Next generation Sequencing Market

Next generation Sequencing Market

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 to grow from USD 9.29 billion in 2024 to USD 27.55 billion by 2032, exhibiting a CAGR of 14.6% during the forecast period of 2023-2030.

The COVID-19 pandemic created significant opportunities on the next-generation sequencing market growth as curbing coronavirus outbreak was prioritized. This technology changed into an effective tool for the analysis, tracking, and genomic studies of the SARS-CoV-2 virus. The pandemic elevated studies and investments in the improvement of vaccines in opposition to the virus.

The next-generation sequencing share globally has been contributed due to the diversified applications of next-generation sequencing. One of the distinguished elements that have contributed to the boom of the marketplace is various and increasing packages of next-technology sequencing in diagnostics. The declining expenses of sequencing have resulted in increasing packages of this technique inside the prognosis of numerous sicknesses.

Furthermore, there’s been a notable trend of increasing number of government-aided genome projects. Sequencing technologies, which include next-generation sequencing, play an important position in disorder analysis. With the emergence of NGS within the past decade, the panorama of disorder analysis and control has pretty modified. Owing to this, governments the world over have started investing an extensive amount in genomic tasks.

Comprehensive Analysis of Next-generation Sequencing Market

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

The North American region is conducive to the global next-generation sequencing market, leading to a recall of USD 4.60 billion owing to growing research community. This can be attributed to factors, which include strong cognizance of the research network on genomics, excessive R&D investments, and a strong presence of nicely-installed organizations within the location. In addition, the growing introduction of new merchandise and collaborations and partnerships among players will support the local market’s boom.

The top players in the market play a crucial role in the medical device industry assuring industrial prospectus growth and setting market standards. These players include, Illumina Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), QIAGEN (Germany), PacBio (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, Integrated DNA Technologies (IDT) collaborated with Element Biosciences, Inc. to develop more streamlined NGS workflows.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 14.6% from 2024-2032

Unit Value (USD Billion)

Segmentation 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


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