X Five, Miseq Series, NextSeq 500, MiniSeq, and NovaSeq), Thermo Fisher Scientific (Ion PGM, Ion Proton, and Ion S5 & S5 XL), Pacific Biosciences (PacBio RS II and Sequel system), Oxford Nanopore Technologies, and other next-generation sequencing platforms. The NGS consumables segment is expected to register the highest growth rate in the next-generation sequencing market during the forecast period. Advancements in sequencing technologies, growing sequencing procedures, and launch of easy-to-use consumables are the key factors driving the growth of the NGS consumables segment.
The next-generation sequencing market, by application, is segmented into diagnostics, drug discovery, agricultural & animal research, and other applications. The diagnostics segment is expected to account for the largest share of the next-generation sequencing market in 2018. The large share of this segment is attributed to the growing number of new cancer cases across the globe, favorable reimbursement scenario for NGS-based tests in the US, and increasing focus of key market players on developing NGS-based products & services for cancer and NIPT.
On the basis of region, the next-generation sequencing market is segmented into North America (US and Canada), Europe (Germany, France, the UK, Spain, Italy, the Netherlands, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), and the Rest of the World (RoW). The NGS market in the Asia Pacific is expected to register the highest growth rate during the forecast period, primarily due to the increasing financial support from public as well as private agencies, increasing number of NGS-based research projects, increasing awareness about precision medicine, and high incidence of chronic diseases.
