Global Next Generation Sequencing (NGS) Market

Global Next Generation Sequencing (NGS) Market

The global next generation sequencing (NGS) market is expected to reach USD 40.78 billion by 2031 from USD 13.88 billion in 2023, growing at a CAGR of 15.1% in the forecast period of 2024 to 2031.

Market Segmentation
Global Next Generation Sequencing (NGS) Market, By Product & Service (Consumables, Services, and Instruments), Technology (Sequencing by Synthesis (SBS), Sequencing by Ligation (SBL), and Others), Application (Pharmaceuticals Microbiology, Drug & Biomarker Discovery, Diagnostics, Precision Medicine, Agricultural & Animal Research, Food Pathogen Screening, and Others), End User (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes, Hospitals & Clinics, Clinical Laboratories, Contract Research Organizations (CROS), and Others), Distribution Channel (Direct Tender, Retail Sales, and Others), Country (U.S., Canada, and Mexico, U.K., Germany, France, Spain, Italy, Belgium, Russia, Switzerland, Netherlands, Turkey, rest of Europe, China, Australia, Japan, India, Singapore, South Korea, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Brazil, Argentina, and rest of South America, South Africa, Egypt, Saudi Arabia, U.A.E., Israel, and rest of Middle East and Africa) - Industry Trends and Forecast to 2031

Overview of Global Next Generation Sequencing (NGS) Market Dynamics
Drivers
• Increase in the adoption of genome-focused pharmacology
• Wide product portfolio offered by major players
• Use of next generation sequencing in drug development
• Increase trend towards personalized medication
Restraints
• High cost of installation and maintenance of equipment's in the laboratory
• Complexity during implementation of NGS in the clinical lab
Opportunities
• Strategic initiatives by the key market players
• Increasing advancement in NGS technology
• Increasing applications of NGS in clinical diagnostics
Challenges
• Lack of skilled professionals to perform NGS
• Data privacy and security

Market Players
The key market players operating in the global next generation sequencing (NGS) market are listed below:
• Illumina, Inc.
• Thermo Fisher Scientific Inc.
• QIAGEN
• Merck KGaA
• Charles River Laboratories
• Revvity
• Promega Corporation.
• Agilent Technologies, Inc.
• Takara Bio Inc.
• Eurofins Scientific
• Hamilton Company
• BGI
• Azenta US, Inc.
• Beckman Coulter, Inc.
• Bio-Rad Laboratories, Inc.
• PacBio.
• Macrogen, Inc.
• Gilson Incorporated
• New England Biolabs
• Oxford Nanopore Technologies plc.
• LGC Biosearch Technologies
• PCR Biosystems
• ACT Genomics
• Quantabio
• DNASTAR
• NimaGen.


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