Next-Generation Sequencing Market over View
The Global Next Generation Sequencing (NGS) Market reached USD 6.9 billion in 2022 and is projected to achieve significant growth, reaching up to USD 28.9 billion by 2031.
The market is expected to exhibit a CAGR of 20.4% during the forecast period from 2024 to 2031. Market trends indicate an increase in product launches for next-generation sequencing (NGS) due to expanding applications and intensified research and development activities. DNA next-generation sequencing (NGS) involves key processes such as library preparation, bioinformatics analysis, DNA fragmentation, massive parallel sequencing, and variant/mutation identification and interpretation. Personalized Medicine
The growing consumer demand for NGS is driven by the increased availability of products and technologies, a rise in the number of authorized service providers, and the expansion of drug discovery research. This demand is particularly strong in North America due to advancements in the field. Major industry players, including Thermo Fisher Scientific Inc., Illumina, Inc., and Bio-Rad Laboratories, Inc., are actively contributing to the market's expansion.
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Next-Generation Sequencing Market Out look
NGS technology is now one of the most powerful and effective methods for rapid DNA/RNA sequencing. Researchers are leveraging this technology in the fight against cancer, with some laboratories reporting promising results, particularly in the context of colorectal cancer (CRC). The rising investment in research and development for NGS creates lucrative opportunities for manufacturers.
Due to ongoing advancements in next-generation high-throughput sequencing technologies, such as pyrosequencing, polony amplification sequencing by ligation, sequencing by hybridization, supported oligonucleotide detection (SOLiD), and nanopore technology, the field of genomics is entering an entirely new phase.
An example of such advancements is the SEQuoia RiboDepletion Kit developed by Bio-Rad Laboratories, Inc., a leading provider of life science research and clinical diagnostic products. This kit enhances test efficiency by removing unnecessary ribosomal RNA (rRNA) segments from an RNA-Seq library, highlighting the continuous progress in NGS technology.
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Segmentations
By Product Type: Reagents and Consumables, Instruments, Others
By Application: Agriculture and Animal Research, Drug Discovery, Diagnostics, Genetic Screening, Others
By Technology: Chip Sequencing, De Novo Sequencing, RNA Sequencing, Methyl Sequencing, Others
By End User :Academics, Biotechnology and Pharmaceutical Firms, Hospitals and Healthcare Institutions, Services, Others
Key players
Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd, Revvity (PerkinElmer Inc.), Illumina, Inc., PacBio, DNASTAR, BGI Group and Qiagen among others.
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