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The Next Generation Sequencing Market size is estimated to grow by USD 3.40 billion at a CAGR of 12.45% between 2022 and 2027. Market growth hinges on several factors, including the expansion of the paints and coatings sector, the burgeoning textile industry, and the rising consumption of acetic acid. The paints and coatings industry is experiencing robust growth, driven by increasing construction activities and renovation projects worldwide. Similarly, the textile sector is witnessing significant expansion, fueled by changing fashion trends and a growing population. Additionally, the rising demand for acetic acid, a key chemical used in various industries, including textiles, plastics, and pharmaceuticals, is contributing to market growth. These factors collectively indicate a promising outlook for the market, highlighting the importance of these industries in driving economic development and meeting consumer needs.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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This report extensively covers market segments by end-user (academic research, clinical research, pharma and biotech companies, and others), product (consumables and equipment), and geography (North America, Europe, Asia, and the Rest of the World (ROW)).
The market share growth by the academic research segment will be significant during the forecast period. The market can be segmented by end users into several categories, one of which is academic research. Academic research institutions, including universities and research institutions, are major users of NGS technologies for various applications.
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The academic research segment was valued at USD 1.42 billion in 2017. Academic researchers use NGS technology for a variety of purposes, including basic research, drug discovery, personalized medicine, and clinical diagnostics. This technology enables rapid sequencing of large amounts of genetic data, allowing researchers to analyze genetic variation and better understand disease mechanisms. Some of the key factors driving the adoption of NGS technology in academic research are the declining cost of sequencing, the availability of easy-to-use software and analytical tools, and the growing demand for personalized and precision medicine.
As a result, many NGS companies are focused on developing products and services that meet the needs of academic researchers. These include affordable sequencing instruments, easy-to-use software, and data analysis platforms that can be customized to your specific research needs. Overall, the academic research segment is an important and growing market for NGS technology and is expected to remain the leading end-user segment in the market during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2022, North America was the major geographic segment of the market. It had the largest sales share, and the United States was the leading country in the market. The advent of NGS has lowered the cost of genome sequencing. However, there is a growing demand for early detection of diseases such as cancer in this region. Furthermore, the presence of conglomerate companies such as Illumina, Thermo Fisher Scientific, and PerkinElmer, along with the growing focus on genome mapping programs, are also contributing significantly to the growth of the market in North America.
The market is witnessing significant growth driven by various factors. The incidence of cancer has led to increased adoption of NGS for personalized treatment strategies. The introduction of new platforms like PromethION, iSeq 100, and Ion GeneStudio S5 System has expanded the market reach. In the academic sector, NGS plays a crucial role in Molecular diagnostics and Bioinformatics, enhancing research capabilities. Despite assumptions regarding financial burden, NGS adoption continues to rise. Government initiatives and programs like the Intelligence Advanced Research Projects Activity are further propelling the market forward. With DNA Script and other advancements, the NGS market is poised for continued growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the growth of the market is the increased utilization of next-generation sequencing methods. Rapid developments in next-generation sequencing techniques and the creation of a human genome database have allowed companies to offer rapid diagnostic services and the capability to diagnose mutations and disorders in human gene sequences. The next-generation sequencing techniques provide high processing speed and throughput that can generate a vast number of sequences with many applications in research, as well as in the diagnostic field. This has allowed the companies to offer reliable genetic testing services and products using next-generation sequencing in the market, which will propel the market growth.
Moreover, the next-generation sequencing techniques have gained huge popularity for their use in whole viral genome sequencing. Researchers are thoroughly studying and developing further prospectus, which is expected to improve the performance of these techniques as a reliable solution and augment the growth of the market during the forecast period.
Reduced costs of gene sequencing are the primary trend shaping the market growth. Advances in gene sequencing techniques have enabled the reduction in turnaround time and cost of testing procedures. Advances in high-throughput genetic testing procedures, biochips, and NGS techniques have reduced the cost significantly. This has impacted the market by allowing companies to offer low-cost services and overcome cost-related challenges.
This has led to a considerable increase in the consumer base for companies (such as Illumina, QIAGEN, Thermo Fisher Scientific, Bio-Rad Laboratories, Danaher, and PerkinElmer) by providing access to more people with limited budgets and overcoming the challenge of unaffordable prices. With the adoption of NGS and fluorescence-based fully automated sequencing technologies, a sharp decline in the cost of sequencing and considerable improvements in accuracy have been witnessed. This will boost the growth of the market during the forecast period.
The lack of clinical validation on direct-to-consumer genetic tests will be a major challenge for the market during the forecast period. The clinical validity of direct-to-consumer genetic tests has been consistently questioned due to the presence of limited scientific evidence. This negatively impacts the commercialization of pre-disposition tests. Direct-to-consumer tests incorporate single-gene testing by Sanger sequencing as it is the most cost-effective method for the study of inherited disorders with low phenotypic and genetic heterogeneity. With the rise in the levels of heterogeneity, it is more efficient to use next-generation sequencing panels to study multiple targets simultaneously.
Moreover, direct-to-consumer genetic tests have limited accuracy and can often generate false-positive or false-negative results, which can have a negative impact on the health of consumers and lead to emotional and mental distress. This has compelled regulatory authorities to bring companies under scrutiny and disclosed risk information (including the authorized tests) and instructions mandatory. Such factors will hinder the market growth during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
10X Genomics Inc.: The company offers next generation sequencing such as chromium single cell, visium spatial, and xenium in situ. Also, the company focuses on manufacturing gene sequencing technology used in scientific research.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments.
The market is evolving rapidly with the launch of new NGS platforms and advancements in NGS consumables. Academic institutions are leveraging NGS for academic R&D and genomics research projects. NGS is instrumental in disease detection and genomic profiling, aiding in understanding the mechanics of cancer and identifying chromosomal abnormalities. Companies like Life Technologies and Color Genomics are at the forefront, offering NGS platforms and sequencing services. NGS data analysis and NGS informatics services are vital components, supporting companion diagnostics and personal health awareness. The market is poised for growth, driven by biomarkers and genomic tools for oncology and infectious diseases research.
Moreover, the market is driven by advancements in genome sciences and pre-sequencing products & services. Services for NGS platforms are crucial for diagnosis and improving survival rates. Kits and reagents play a vital role in DNA & RNA sequencing and epigenetics studies. Institutions like the Broad Institute are pioneering genomics programs and NGS panels for solid tumor neoplasms and IVD testing. Companies like Myriad are developing innovative solutions like the HER2/3-targeting bispecific antibody. NGS is transforming oncology with insights into tumor cells and certain cancers, supported by global sequencing data and solid tumor research. Cloud Health is enabling seamless data management, propelling the market forward.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.45% |
Market growth 2023-2027 |
USD 3.40 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
11.55 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
10X Genomics Inc., Azenta Inc., BGI Genomics Co. Ltd., Bio Rad Laboratories Inc., Eurofins Scientific SE, F. Hoffmann La Roche Ltd., Illumina Inc., Konica Minolta Inc., Laboratory Corp. of America Holdings, Merck KGaA, Nabsys Inc., OPKO Health Inc., Oxford Nanopore Technologies plc, Perkin Elmer Inc., PierianDx Inc., Psomagen Inc., QIAGEN NV, Standard BioTools Inc., Takara Bio Inc., and Thermo Fisher Scientific Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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