The Next Generation Sequencing Market is estimated to be valued at US$ 588.65 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Next generation sequencing (NGS) facilitates researchers to sequence the genetic code, entire genomes of multiple organisms simultaneously. It is being widely adopted for clinical diagnostics, genomics, epigenomics, transcriptomics and more due to its high throughput, scalability, and speed. NGS has enabled examination of genetic variation at single nucleotide level for varied applications.
Market key trends:
One of the major trends contributing to the Next Generation Sequencing market growth is advancing personalized medicine. NGS techniques help in whole-genome sequencing of individuals to understand genetic variations better. This information can then be used to develop personalized treatment and medication options for various diseases like cancer. Researchers are exploring opportunities to integrate NGS data with electronic health records to deliver more customized healthcare. With continuous technological innovations, the cost of DNA sequencing is declining rapidly while throughput is increasing. This widespread adoption of NGS in drug discovery, agrigenomics and other fields will drive the Next Generation Sequencing market over the forecast period.
Threat of new entrants: There is moderate threat of new entrants due to huge initial investments required in terms of infrastructure, R&D, skilled workforce.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of several vendors providing substitutable products.
Bargaining power of suppliers: Suppliers have low bargaining power due to presence of alternative raw material suppliers.
Threat of new substitutes: There is low threat of substitutes as NGS offers higher accuracy and data output.
Competitive rivalry: Fierce competition among existing players.
Strengths: Technological innovations, increasing applications, decreasing costs.
Weaknesses: High installation and analysis costs, lack of skilled professionals.
Opportunities: Growing uptake in drug discovery and precision medicine, development of portable devices.
Threats: Ethical and legal issues, data accuracy and management challenges.
The global Next Generation Sequencing Market Share is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing R&D investments by pharmaceutical and biotechnology companies. The market size for 2023 is US$ 588.65 Bn.
Regionally, North America dominated the market with over 35% share in 2023 owing to presence of leading NGS technology providers and huge healthcare expenditure. Asia Pacific is expected to be the fastest growing region due to growing research activities in countries such as China and India.
Key players operating in the Next Generation Sequencing market are Thermo Fisher Scientific Inc., Agilent Technologies, Inc, bioMérieux SA, F. Hoffmann-La Roche Ltd , QIAGEN, Illumina, Inc., Oxford Nanopore Technologies plc., BGI, PerkinElmer Genomics, and Pierian. These players are focusing on new product launches and collaborations to strengthen their market presence. For instance, in 2022, Illumina launched its NextSeq 1000 and NextSeq 2000 sequencing systems to accelerate clinical and research sequencing.