Global Next-Generation Sequencing Market Will Grow at a CAGR of 19.2% - Exclusive Report by MarketsandMarkets™
Technological advancements provide an immediate competitive edge to players; as a result, prominent companies have ensured a consistent focus on product development and research to strengthen their market positions and shares.
Northrook, IL -- (SBWire) -- 11/21/2019 --Continuous technological innovation in sequencers has enabled the introduction of effective, efficient, low footprint/portable, and easy-to-use NGS platforms. Significant R&D has allowed for platforms that provide faster & accurate results and have increased applications and improved turnaround times.
What the Market Looks Like?
Predicted to grow at a CAGR of 19.2% during the forecast period, the Global Next Generation Sequencing Market is estimated to reach USD 16.35 billion by the end of 2024.
On the basis of product & service, the WGS market is segmented into pre-sequencing products & services (DNA fragmentation, end repair, A-tailing, and size selection; library preparation & target enrichment; and quality control), NGS platforms, consumables, services for platforms, sequencing services, and bioinformatics (NGS data analysis, storage, and management). The NGS platforms segment is further classified into Illumina (Hiseq Series, Hiseq X Ten & HiSeq X Five, Miseq Series, NextSeq 500, MiniSeq, and NovaSeq), Thermo Fisher Scientific (Ion PGM, Ion Proton, and Ion S5 & S5 XL), Pacific Biosciences (PacBio RS II and Sequel system).
Based on end user, the market is segmented into academic institutes & research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other end users. Among these, the academic institutes & research centers segment is expected to account for the largest share of the market in 2018, owing to the increasing number of collaborations between NGS market players and academic & research institutions, favorable funding scenario for genomic research across regions, and the development of cost-efficient NGS products and services for researchers.
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What Drives the Market?
The growth of the global market for Next Generation Sequencing Market is primarily influenced by the following factors:
- Advancements in NGS Platforms
- Declining Costs
- Improving Regulatory & Reimbursement Scenario for NGS-Based Diagnostic Tests
The development of these advanced platforms provides a competitive edge to players as they cannibalize the market share for similar lesser advanced products. Therefore, key players, as well as emerging players, are focused on continuous advancements to provide advanced sequencing technologies for various applications at a competitive price.
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Geographical growth scenario of Next Generation Sequencing Market:
Geographically, the Next Generation Sequencing Market covers the WGS market in North America (US and Canada), Europe (Germany, France, the UK, Spain, Italy, the Netherlands, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), and the Rest of the World (RoW). North America is expected to account for the largest share of the global advanced sequencing market in 2018, followed by Europe. The large share of North America is mainly attributed to the increasing application of NGS in diagnostics and genomics research, availability of research funding, and development of NGS data analysis solutions.
Leading market players and strategies adopted:
Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Pacific Biosciences of California, Inc. (US), BGI (China), PerkinElmer (US), Agilent Technologies (US), QIAGEN N. V. (Germany), Macrogen Inc. (South Korea), Oxford Nanopore Technologies, Ltd. (UK), and Eurofins Scientific (Luxembourg) are the key players operating in the global advanced sequencing market. A majority of the leading players in next-generation DNA sequencing market are adopting the strategies of product launches and upgrades, partnerships and collaborations, and acquisitions to further enhance their market positions.
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