New York, NY -- (SBWIRE) -- 07/11/2019 -- NGS library construction involves preparing nucleic acid targets using a coordinated series of enzymatic reactions to produce a random collection of DNA fragments, of a specific size, for high throughput sequencing. The decreasing cost of next-generation sequencing (NGS) library preparation solutions is making the technology more affordable and widely accessible. This is the key growth driver for the global NGS library preparation market, which is expected to reach approximately USD 1.33 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 11.3% during 2018-2023.

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Major players in NGS Library Preparation market are:
- Illumina, Inc.
- Roche Holding AG
- Thermo Fisher Scientific, Inc
- PerkinElmer, Inc.
- Qiagen NV
- Bio-Rad Laboratories, Inc.
- Abcam
- Meridian Biosciences Inc.
- Epigentek Group Inc.
- New England Biolabs Inc.

Application segment insights:
Based on application, the small RNA sequencing market is anticipated to grow at a high CAGR of about 14.1% than that of the others. This is primarily because of its increased use as an identifier of novel biomarkers. Also, miRNAs are involved in many important physiological processes, such as the development and maturation of the nervous system. Thus, the growing use of small RNA sequencing in the diagnosis and treatment of diseases related to the brain/nervous system also pose as a noteworthy driver for the growth of the market.

Products segment insights:
The products of the NGS library preparation market in this report can be classified into consumables, instruments/workstations/platforms, and others (ancillary equipment). The consumables sub-segment dominates with a market share of 51.9%. This is mainly because of the rising demand for consumable products like library preparation reagents and other kits with growth prospects in research projects. The challenge faced by the market is that most of the library preparation kits are designed to work with a particular brand of instrument. This, in turn, increases the bargaining power of supplier and restraints the wide adoption of these kits in mid and small-sized labs. The sub-segment is predicted to expand at a CAGR of 10.0% during the forecast period.

Area segment insights:
Based on area, the NGS library preparation market is divided into the following segments clinical diagnostics and research. The research segment holds the lion's share of this market. This is due to the growth of various research projects like oncology, agrigenomics, immuno-oncology research, neurosciences, microbial genomics, and drug discovery. The increasing adoption of NGS tools by contract research organizations (CROs) and research wings of pharmaceutical, as well as biotechnological companies all over the world is further adding to the growth of this particular segment.

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Regional insights:
North America is leading the innovation in the NGS library preparation market and occupied approximately 50% of the global market in 2017. This is because of the high adoption rate of library preparation tools in the region among both research and diagnostics segments. The North American NGS library preparation market is predicted to expand at a CAGR of 9.5% in the forecast period. The Asia-Pacific region is growing at a high growth rate of about 14.0%. This is because Asia is emerging as a powerhouse of pharmaceutical research and development (R&D) facilitated by the availability of a vast patient population, quality data, lower costs and skilled manpower. This is driving the adoption of NGS library tools in the region.

In market segmentation by geographical regions, the report has analysed the following regions-
- North America
- Europe
- China
- Japan
- Middle East & Africa
- India
- South America
- Others

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The research provides answers to the following key questions:
- What will be the growth rate of the NGS Library Preparation market for the forecast period, 2018 - 2023? What will be the market size for the estimated period?
- What are the prominent factors driving the NGS Library Preparation market across different regions?
- Who are the major vendor's domina NGS Library Preparation the NGS Library Preparation industry and what are their winning strategies?
- What are the major trends shaping the development of the industry in the coming years?
- What are challenges faced by the NGS Library Preparation market?
- What are potential opportunities for the industry for the forecast period, 2018 - 2023?

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