Next-generation Sequencing (NGS) Market worth $27.0 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 26, 2023 /PRNewswire/ -- Next-generation Sequencing (NGS) Market is projected to reach USD 27.0 billion by 2027 from USD 13.0 billion in 2022, at a CAGR of 15.7% during the forecast period of 2022 to 2027 according to a new report by MarketsandMarkets™. The next-generation sequencing market is expected to grow at a CAGR of 15.7% during the forecast period. The growth of the market is attributed to launch of technologically advanced NGS systems and improving regulatory and reimbursement scenarios for NGS-based diagnostic tests. However, the end-user budget constraints in developing countries are expected to restraint the growth of the market.

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Next-generation Sequencing (NGS) Market Scope:

Consumables segment accounted for the largest share of next-generation sequencing market

Next-generation sequencing market by product & service is categorized into presequencing products & services, NGS platforms, NGS consumables, services for NGS platforms, sequencing services, and bioinformatics. NGS consumables dominated the market in 2021. The large share of this segment can be attributed to launch of new NGS consumables and demand for reagents and kits.

Sequencing by synthesis segment accounted for the largest share of next-generation sequencing market

Based on technology, the next-generation sequencing market is segmented into sequencing by synthesis, ion semiconductor sequencing, nanopore sequencing, single-molecule real-time sequencing, and other sequencing technologies. Sequencing by synthesis segment dominated the market in 2021. The growth of this segment is attributed to launch of new NGS platforms based on sequencing by synthesis technology.

Diagnostics segment accounted for the largest share of next-generation sequencing market

Based on application, the next-generation sequencing market is categorized into diagnostics, drug discovery & development, agricultural & animal research, and other applications. The diagnostics segment is further categorized into cancer diagnostics, infectious disease diagnostics, reproductive health diagnostics, and other diagnostic applications. The drug discovery & diagnostics segment is further categorized into pharmacogenomics, and other discovery & diagnostics applications. The diagnostics application segment dominated the market in 2021. The growth of this segment is attributed to the increasing demand for NGS based diagnostic products for cancer and noninvasive prenatal testing (NIPT).

The academic institutes & research center segment is the fastest-growing end user segment of the next-generation sequencing market

Based on end users, the next-generation sequencing market is segmented into academic institutes & research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other end users. The academic institutes & research centers segment held largest market share in 2021. The largest share of the segment us attributed to growing number of collaborations between NGS market players and academic & research institutes.

North America accounted for the largest share of the next-generation sequencing market

By region, the next-generation sequencing market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). North America accounted for the largest share of the NGS market in 2021. Some of the factors driving the growth of the market are increasing demand for new NGS based diagnostic tools, availability of research funding, and presence of prominent market players.

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Next-generation Sequencing (NGS) Market Dynamics:

Drivers:

1. Advancements in NGS platforms
1. iSeq 100 System
2. Ion GeneStudio S5
2. Declining costs of genome sequencing
3. Improving regulatory and reimbursement scenario for NGS-based diagnostic tests
4. Growing incidence of cancer and increasing applications of next-generation sequencing in cancer research

Restraints:

1. End-user budget constraints in developing countries

Opportunities:

1. Government & private support for large-scale sequencing
2. Application of NGS in precision medicine and molecular diagnostics
3. NGS data analysis using big data

Challenges:

1. Interpretation of complex data from NGS platforms
2. Ethical issues
3. Introduction of alternative technologies

Industry Trends:

1. Development of portable sequencing technologies
2. Partnerships & collaborations for technological advancements in NGS

Key Market Players:

The prominent players in next-generation sequencing (NGS) market are Illumina (US), Thermo Fisher Scientific (US), PerkinElmer (US), BGI Group (China), Agilent Technologies (US), Eurofins Scientific (Luxembourg), Pacific Biosciences (US), Oxford Nanopore Technologies (UK), QIAGEN (Netherlands), F. Hoffmann-La Roche AG (Switzerland), Brooks Automation (US), Psomagen, Inc. (US), 10x Genomics (US), Tecan Group (Switzerland), Zymo Research (US), Takara Bio (Japan), Promega Corporation (US), CD Genomics (US), New England Biolabs (US), and Novogene Corporation (China).

Recent Developments:

• In October 2022, Illumina (US) and GenoScreen (France) partnered to expand access to genomic testing for multidrug-resistant tuberculosis in countries most impacted by tuberculosis.
• In October 2022, Illumina (US) entered a strategic research collaboration with AstraZeneca (UK) to improve the efficiency of pharma pipelines by leveraging the ability to identify genetic variants that contribute to human diseases.
• In September 2022, Thermo Fisher Scientific (US) received FDA approval for the Oncomine Dx Target Test as the first NGS-based companion diagnostic to aid in therapy selection for patients with RET Mutations/Fusions in thyroid cancers.

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