Next generation sequencing (NGS) Market is anticipated to grow at a double digit CAGR from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Next generation sequencing (NGS) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global Next Generation Sequencing (NGS) market is estimated to be over US$ 4.0 Bn in 2017. It is anticipated to grow at a double digit CAGR from 2019 to 2030.
The continual growth in clinical application of NGS as well as sequencing of whole or targeted genomes has presented a bright prospect for the growth of global Next Generation Sequencing (NGS) market. Reduction of costs associated with sequencing has further led to wide scale application of such techniques.
Increasing Demand of NGS for Clinical Application
The advent of NGS has led to significant changes in the scientific approach utilized for both clinical and research applications. Both RNA & DNA sequencing have been proven to be extremely useful for studying evolutionary relationships, mutation, sequence variation and other vital information associated with genes. The clinical applications of which has been pivotal in diagnosing germline diseases and understanding the genetic basis of various hereditary or chronic diseases among others. The growing incidences of several clinical ailments has directly contributed to the extensive adoption of NGS and other sequencing techniques, to obtain better understanding of the diseases and formulate necessary therapies for the same.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Next generation sequencing (NGS) Market by Product & Services (Pre-Sequencing Products & Service, Sequencing Services, Data Analysis, Storage, and Management), Technology (Sequencing By Synthesis Ion Semiconductor Sequencing, Single-Molecule Real-Time Sequencing), Application (Diagnostics, Drug Discovery), End User (Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Academic Institutes & Research Centers) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/next-generation-sequencing-NGS-market/3
Application of NGS in Oncology
Improvement in the overall NGS technology in terms of pipeline analyses, sequencing chemistry, data interpretation, reliability and costs has led to application of the technique in several fields of medical sciences, including oncology. The utilization of NGS technologies provides accurate and deeper knowledge regarding molecular basis of individual tumors, thereby providing a better, efficient and long lasting treatment option. According to Cancer Research UK, the number of cancer cases reported worldwide in the year 2018, was approximately around 17 million. It is further projected that within the period 2018-2040, the total incidence rate of worldwide cancer will increment by 62%. The growing incidences of cancer are anticipated to present a lucrative growth opportunity for the global Next generation sequencing (NGS) market in the coming years.
Budget Constraints among Developing Economies to Restrain the Market
Although costs associated with sequencing of genetic data has come down significantly in recent times. Yet, the current costs for sequencing genomes is one of the major factors affecting the growth of the Next generation sequencing (NGS) usage among end-users from developing economies. Thereby, price related concerns is anticipated to be limiting the use of NGS technologies and restraining the extensive growth of the market during the forecast period
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing incidences of cancer, continuously growing economy, and increasing burden of chronic diseases is anticipated to present a lucrative growth scenario for the Next generation sequencing (NGS) market in this region. Furthermore, improving healthcare facilities, coupled with increasing R&D expenditures in the region is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Next generation sequencing (NGS) Market
The prominent players in the global Next generation sequencing (NGS) market are Agilent Technologies, 10x Genomics, Beckman Coulter (A Subsidiary of Danaher), Becton, Dickinson and Company, Eurofins Scientific, Pacific Biosciences of California, Inc., BGI, Illumina, Inc., F. Hoffmann-La Roche AG, among others.
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