London, England -- (SBWIRE) -- 05/28/2012 -- It is the fastest growing and the most lucrative segment in the genomics space. With estimated double digit growth, next generation sequencing will revolutionize the medical research in academic laboratories, biopharma, and the applied markets.

The NGS market is dynamic and innovative; it is also paving its ways into the labs which were previously not involved in sequencing. High pace of NGS research is likely to boost the market for personal genome sequencing in the coming years.

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The next generation sequencing which was primarily used by large research firms like academics, government research centers is now turning out to be a potential transformative diagnostic tool especially for the oncology studies. This shift from the academics to the clinical and diagnostics lab is mainly due to speedy improvements in the costs and technological capabilities.

The major drivers for the growth of NGS market is advancement of technologies and decrease of price of the tests being conducted with increased promotion made by the research institutions for use of DNA sequencers or NGS technology. Similarly, this technology has overridden the microarray technology and currently many institutes prefer the NGS platforms over microarrays. Similarly, greater interest has been observed in the field of cancer and personalized medicines. As the prices are expected to decrease further in the coming years, NGS testing may be considered for reimbursement under the health insurance policies. Lack of reimbursements, pricing cuts lack of skilled labor is hampering the growth of the NGS market globally. Similarly storage of the data is a major concern for the sequencing industry at present.

North America commanded the largest share of 51.8% of the overall NGS market and was valued at $436 million in 2011. Europe accounted for a share of 31.1% and is expected to grow at a CAGR of 21.1% from 2011 to 2016.

Key players in this market include Illumina (U.S.), Life Technologies (U.S.), 454 Roche (Switzerland), Oxford Nanopore Technologies (U.K.), and Pacific Biosciences (U.S.).

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