Next Generation Sequencing Market Share, Trends, Demand, Growth and Analysis by 2028

IMARC Group, a leading market research company, has recently releases report titled “Next Generation Sequencing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global next generation sequencing market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the next generation sequencing market?

The global next-generation sequencing (NGS) market size reached US$ 17.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 48.9 Billion by 2028, exhibiting a growth rate (CAGR) of 18.5% during 2023-2028.

What is next generation sequencing?

Next generation sequencing (NGS) is a revolutionary technology that allows for the rapid sequencing of large stretches of DNA or RNA, far exceeding the capabilities of previous sequencing methods. Unlike traditional methods that analyze one gene at a time, NGS can simultaneously sequence millions of fragments, providing a comprehensive view of the entire genome or specific regions of interest. NGS technology has significantly reduced the cost and time required for sequencing, making it accessible for various applications. It plays a crucial role in personalized medicine, where an individual's genetic makeup is analyzed to tailor medical treatments. In research, NGS aids in the discovery of genetic variations linked to diseases, enabling a deeper understanding of genetic disorders. The technology also has applications in agriculture, forensic science, and environmental studies. For instance, it can be used to study genetic diversity within species or to trace the origin of food contamination.

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What are the growth prospects and trends in the next generation sequencing industry?

Significant technological improvements, such as faster sequencing methods and enhanced data analysis tools, are driving the adoption of NGS which represents one of the key factors driving the growth of the market across the globe. The decreasing cost of sequencing makes NGS more accessible to various industries, including academic research, clinical diagnostics, and agriculture. The rising integration of NGS into clinical practice for personalized medicine, genetic screening, and diagnostic testing is propelling the market growth. Government initiatives, grants, and funding for genomics research act as catalysts for the market expansion. The market is also driven by the increasing research and development (RD) activities in areas like oncology, infectious diseases, and genetic disorders which are fueling the demand for NGS technologies. Collaborations between academic institutions, biotechnology firms, and pharmaceutical companies are fostering innovation and application of NGS which is contributing to the growth of the market. In addition to this, the growing awareness of genetic testing and personalized medicine among the public is creating a demand for NGS-based services which is boosting the growth of the market. Ethical debates and consensus around genetic data handling and consent are influencing the market trends and consumer trust. The application of NGS in tracking infectious diseases and pandemics showcases its critical role in public health, which is driving interest and investment, thus driving the growth of the market. The development of robust software and platforms for handling vast amounts of sequencing data is facilitating the growth of NGS applications. The presence of competitive products and services stimulates innovation and expansion in the market. Apart from this, the increasing aging population and the rise of chronic diseases necessitate advanced diagnostic tools, which are also contributing to NGS adoption, thus supporting the growth of the market. NGS applications in studying biodiversity and environmental changes contribute to its growth in non-medical sectors which is influencing the market growth. The expansion into emerging economies with growing healthcare and research sectors provides new opportunities for NGS technologies which are facilitating the growth of the market. Moreover, the synergy of NGS with other technologies like CRISPR is enhancing its application scope which is creating a positive outlook for the market across the globe.

Who are the key players operating in the industry?

The report covers the major market players including:

Agilent Technologies Inc.
Becton Dickinson and Company
10x Genomics
BGI Group
Eurofins Scientific
F. Hoffmann-La Roche AG
Illumina Inc.
Genewiz
Macrogen Inc.Oxford Nanopore Technologies
Perkinelmer Inc.
Thermo Fisher Scientific Inc.
Qiagen N.V.
Genapsys Inc.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Sequencing Type:

Whole Genome Sequencing
Targeted Resequencing
Whole Exome Sequencing
RNA Sequencing
CHIP Sequencing
De Novo Sequencing
Methyl Sequencing
Others

Breakup by Product Type:

Instruments
Reagents and Consumables
Software and Services

Breakup by Technology:

Sequencing by Synthesis
Ion Semiconductor Sequencing
Single-Molecule Real-Time Sequencing
Nanopore Sequencing
Others

Breakup by Application:

Biomarker and Cancer
Drug Discovery and Personalized Medicine
Genetic Screening
Diagnostics
Agriculture and Animal Research
Others

Breakup by End-User:

Academic Institutes Research Centers
Hospitals Clinics
Pharmaceutical Biotechnology Companies
Others

Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

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Key Highlights of the Report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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