With 22.2% CAGR, Next-Generation Sequencing Market Size worth USD 31411.3 million by 2026

According to Fortune Business Insights, the global Next-Generation Sequencing Market size is projected to reach USD 31,411.3 million in 2026, at CAGR of 22.2% during forecast period; Diversified Applications of Next-Generation Sequencing in Diagnostics, are Driving the Market

Pune, India, May 05, 2022 (GLOBE NEWSWIRE) — The global Next-Generation Sequencing Market size is expected to gain momentum by reaching USD 31,411.3 million by 2026 while exhibiting a CAGR of 22.2% between 2019 to 2026. In its report titled “Next Generation Sequencing Market, 2019-2026.”, Fortune Business Insight mentions that the market stood at USD 6,335.2 million in 2018. The rising demand for cost-effective and accurate DNA sequencing to treat genetic diseases is expected to drive the market. Moreover, the launch of several genomic projects in countries such as Qatar and the U.K with able support from the government is expected to fuel the market in upcoming years.

Industry Developments

January 2019:  PierianDx announced its partnership with Illumina to come up with informatics services such as oncology products for Illumina to support cancer diagnosis and research.

June 2019: US-based Swift Biosciences and Switzerland-domiciled Saphetor SA collaborated to develop and release a set of differentiated NGS products and solutions for clinical research, translational, and genomics applications. Under the partnership, the companies will leverage Saphetor’s cloud-based platform, VarSome Clinical, for quick and accurate discovery and analysis of NGS data.

Request a Sample Copy of the Research Report: Next-Generation Sequencing (NSG) Market

https://www.fortunebusinessinsights.com/enquiry/sample/next-generation-sequencing-ngs-market-101000

Market Segmentation:

Based on product type, the global market for next-generation sequencing is divided into instrument & software, consumables, and services. On the basis of application, the market is divided into diagnostics and research. By its end-user, the market is divided into research institutes, healthcare facilities, diagnostic centers, pharmaceutical and biotechnological companies, and contract research organizations. Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Scope of the Report:

Next-generation sequencing is a DNA sequencing technology that has enhanced the potential of genomic research around the world. Before the advent of NGS, the Sanger sequencing technology was employed and the results took a decade to come out. NGS has enabled sequencing the human genome within a day, making it highly efficient and preferred in the field of diagnostics. Even though this technology has not become as commonplace as it should have been, it is gaining popularity owing to the advantages it has compared to the preceding technologies. For example, compared to Sanger sequencing, next-generation sequencing techniques allow capturing of a broader spectrum of mutations. Moreover, NGS is more sensitive, thereby giving out more accurate results with just a few cell specimens. As the technology becomes more affordable, it will see an exponential rise in demand in the near future. More importantly, the product segment will dominate, as per the NGS market trends, owing to easy availability of new products.

Click here to get the short-term and long-term impact of COVID-19 on this Next-Generation Sequencing (NSG) Market. Please visit: https://www.fortunebusinessinsights.com/industry-reports/next-generation-sequencing-ngs-market-101000

COVID-19 Impact:

The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several research labs were shut. However, a collective effort from the government and the research labs working on the virus, pharmaceutical, and healthcare units are likely to increase the demand and aid in the resumption of sequencing tools and technology.

Driving Factors

Growing Focus on Diagnosis of Diseases Globally to Augment Growth

Lower costs of sequencing solutions have resulted in the high demand for the diagnosis of several diseases. For instance, as per a new scientific paper published in the European Journal of Human Genetics, around 300 million people globally suffer from a rare genetic disease. Companies are focusing on the introduction of various test kits such as genetic testing, prenatal testing, and cancer diagnosis. For instance, in May 2018, the Centers for Medicare & Medicaid Services (CMS) declared the National Coverage Determination to perform an NSG test to diagnose cancer. In addition, government reimbursement programs for diagnostic tests and approval of several NSG tools is expected to boost the global Next-Generation Sequencing (NSG) Market growth during the forecast period.

Growing Prevalence of Cancer to Favour Market Growth

Cancer is essentially a genomic disease and next-generation sequencing techniques are expected to play an important role in providing timely and accurate diagnosis of the disease in its early stages. Using NGS tools, cancer genomes can be studied more holistically and can revolutionize cancer diagnosis and prognosis by making the processes more precise. This can also aid ongoing efforts to make cancer treatments for children, such as the St. Jude—Washington University Paediatric Cancer Genome Project, more effective. Furthermore, the growing prevalence of cancer worldwide will augment the Next-Generation Sequencing (NSG) Market growth. For example, in 2018, the International Agency for Research on Cancer under the WHO states, cancer incidence worldwide had risen to 18.1 million and cancer deaths had increased to 9.6 million

Quick Buy –  Next-Generation Sequencing (NGS) Market: https://www.fortunebusinessinsights.com/checkout-page/101000

Regional Insights

North America to Remain Dominant; Presence of Major Biotech Companies to Aid Growth

North America is expected to hold the largest global Next-Generation Sequencing (NSG) Market share during the forecast period. This is ascribable to factors such as the presence of supportive government policies and presence of major biotech companies and research labs. Moreover, the growing incidence of chronic disease is expected to boost the demand for the product in the region. For instance, In September 2018, the FDA approved marketing for ClonoSEQ assay, a NSG diagnostic test for the minimal residual disease (MRD), in patients suffering from acute lymphoblastic leukemia (ALL) or multiple myeloma. North America stood at USD 3.82 billion in 2020. The main growth determinants for the market in this region include increasing incidence of cancer, presence of well-established companies, and strong regulatory support to new medical technologies.

In Europe, the market will be primarily driven by rising focus on precision therapies and steadily rising investment in medical research, which will be further propelled by the COVID-19 pandemic.

Asia Pacific is anticipated to hold a significant market share owing to the increasing awareness regarding well-being of reproductive health that will favor the adoption of the next-generation sequencing solutions in the region.

Competitive Landscape

Key Players to Focus on Establishing Partnerships to Intensify Competition

The market is consolidated by the presence of major companies that are striving to maintain their position by focusing on acquisitions and establishing partnerships. For instance, in June 2019, Saphetor partnered with Swift Biosciences Inc. to speed up and standardize data interpretation solutions for targeted next-generation sequencing panels. Moreover, other key players are adopting proactive strategies such as new product launches, mergers, and facility expansion to favor the market’s growth in the forthcoming years.

List of the Key Players Profiled in the Global Market for Next-Generation Sequencing:

• Illumina, Inc.
• Thermo Fisher Scientific Inc.
• F. Hoffmann-La Roche Ltd
• Agilent Technologies, Inc.
• QIAGEN
• BGI
• PerkinElmer Inc.
• Eurofins Scientific
• Macrogen, Inc.
• PierianDx

TABLE OF CONTENT:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Overview of Next-Generation Sequencing Diagnostics Test
  • Regulatory Scenario – For Key Countries
  • New Product Launch 
  • Startups with their Funding Overview
  • Key industry Developments – Mergers, Acquisitions and Partnerships

Toc Continue..

Have Any Query? Ask Our Experts:

https://www.fortunebusinessinsights.com/enquiry/queries/next-generation-sequencing-ngs-market-101000

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

Pune – 411045, Maharashtra, India.

Phone:

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: sales@fortunebusinessinsights.com