Next Generation Sequencing Market Forecasts to 2028 – Global Analysis By Workflow (Sequencing, NGS Data Analysis, Pre-Sequencing), Product & Service (Services, Consumables, Platforms), Sequencing Type (Whole Exome, Targeted Resequencing, RNA Sequencing, C

Next Generation Sequencing Market Forecasts to 2028 – Global Analysis By Workflow (Sequencing, NGS Data Analysis, Pre-Sequencing), Product & Service (Services, Consumables, Platforms), Sequencing Type (Whole Exome, Targeted Resequencing, RNA Sequencing, CHIP Sequencing, Whole Genome), Technology, Application, End User and Geography

According to Stratistics MRC, the Global Next Generation Sequencing Market is accounted for $13 billion in 2022 and is expected to reach $34 billion by 2028 growing at a CAGR of 17.7% during the forecast period. The term next-generation sequencing (NGS) refers to the DNA sequencing technique that has significantly changed the area of genetics. Sequencing technology is used in a variety of NGS systems that are now on the market. The ability to simultaneously sequence millions of small fragments of DNA is a key benefit of all next-generation sequencing technology. A method that can be used to sequence whole genomes is next-generation sequencing. Next-generation sequencing methods can also be used to sequence genomes with particular regions of interest.

According to the World Health Organization (WHO), 22 December 2021 data, approximately 275,233,892 confirmed cases of COVID-19 were reported across the globe.

Market Dynamics:

Driver:

Decreasing costs of sequencing

The rise of the NGS industry is driving by the falling cost of sequencing. Over the past few years, sequencing costs have been steadily declining, making NGS more inexpensive and available to academics and clinicians. As a result, the use of NGS technology in clinical settings has increased. In the upcoming years, it is anticipated that this tendency will accelerate market expansion. Additionally, factors including the increased desire for personalised medicine, the quick uptake of new NGS platforms and software tools, and the expanding use of NGS in agricultural and animal genomics all contribute to the market's rapid expansion.

Restraint:

High costs

One of the major constraints impeding market expansion is the high costs related to the installation and maintenance of the equipment needed for NGS in laboratories. Another important factor restricting the demand for the NGS and the market's development pace is the absence of standardisation. Other significant challenges limiting the growth of the next-generation sequencing market are the interpretation of the DNA sequence contained in the data, the speeding up of the data analysis, and the limitation of storage space caused by the bottleneck. In addition, there are important challenges that need to be solved, such the exploitation of data from multiple databases.

Opportunity:

Advancement in the Clinical Diagnosis

Among the many uses of next-generation sequencing are forensics, reproductive health, personalised medicine, biomarkers, and diagnostics. Due to its analytical accuracy, high throughput, and affordability, next-generation sequencing (NGS) has established itself as the industry standard for clinical laboratories to use when diagnosing genetic illnesses. Life-threatening rare disorders can be difficult to detect and cure. According to estimates, genetic factors have a role in 80% of uncommon disorders. As a result, the market is growing throughout the forecasted time.

Threat:

Ethical and Juridical Concerns

Any type of DNA sequencing, including NGS, is subject to legal and ethical considerations. In addition to concerns unique to a particular culture and group, these issues also include identifiability, releasing study findings, stereotyping, and the appropriateness of permission, stigmatisation, inclusiveness, and differential benefit. In essence, these moral concerns restrain commercial expansion. Medical sequencing poses ethical concerns for both people and populations, including those pertaining to data release and identifiability, proper permission, publishing research findings, stigmatisation and stereotyping, inclusiveness, differential benefit, and problems unique to certain cultures and communities.

Covid-19 Impact

The COVID-19 pandemic has had a positive effect on the expansion of the market for next-generation sequencing. The adoption of next-generation sequencing testing as a reliable method for identifying viruses in the human body during the COVID-19 pandemic has contributed to its rapid growth. Additionally, researchers have been using NGS technology more and more in drug discovery processes to create therapeutics for the COVID-19 virus. The COVID-19 pandemic has also helped the market for next-generation diagnostics to expand. On the other hand, the COVID-19 pandemic severely disrupted the global supply chain and many research projects that depend on NGS were put on hold; these factors reduced the demand levels for NGS instruments and reagents and had a marginally negative impact on the growth of the NGS market.

