The global next generation sequencing market size was valued at $12,982.08 million in 2023, and is projected to reach $97,813.73 million by 2035, registering a CAGR of 18.3% from 2024 to 2035. Rising prevalence of genetic disorders and cancer, increasing demand for precision medicine, advancements in sequencing technologies, and declining sequencing costs and growing adoption in clinical diagnostics are the other factors that contribute to the growth of the market.
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High-end technological advancements in NGS, surge in applications of NGS, and rise in demand for genome mapping programs drive the growth of the global next generation sequencing (NGS) market. On the other hand, standardization concerns over NGS-based diagnostics, lack of skilled professionals, and several ethical and legal limitations restrain the growth to some extent. However, increase in demand for cloud computing and potential data management services are anticipated to pave the way for lucrative opportunities in the industry.
COVID-19 scenario-
The NGS diagnostic technology comes with immense potential to determine the genetic sequence of a virus, thereby helping scientists recognize the mutation of the virus. This factor has impacted the NGS market positively.
At the same time, genome sequencing has also been used to understand the spread of COVID-19, thus improving the treatments.
Next generation sequencing (NGS, NextGenSeq) is used for sequencing genomes at high speed and at low cost. It is also known as second generation sequencing (SGS) or massively parallel sequencing (MPS). The technology is used to determine the order of nucleotides in entire genomes or targeted regions of DNA or RNA This technology is used for the identification of biomarkers for early diagnosis as well as personalized treatments, which has significantly impacted the change of the traditional medicine model of diagnosis to a precision medicine model.
The impact of COVID-19 pandemic is expected to remain positive for the next generation sequencing industry. As Next-generation sequencing (NGS) diagnostic technology has the potential advantage of determining the genetic sequence of a virus and helping scientists understand the mutation of the virus. Furthermore, genome sequencing has been used to understand the spread of Covid-19 and has the potential to understand the impact of interventions and help guide treatments in the future. For instance, Covid-19 Genomics U.K. Consortium (COG-U.K.) was formed in March 2020 to analyze the coronavirus genome using Whole-Genome Sequencing (WGS. To fight against COVID -19 pandemic researchers and scientists together way to identify the new strain of corona virus without any prior knowledge organisms.
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COVID-19 scenario-
The NGS diagnostic technology comes with immense potential to determine the genetic sequence of a virus, thereby helping scientists recognize the mutation of the virus. This factor has impacted the NGS market positively.
At the same time, genome sequencing has also been used to understand the spread of COVID-19, thus improving the treatments.
The global next generation sequencing (NGS) market is analyzed across product, application, technology, end user, and region. Based on product type, the consumables segment accounted for more than two-thirds of the total market revenue in 2020, and is projected to rule the roost by the end of 2030. The services segment, on the other hand, would cite the fastest CAGR of 19.3% throughout the forecast period.
By product type segment, the consumable segment held the largest share in 2020 and is anticipated to maintain its dominance during the forecast period. This large share is attributed to the fact that they are widely used throughout the sample preparation process and other pre-requisite steps of NGS. The service segment is estimated to grow at the highest CAGR 19.3% during the forecast period. Owing to technological advancements in sequencing platforms, surge in applications of next generation sequencing, and increase in genome mapping programs is going to boost the global next generation sequencing market in future.
North America accounted for the largest share in 2020, and is anticipated to maintain its dominance from 2020 to 2030, due to high expenditure on R&D, presence of major players & their product availability, and well-established healthcare infrastructure in the region. However, Asia-Pacific is expected to register the highest CAGR during the forecast period, as Governments of Asian countries are investing in the development of healthcare infrastructure
The next generation sequencing market is segmented on the basis of product type, application, technology, end user and region. By product, the market is classified into consumables, platforms, and services.
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Key Findings Of The Study
North America occupied dominant position in global next generation sequencing market in 2020.
Asia-Pacific is estimated to grow at the highest CAGR 19.0% during the forecast period.
By application, Biomarker and cancer segment was the highest contributor to the next generation sequencing market, in 2020, and is projected to grow at a CAGR of 17.5% from 2021 to 2030.
By product type, consumable segment was the highest contributor to the market, in 2020, and is estimated to grow at a CAGR of 17.7% during the forecast period.
By technology, the sequencing by synthesis segment was the highest contributor to the market in 2020.
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