Next-Generation Sequencing (NGS) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Next-generation Sequencing Market

The next-generation sequencing market size was valued at USD 8.30 billion in 2023, and the market is now projected tgrow from USD 9.29 billion in 2024 tUSD 27.55 billion by 2032, exhibiting a CAGR of 14.6% during the forecast period of 2024-2032.

The unexpected emergence of COVID-19 positively affected the next-generation sequencing market growth since the virus was easily spread. Hence there was a need tdiagnose it using next-generation sequencing instruments. It supported and pushed for faster development of the vaccines and funding for it. Scientific research related tgenomes was alslearned during this phase. It has been asserted that sustained adoption of such technologies is expected tdrive this market post-pandemic. This trend helps maintain progressive development and increasing innovation in this sector.

Developing next-generation sequencing (NGS) in the diagnostics segment is a key factor driving growth. Due tthe decrease in sequencing costs, the use of disease diagnoses such as cancer or genetic diagnostic tests has broadened. Organisations are alsbringing out new test kits and services. Government approvals and improvements in the reimbursement policies for next-generation sequencing escalate market share. The increase in chronic diseases and continuous research make the next-generation sequencing market share.

Additionally, governments are increasingly funding genome projects, boosting the next-generation sequencing (NGS) market. NGS has transformed disease diagnosis and management over the past decade. This technology plays a vital role in advancing healthcare. Global investments in genomics drive market growth. Such initiatives enhance disease research and innovation

Comprehensive Analysis of Next-generation Sequencing Market

The next-generation sequencing market and healthcare industry is rising at an exponential rate due tits market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the healthcare industry. These segmentations are methodically segregated by Types, by Technology, by Application and by End-User. The type includes, Products {Instruments & Consumables} and Services. The technology includes, Sequencing By Synthesis (SBS), Nanopore Sequencing, ION Semiconductor Sequencing and Others. The application includes, Research & Applied and Clinical {Cardiovascular, Oncology, Genetic Diseases, Reproductive Health and Others}. The end- user includes, Pharmaceutical & Biotechnology Companies, Academic & Research Institutes and Others.

The North American market is recognized as the largest region for next-generation sequencing worth USD 4.60 billion in 2023. The region's dominance is amplified by robust genomics research, investment in research and development and the existence of companies. New products, services, and strategic alliances alsprovide other ways tescalate growth. The market is expected tsustain its dominance during this study. Further, innovations and collaboration will remain key tfuture developments and expansion.

The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include, Illumina Inc. (U.S.), ThermFisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), QIAGEN (Germany), PacBi(U.S.), Oxford Nanopore Technologies (U.K.), Perkin Elmer, Inc. (U.S.) and BGI (China). These market players provide a level-playing competitive landscape.

In February 2024, IDT worked closely with Element Biosciences, Inc. tenhance NGS workflows by making them less complex.

Segmentation Table

Global Point of Care CT Imaging Systems Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 14.6% from 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Type, Technology, Application, End-User and Region

By Type

Products

Instruments

Consumables

Services

By Technology

Sequencing By Synthesis (SBS)

Nanopore Sequencing

ION Semiconductor Sequencing

Others

By Application

Research & Applied

Clinical

Cardiovascular

Oncology

Genetic Diseases

Reproductive Health

By End- User

Pharmaceutical & Biotechnology Companies

Academic & Research Institutes

Others

By Region

North America (By Type, Technology, Application, End-User, and Country)

U.S.

Canada

Europe (By Type, Technology, Application, End-User, and Country/ Sub-Region)

U.K.

Germany

France

Italy

Spain

Scandinavia

Rest of Europe

Asia Pacific (By Type, Technology, Application, End-User, and Country/ Sub-Region)

China

Japan

India

Australia

Southeast Asia

Rest of the Asia Pacific

Latin America (By Type, Technology, Application, End-User, and Country/ Sub-Region)

Brazil

Mexico

Rest of Latin America

Middle East & Africa (By Type, Technology, Application, End-User, and Country/ Sub-Region)

GCC

South Africa

Rest of the Middle East & Africa