The services segment is expected to be the largest during the forecast period

The services segment is estimated to have a lucrative growth, due to the growing demand for sequencing services. Next-generation sequencing's capacity to produce enormous amounts of sequence data at an affordable cost led to numerous ground-breaking discoveries and brought the study of genomics into a new era. Two examples of the novel sequencing technologies that have evolved in response to the increasing need for trustworthy sequencing-based diagnostics are high-throughput sequencers and portable devices. They use these technologies internally to provide speedy, high-quality project completion for its clients. NGS services connected to sequencing are widely accessible on the market, ranging from consultation through derivation of the end result. Others concentrate on offering stand-alone services to customers who already have a lab with NGS equipment but wish to outsource certain NGS workflow. certain companies focus on offering entire protocols.

The Diagnostics segment is expected to have the highest CAGR during the forecast period

The Diagnostics segment is anticipated to witness the fastest CAGR growth during the forecast period. The clinical diagnosis of hereditary and uncommon disorders is mostly to blame for this. NGS has a wide range of diagnostic applications, ranging from the identification of new infectious pathogens that cause epidemics to the identification of diverse mutations that cause complex hereditary disorders. Diseases and illnesses are mostly caused by genomic alterations. Three popular NGS methods include RNA sequencing, exome sequencing, and whole genome sequencing for locating and confirming illness and disorder-related biomarkers. LncRNAs, miRNAs, and mRNAs have been employed as therapeutic targets for patients with a range of disorders as well as diagnostic biomarkers. With the use of NGS, clinicians may better understand the genetic alterations that lead to antibiotic resistance and provide appropriate treatments.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to variety of factors, including the presence of an established healthcare infrastructure, the rise in chronic illnesses, and the availability of government funding for genomics research. Additional elements that are projected to promote the growth of the NGS market in North America include the presence of important market players in the region and the availability of cutting-edge technology for genomics research.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the rising implementation of NGS technology in emerging countries like China and India. The increasing frequency of chronic illnesses, greater expenditures in research and development, and the availability of government funding for genomics research are a few of the key factors boosting the growth of the NGS market in the region. The rise of the NGS market in Asia Pacific is also projected to be supported by the presence of prominent industry players in the region and the availability of cutting-edge genomics technology.

Key players in the market

Some of the key players profiled in the Next Generation Sequencing Market include Illumina Inc., Agilent Technologies, PierianDx Inc., Thermo Fisher Scientific Inc., BGI Group, Danaher Corporation, Precigen Inc., Eurofins Genomics, Pacific Biosciences of California Inc. and F. Hoffmann-La Roche AG.

Key Developments:

In December 2020, Eurofins Genomics announced cost-effective, optimized SARS-CoV-2 NGS services, which include comprehensive viral genome sequencing.

Workflows Covered:
• Sequencing
• NGS Data Analysis
• Pre-Sequencing

Products & Services Covered:
• Services
• Consumables
• Platforms

Sequencing Types Covered:
• Whole Exome
• Targeted Resequencing
• RNA Sequencing
• CHIP Sequencing
• Whole Genome
• Other Sequencing Types

Technologies Covered:
• Pyrosequencing
• Sequencing by Synthesis
• Resequencing
• Single-Molecule Real-Time Sequencing
• Targeted Sequencing
• Other Technologies

Applications Covered:
• Agriculture and Animal Research
• Diagnostics
• Personalized Medicine
• Oncology
• Reproductive Health
• Other Applications

End Users Covered:
• Biotechnology Companies
• Academic & Government Research Institutes
• Pharmaceutical Companies
• Hospitals & Clinics
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements