Next Generation Sequencers (NGS) Market Set to Surge at 8.3% CAGR, to Reach USD 2.4 billion by 2031 | Transparency Market Research, Inc.
A growing demand for portable and point-of-care sequencers (NGS) is expected to drive the market for next-generation sequencers (NGS).
Wilmington, Delaware, United States, Jan. 12, 2024 (GLOBE NEWSWIRE) -- *Transparency Market Research Inc. - *The next generation sequencers (NGS) industry was valued at US$ 1.2 billion in 2022. A CAGR of 8.3% is projected between 2023 and 2031, and the market will *reach over US$ 2.4 billion* by 2031. As NGS technology has become more popular with direct-to-consumer genetic testing services, public interest in NGS has grown. The interest in recreational genetics and the assessment of genetic risks are both affected.
The government has supported a large portion of the growth of the NGS market through grants and research funding. The availability of genomic data for research has increased due to public investment in large-scale genomics projects. Technology innovations are expected to accelerate, improve accuracy, and reduce the cost of sequencing platforms in the NGS field. It is anticipated that advances in read lengths, throughputs, and sample preparation techniques will contribute to the efficiency and accessibility of NGS.
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Scientists have been able to analyze the genomic information of individual cells using single-cell sequencing technologies. Understanding cellular heterogeneity and disease mechanisms could be made easier through the development of robust and scalable single-cell sequencing technologies.
*Key Findings of the Market Report*
· In terms of technology, targeted sequencing and resequencing are expected to drive market demand for next-generation sequencing.
· The benchtop sequencer segment accounted for the largest global share of next generation sequencers (NGS) in 2022.
· With a large and diverse population, Asia-Pacific provides a vast source of genomic data, fueling NGS research and development.
· North America led the market with its dominance of cutting-edge technologies and rising demand for NGS in pharmaceutical companies.
· In terms of application, consumer genomics is expected to drive demand for NGS in the coming years.
*Global Next Generation Sequencers (NGS) Market: Growth Drivers*
· Continuous improvements in NGS technology, like faster sequencing, better accuracy, and lower costs, have driven the technology. It makes genomic research easier and more efficient in developing new sequencing platforms. Sequencing costs have consistently decreased, which has been a primary driver. Research and institutions are more likely to adopt NGS as the cost per base pair decreases.
· Genomic, epigenomic, transcriptomic, and metagenomic applications of NGS are numerous. Personalized medicine, clinical diagnostics, and agricultural applications have all benefited from its versatility. As personalized medicine gains popularity, genetic information is becoming more valuable. As genetic information becomes increasingly important for personalized medicine initiatives, NGS plays a crucial role.
· Increasingly sophisticated bioinformatics tools and analytical methods become necessary as NGS data grows. Data interpretation requires efficient and accurate analysis, driving bioinformatics infrastructure advancements. The use of NGS in cancer research has proven invaluable, allowing scientists to identify genetic mutations associated with specific cancer types. Personalized treatment strategies and targeted therapies have resulted from this.
*Global Next Generation Sequencers (NGS) Market: Regional Landscape*
· North America is expected to dominate the market for next generation sequencers in the market. Next-generation sequencers (NGS) have become more common in various research, clinical, and commercial settings in North America, such as the United States and Canada. Universities and research institutions in North America are heavily funding genomic research.
· Biotechnology and pharmaceutical companies in North America are innovating with genomics and NGS to develop drugs and focus on personalized medicine. Using NGS, clinical trials can be conducted, drug targets can be identified, disease mechanisms can be studied, and potential drug targets can be identified.
· NGS, gaining traction in clinical diagnostics, has been used to diagnose cancer genomics, rare diseases, and prenatal screening in North American healthcare institutions. Policy frameworks and regulatory frameworks support the adoption of NGS in clinical settings.
· Precision medicine initiatives, like those funded by the United States government, are leveraging genomic data for personalized healthcare. NGS technologies are often used in research and clinical initiatives to sequence large groups of individuals. Many biobanks and big genomic projects in North America contribute to extensive genomic data sets. Genomic analysis of diverse populations using NGS can provide valuable insights into genetics and diseases.
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*Global Next Generation Sequencers (NGS) Market: Key Players*
The report presents company profiles of key players operating in the market for next-generation sequencers (NGS). A number of these companies expand their presence and increase market share by acquiring other companies, collaborating, and launching new products.
· Illumina Inc.
· Thermo Fisher Scientific Inc.
· Pacific Biosciences
· Complete Genomics Incorporated
· Vela Diagnostics
· Oxford Nanopore Technologies plc.
· Singular Genomics Systems Inc.
· HTG Molecular Diagnostics Inc.
· Revvity
*Key Developments*
· In October 2023, Revvity Inc. and Element Biosciences, Inc. collaborated to utilize the AVITI System, a powerful genomic sequencing platform, to simplify the genomic analysis of samples. With this collaboration, it became easier for a lab to go from sample to result by providing better support, more information, and quicker access to the needed stuff.
· In November 2023, Next-generation sequencing platform makers attended the American Society of Human Genetics annual meeting in Washington, D.C. They presented updates on their recent commercial activities and product development pipelines.
*Global Next Generation Sequencers (NGS) Market: Segmentation*
*By Product*
· Benchtop Sequencers
· Floor Standing Sequencers
*By Technology*
· WGS
· Whole Exome Sequencing
· Targeted Sequencing & Resequencing
*By Application*
· Oncology
· Infectious Diseases
· Reproductive Health
· Metagenomics, Epidemiology, and Drug Development
· Consumer Genomics
*By End User*
· Academic Research
· Clinical Research
· Hospitals & Clinics
· Pharma & Biotech Entities
· Others
*By Region*
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
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