A recent report published by Infinium Global Research on the next-generation sequencing technology market provides in-depth analysis of segments and sub-segments in the global as well as regional next-generation sequencing technology market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional next-generation sequencing technology market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global next-generation sequencing technology market. According to the report, the global next-generation sequencing technology market is projected to grow at a CAGR of nearly 13% over the forecast period of 2022-2028.
The Global Next-generation Sequencing Technology Market was valued at around USD about 8 Billion in 2022 and is expected to reach over USD 16 Billion in 2028, with a CAGR of nearly 13% during the forecast period. Efficiency in replacing the conventional technologies (such as microarrays) and growing drug discovery applications demanding NGS technology is anticipated to drive the market growth in upcoming years. Additionally, several market players are playing a key role in the development of medication through this technology. As an example, in January 2022, Illumina Inc. and Nashville Biosciences LLC, a subsidiary of Vanderbilt University medical center, entered into an agreement to boost medicines development through large-scale genomics and therefore the establishment of a preeminent clinical-genomic resource using Illumina's next-generation sequencing (NGS) platforms. Moreover, numerous initiatives undertaken by universities, academic and research institutions, and research establishments for utilizing WGS technology in identifying the foundation reason for diseases are expected to reinforce the market growth during the forecast period.
Furthermore, factors like an upsurge within the use of NGS technology in clinical diagnosis, speed, cost, and accuracy of this sequencing method are likely to spur market growth. For example, in January 2020, within the U. S. the Intelligence Advanced Research Projects Activity provided USD 23 million to the Broad Institute and university, and DNA Script. The organizations are working together to explore the chance of mixing the enzymatic DNA synthesis technology and NGS into one instrument for approximately four years. Such developments are expected to propel the clinical studies and organizations progressing with NGS as their basis of innovation. Increasing demand for timely detection of infectious diseases and cancer are anticipated to drive the growth of the next-generation sequencing market during the forecast period. The probability of successful treatment enhances when the diseases are discovered at the primary stage. The most important factor that propels the market growth is the increasing frequency of infectious and cancer diseases such as meningococcal and tuberculosis, disease. The next-generation sequencing technology is widely used for the analysis of multigenic and monogenic cardiovascular diseases. According to WHO Cardiovascular diseases are the leading cause of death globally, taking approximately 17.9 million deaths annually. Furthermore, in August 2020, GeneDx Inc., a subsidiary of BioReference Laboratories Inc., and OPKO Health entered into an agreement with Pediatrix Medical Group to provide state-of-the-art, next-generation genomic sequencing to support clinical diagnosis in rare diseases for neonatal medical aid units. Such developments are anticipated to bolster market growth over the forecast period. However, the studied market is facing challenges because of the legal and ethical interpretation of complex data and also the lack of skilled professionals.
The impact of the COVID-19 pandemic is anticipated to stay positive for the next-generation sequencing industry. As next-generation sequencing plays a vital and essential role in clinical labs and research to fight against the COVID-19 pandemic. To fight against COVID -19 pandemic researchers and scientists together to identify the new strain of coronavirus with no prior knowledge of organisms. An enormous number of researches were conducted on the DNA and RNA of coronavirus to know how it enters human cells and to be told about its pathogenesis. As an example, in June 2021, Thermo Fisher Scientific, a world leader in serving science, launched the Ion AmpliSeq SARS-CoV-2 insight research assay which enables the researcher to spot the COVID-19 variants with a rapid turnaround. Subsequently, this results in a rise in demand for next-generation sequencing technology during the covid-19 pandemic.
The global next-generation sequencing technology market is segmented into the Asia Pacific, North America, Europe, the Middle East & Africa, and South America. Among the regions, North America has the dominant market share over other regions. As per the American Cancer Society Journals, there will be approximately 1,918,020 new cancer cases and 609,350 cancer deaths in the USA alone in 2022. As per the study by CDC, around 34 million people in the United States had diabetes in 2020. Hence, with the rising chronic disease in the region, the diagnosis of NSG is increasing rapidly. Furthermore, Europe is estimated to be the foremost opportunistic segment during the forecast period. Because of increased research expenditure, attention on precision pharmaceuticals, and strategic alliances, the next-generation sequencing (NGS) market in Europe is predicted to grow. The Asia-Pacific region is projected to record the fastest growth because of the faster economic growth of Asian countries in the region. Furthermore, the increasing focus of governments on improving the healthcare industry, and rising cancer incidence majorly drive the growth of the market in the region.
The report on global next-generation sequencing technology market covers segments such as technology, end-user, and application. On the basis of technology, the sub-markets include sequencing by synthesis, ion semiconductor sequencing, sequencing by ligation, pyrosequencing, and single molecule real time sequencing. On the basis of end-user, the sub-markets include academic and research centers, pharmaceutical and biotechnology companies, and hospitals and clinics. On the basis of application, the sub-markets include clinical application, and research application.
The report provides profiles of the companies in the market such as Agilent Technologies, Twist Bioscience, DNASTAR Inc, Eurofins Scientific, F. Hoffmann-La Roche Ltd, Illumina Inc., Macrogen Inc., Pacific Biosciences of California Inc., Qiagen, and Thermo Fisher Scientific Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the next-generation sequencing technology market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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