The Next Generation Sequencing (NGS) market size is projected to reach US$ 34.75 billion by 2031 from US$ 10.00 billion in 2023. The market is expected to register a CAGR of 16.8% during 2023–2031. Increased throughput and reduced costs is likely to remain key trends in the market.
Next Generation Sequencing (NGS) Market Analysis
As per CDC, each year 41 million deaths are due to noncommunicable diseases (NCDs), equivalent to 74% of all deaths globally. Out of all NCD deaths, 77% are in low- and middle-income countries. Cardiovascular diseases account 17.9 million people death for most NCD deaths, followed by cancers (9.3 million), respiratory diseases (4.1 million), and diabetes (2 million). Recent improvements in sequencing techniques have authorized precision medicine to be a model for disease prevention, diagnosis, and treatment, particularly implemented for the treatment of cancer.
Next Generation Sequencing (NGS) Market Overview
Many companies are undergoing strategic developments that support the market’s growth. For instance 2022, Illumina launched NovaSeq X Series to generate more than 20,000 whole genomes per year. In the same year, Ultima Genomics launched onto the short-read sequencing and announced the USD100 genome Sequencer. Along with the such launches, fews advancements or DNA sequencing new class, called third generation sequencing (TGS), is currently under active. These technologies can sequence single DNA molecules without amplification, and they allow the construction of reads much longer than NGS. Each technologies can produce very long reads of up to 15,000 bases long from single molecules of DNA and RNA.
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Next Generation Sequencing (NGS) Market: Strategic Insights
Market Size Value in US$ 4,274.9 Million in 2016 Market Size Value by US$ 26,501.2 Million by 2025 Growth rate CAGR of 21.1% from 2017-2025 Forecast Period 2017-2025 Base Year 2017
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Next Generation Sequencing (NGS) Market: Strategic Insights
| Market Size Value in | US$ 4,274.9 Million in 2016 |
| Market Size Value by | US$ 26,501.2 Million by 2025 |
| Growth rate | CAGR of 21.1% from 2017-2025 |
| Forecast Period | 2017-2025 |
| Base Year | 2017 |
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Next Generation Sequencing (NGS) Market Drivers and Opportunities
Advancements in Next-Generation Sequencing (NGS) to Favor Market
Next-generation sequencing (NGS) carries a shift in genomics research, offering unmatched capabilities for analyzing DNA and RNA molecules in a high-throughput and cost-effective manner. This transformation have increased the genomics advancements across diverse domains. Recent advancements have been directed towards reduced costs, faster and more accurate sequencing, and improved data analysis. These holds great promise for unlocking new insights into genomics and improving diseases understanding and personalized healthcare. NGS advancements have positively impacted various research areas, including clinical genomics, infectious diseases, cancer, and microbiome studies.
New Guidance Launched by WHO On The Use Of Targeted Next-Generation Sequencing
In March 2024, the World Health Organization (WHO) published recommendations on using a new class of diagnostic technologies, the targeted NGS tests for the diagnosis of drug-resistant tuberculosis (TB) in the updated guidelines on tuberculosis. The WHO has also launched a new TB sequencing portal with more than 56,000 sequences per new guidelines. The portal, developed in partnership with FIND and Unitaid, signifies the most advanced sequencing and phenotyping knowledgebase for TB. This will contribute to collective understanding of Mycobacterium tuberculosis genome mutations and their association with drug resistance.
Next Generation Sequencing (NGS) Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Next Generation Sequencing (NGS) market analysis are product, technology, application, and end user.
- Based on product, the Next Generation Sequencing (NGS) market is divided into platforms, services, and consumables. The consumables segment held a larger market share in 2023.
- By technology, the market is segmented into genome sequencing, exome sequencing, resequencing & targeted sequencing, and other. The resequencing & targeted sequencing segment held the largest share of the market in 2023.
- By application, the market is segmented into diagnostics, drug discovery, precision medicine, and other. The diagnostics segment held the largest share of the market in 2023.
- In terms of end user, the market is divided into academic & research institutes, pharmaceutical & biotechnology companies, hospitals & clinics, and others. The academic & research institutes held the largest share of the market in 2023.
Next Generation Sequencing (NGS) Market Share Analysis by Geography
The geographic scope of the Next Generation Sequencing (NGS) market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. In the US, according to new data from the Centers for Disease Control and Prevention (CDC), the number of TB cases climbed in 2023. In 2023, the cases increased by 16% from 2022, reaching 9,615 TB cases, the highest number reported since 2013. Additionally, 2.9 cases per 100,000 persons represented a 15% increase from 2022. The government are taking the initiative to reduce the number of TB. For instance, to address the global TB epidemic by 2035, the World Health Organization (WHO) has defined various strategies. To go along with WHO, companies also entering strategic partnerships. For instance, in October 2022, Illumina Inc. and GenoScreen entered into an alliance enabling global access to a package combining Illumina sequencing products to detect anti-TB drug resistance and promptly inform treatment decisions rapidly. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Next Generation Sequencing (NGS) Market Report Scope
Next Generation Sequencing (NGS) Market News and Recent Developments
The Next Generation Sequencing (NGS) market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Next Generation Sequencing (NGS) market are listed below:
- In March 2022, as per the Press Release by Thermo Fisher Scientific, CE-IVD marked Ion Torrent Genexus Dx Integrated Sequencer is launched, a next-generation sequencing (NGS) platform that delivers results in as little as a single day. Designed for clinical laboratories, the fully validated system enables users to perform diagnostic testing and clinical research on a single instrument.
- In October 2022, press released by Illumina Inc. stated that they have partnered with GenoScreen to accelerate progress to end tuberculosis (TB) worldwide. The partnership will expand capabilities for countries most impacted by tuberculosis to more effectively detect and combat multidrug-resistant TB (MDR-TB).
Next Generation Sequencing (NGS) Market Report Coverage and Deliverables
The “Next Generation Sequencing (NGS) Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Next Generation Sequencing (NGS) market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Next Generation Sequencing (NGS) market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Next Generation Sequencing (NGS) market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Next Generation Sequencing (NGS) market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Service ; Application ; & End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
North America held the largest market for Next Generation Sequencing (NGS). The growth of the region is attributed to continuous rise in the use of Next Generation Sequencing (NGS), innovations in software designs, and increasing awareness among people regarding the benefits for digital healthcare applications.
The driving factors are increasing adoption of Internet of Things (IoT) & connected devices in healthcare and the advantages offered by Next Generation Sequencing (NGS) (SaMD).
Increasing number of wearable medical devices is likely to remain key trends in the market.
S3 Connected Health, BrightInsight, Inc. and CompliancePath are among the top players operating in the Next Generation Sequencing (NGS) market.
The Next Generation Sequencing (NGS) market size is projected to reach US$ 93.08 billion by 2031.
The market is expected to register a CAGR of 15.1% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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