According to the latest report published by Acute Market Reports “Next Generation Sequencing Market – (Technology Type – Whole Genome Sequencing, Targeted Resequencing, RNA Sequencing, Whole Exome Sequencing, and De Novo Sequencing); (Application – Oncology, Genetic Screening, Infectious Diseases, Drug and Biomarker Discovery, Agriculture & Animal Research, Idiopathic Diseases and others): Market Growth, Future Prospects and Competitive Analysis, 2021 – 2029” the market was valued at expanding at a CAGR of 20% from 2021 to 2029.
Browse the full report Next Generation Sequencing Market Growth, Future Prospects and Competitive Analysis, 2021 – 2029 report at https://www.acutemarketreports.com/report/next-generation-sequencing-market
Next generation sequencing is a high-throughput sequencing that enables sequencing and assembling of number of short DNA reads at a small period of time and with a better accuracy. The introduction of next generation sequencing technologies has ensured massive changes in the sequencing process by providing better output, higher speed, flexibility and reduced sequencing cost over thousand folds. Technologically, the approaches for any next generation sequencing procedure can be categorized into whole genome sequencing, targeted resequencing, Rna sequencing, whole exome sequencing and de novo sequencing. With the advancement in technology and development of high throughput sequencing platforms such as HiSeq and MiSeq, it has become increasingly efficient to sequence larger number of base pairs in single cycle reads. Targeted resquencing held the largest share in the global next generation sequencing market due to its accuracy, and its rising preferences in the research and development. De novo sequencing is anticipated to grow at the fastest rate during the forecast period due to its faster, more accurate characterization of any species compared to traditional methods.
Next-generation sequencing (NGS) technologies have progressive advantages in terms of cost-effectiveness, unprecedented sequencing speed, high resolution and accuracy in genomic analyses. Technological developments in the next generation sequencing market are expected to enable researchers to generate phase resolved HLA sequences in single read cycles and provide insight into the lesser accessible regions of HLA genes. Furthermore, the development of prenatal genome sequencing for analysis of genetic anomalies and diseases is also expected to witness enhanced demand, thus driving the genetic screening market. Growing incidences of cancer and infectious diseases, and increasing use of next generation sequencing to develop biopharmaceuticals and drugs for their cure are further expected to drive demand for next generation sequencing.
Geographically, North America was observed as the largest revenue generating market for next generation sequencing market, where the U.S. held the largest market share. The major factors driving the market are technological advancements in the field of life sciences, availability of commercial solutions for next generation sequencing data analysis, and presence of key players in the region. Moreover, extended support from the government institution for genomic research for drug discovery and genetic screening is also driving the market for next generation sequencing in North America and Europe. Asia-Pacific is expected to grow at the fastest rate with throughout the forecast period owing to growing medical awareness in the regional population, increasing investment for development of healthcare and rising oncology and infectious disease research in the region.
Market Competition Assessment:
The next generation sequencing market currently possesses numerous companies having their products marketed, however, Illumina, Inc. dominates the market wholly. Most of the companies are located in the North America and others developed regions. The companies have untapped opportunities in the developing regions of Asia Pacific and Latin America. Companies are coming up with various products in the developed nations due to high acceptance and accessibilities of these products. The companies include, ThermoFisher Scientific, Pacific Biosciences of California, F.Hoffman-La Roche AG Qiagen, BGI and Others.
Key Market Movements:
- Continuous introduction of new products and high level of accuracy offered by the products have accelerated the demand of next generation sequencers
- Extended clinical application of the next generation sequencing technologies in the field of various diseases and drug discovery driving the market
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