The global Next-generation Sequencing Market was valued at 5.4 billion in 2022 and it is anticipated to grow up to USD 18.7 billion by 2032, at a CAGR of 13.2% during the forecast period.
Next-generation sequencing (NGS) is a type of DNA sequencing technology that is used to determine the precise order of nucleotides in a genome. NGS is also used to identify mutations, SNPs, and other variations in a genome. NGS technology has revolutionized the field of genomics by providing a more rapid and cost-effective method for sequencing genomes. NGS can sequence an entire human genome in a matter of days, whereas it would take months or years to sequence a genome using traditional methods.
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Market Trends and Drivers
Growing technological developments in NGS instruments and technologies are further likely to offer significant market growth over the coming years. For instance, in January 2020, the Intelligence Advanced Research Projects Activity in the U.S. awarded a grant of USD 23 million to the Harvard University, DNA Script, and Broad Institute. The institutes are conducting collaborative research to develop a novel technology that will combine enzymatic DNA synthesis and NGS into a single instrument. To better understand the link between genetics and disease, several countries have invested in their own national population genome mapping projects. Furthermore, millions of genomes are being sequenced by government groups to progress research and discover better ways to identify and cure cancer, uncommon disorders, and other ailments. Efforts are being undertaken by the EU to improve the region large-scale genomic data with projects such as France’s French Plan for Genomic Medicine 2025 and the U.K. 100,000 Genomes Project. Such initiatives have resulted in the growth of NGS informatics services in the region.
Market Restraints and Challenges
The high cost of sequencing is a major barrier to the adoption of NGS. The technology is still relatively new and the costs have not yet come down to a level that is affordable for many laboratories. In addition, the lack of standardization in NGS protocols means that there is no agreed upon set of best practices for data collection and analysis. This lack of standardization makes it difficult to compare results from different laboratories and makes it difficult to reproduce results. The need for skilled personnel is another challenge facing the NGS market. The technology is complex and requires a high level of technical expertise to operate. In addition, the data generated by NGS experiments can be very large and complex, making it difficult to analyze and interpret without the help of bioinformatics experts.
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Global Next-generation Sequencing Market Segmentation
By Workflow
- Pre-sequencing
- Sequencing
- NGS Data Analysis
By Technology
- WGS
- Whole Exome Sequencing
- Targeted Sequencing & Resequencing
Major Players in the Global Next-generation Sequencing Market
Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Next-generation Sequencing market include Agilent Technologies, Inc, BGI Group, F. Hoffmann-La Roche AG, Illumina Inc, Oxford Nanopore Technologies, Cepheid, PerkinElmer, Inc., Eurofins Scientific, Qiagen N.V., and Thermo Fisher Scientific Inc. among others.
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