Global Next Generation Sequencing Market Set to Grow to USD 73.33 Billion by 2034
Dublin, April 02, 2024 (GLOBE NEWSWIRE) -- The "Global Next Generation Sequencing Market Analysis & Forecast to 2024-2034" report has been added to * ResearchAndMarkets.com's* offering.
*Rapid Technological Advancements Propel Market Growth*
The next generation sequencing (NGS) industry is experiencing a significant uptick as it is projected to expand from USD 8.47 billion in 2023 to a substantial USD 73.33 billion by 2034 at an assertive compound annual growth rate (CAGR) of 21.68%. This pace is attributed to heightened research and development activities, the rising adoption of NGS technologies due to their rapid result time, cost-effectiveness, and the increasing investment in genome mapping projects. The continuous introduction of technologically advanced NGS instruments further energizes market progression.
*Segmental Insights: Consumables and Oncology Leading Market Growth*
Detailed market analysis reveals that consumables remain the dominant product category, driven by their widespread use in diagnostic applications and cancer research. The oncology application also holds a significant revenue share, with rising cancer incidence rates necessitating the deployment of NGS for deeper insights into cancer biology and tumor genetics. Industry players are focused on innovation and regulatory approvals to ensure supply meets demand, as seen with the introduction of new products like sample preparation kits.
*Emphasis on Comprehensive Data Analysis and Workflow Optimization*
Advancements in workflow, specifically in sequencing and data analysis segments, offer improvements to NGS applications. Robotic liquid handling systems enhance precision and streamline processes, allowing researchers to concentrate on critical data analysis. Partnerships within the industry yield innovations like cloud-based tertiary analysis software, enhancing the interpretability of clinical NGS data.
*Regional Market Trends: North America Maintains Lead, Asia Pacific Grows Rapidly*
North America is anticipated to retain the largest revenue share in the coming years due to the increase in genetic testing services, advanced healthcare research infrastructure, and regional collaborations. Meanwhile, the Asia Pacific region is predicted to witness the fastest growth rate, spurred by strides in technological integration of NGS methods, robust R&D activities, and product launches.
*End-user Insights: Academic and Clinical Research to Experience Growth Spurts*
In the end-user segment, academic research continues to be a major contributor to revenue. However, clinical research sectors are expected to grow swiftly, attributed to applied NGS in areas like cancer research and the burgeoning partnerships between laboratories and genomics companies. This integration of NGS in routine diagnostics is set to redefine healthcare prospects.
The comprehensive analysis of the global next generation sequencing market delineates vibrant growth across various products, applications, technologies, workflows, end-users, and regions. The sector is geared for transformational change as key players and stakeholders harness the power of NGS in paving the way for breakthroughs in genomics and personalized medicine.
*Key Attributes*
*Report Attribute* *Details*
No. of Pages 200
Forecast Period 2023 - 2034
Estimated Market Value (USD) in 2023 $8.47 Billion
Forecasted Market Value (USD) by 2034 $73.33 Billion
Compound Annual Growth Rate 21.6%
Regions Covered Global
*Companies Featured*
· Thermo Fisher Scientific Inc.
· F. Hoffman-La Roche Ltd.
· QIAGEN
· Bio-Rad Laboratories Inc.
· Illumina
· Perkin Elmer Inc.
· PierianDx
· BGI
· DNASTAR Inc.
· Genomatix GmbH
· Eurofins GATC Biotech GmbH
· Oxford Nanopore Technologies
For more information about this report visit https://www.researchandmarkets.com/r/iz4xa4
*About ResearchAndMarkets.com*
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*Attachment*
· Global Next Generation Sequencing Market
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