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Global Next Generation Sequencing (NGS) Market to Reach Over $11.92 Billion by 2024

Global Next Generation Sequencing (NGS) Market to Reach Over $11.92 Billion by 2024

Sanger sequencing technology was utilized for the sequencing of the first human genome, which took around 1.5 decades while costing approximately $2.7billion. Advancements in sequencing chemistry, molecular biology, and technical engineering over the years have profoundly increased the sequencing efficiency while decreasing the cost. Impressive progress in these fields has paved the way for the development of massively parallel, high-throughput sequencing technology, known as Next Generation Sequencing (NGS). As compared to Sanger sequencing, NGS technology allows sequencing of millions of fragments in a single run, while decreasing the time and cost per run. Till date, progress in NGS technology has decreased the cost of sequencing from $10 million to $1000 and further evolution of this technology is aimed at decreasing the cost of sequencing to $100.

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NGS technologies have evolved in terms of high resolution and accuracy, sequencing speed, throughput, and cost-effectiveness in the genomic analysis to accelerate biological and biomedical research. The NGS technologies are implemented in several applications namely pharmaceuticals, diagnostics, forensics, agriculture and animal research. Additionally, the double-digit growth rate of the NGS market was largely fuelled by the rise in the demand for precision medicine, liquid biopsy tests, and Non-Invasive Prenatal Testing (NIPT), among others.

According to the latest research report by BIS Research, titled ‘Global Next Generation Sequencing …ecast (2017-2024)’, the global next generation market was estimated at $4.14 billion in 2016 and is estimated to grow over $11.92 billion by 2024.

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The market is expected to grow with a double-digit compound annual growth rate between the years 2017 and 2024. With a substantial increase in the demand for genome mapping programs and diagnostics tests based on sequencing, the NGS market is expected to witness impressive growth and promises to be a lucrative field for investment. Kits & consumables sub-segment dominated the product segment of global next generation sequencing market in 2016.  However, the software sub-segment is expected to witness the highest CAGR in the forecast period from 2017 to 2024.

Additionally, the reversible terminator sequencing technology currently dominates the global NGS market. ,. The emerging technologies such as Nanopore technology is estimated to witness the highest CAGR in the forecast period. And by application, presently, the pharmaceuticals field makes up the largest dominating share of the global next-generation sequencing market and is expected to grow at 11.29% CAGR in the forecast period from 2017 to 2024.  However, with the growing demand for non-invasive diagnostic procedures, the diagnostic field is expected to witness an impressive CAGR in the forecast period from 2017 to 2024.

Few Companies Mentioned in the Report:

  • 10x Genomics
  • Agilent Technologies, Inc.
  • BGI
  • bioMerieux SA
  • Bio-Rad Laboratories, Inc.
  • Eurofins Scientific
  • F. Hoffmann-La Roche AG
  • GATC Biotech AG.
  • GenapSys, Inc.
  • GENEWIZ
  • Illumina, Inc.
  • New England Biolabs, Inc.
  • NuGEN Technologies Inc.
  • Oxford Nanopore Technologies Limited
  • Pacific Biosciences of California, Inc.
  • Partek, Inc.
  • PerkinElmer, Inc.
  • QIAGEN
  • Thermo Fisher Scientific

Key questions addressed in the report:

  • What are the major market drivers, challenges, and opportunities in the global next-generation sequencing market?
  • How did the next generation sequencing market evolve and what is its scope in the future?
  • What are the key developmental strategies which are being implemented by the key players to stand out in this market? Among these strategies which strategy is currently dominating the market?
  • What is the total addressable market (TAM), segmental addressable market (SAM) and the potential market opportunity for the global next-generation sequencing market?
  • What is the market share of different leading segments and sub-segments of the market for the years 2017 and 2024?
  • How will each segment of the global next-generation sequencing market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2024?
  • Who are the key players dominating the global next-generation sequencing market and their respective share in the market?
  • Who are the key players dominating the next generation sequencing market, in different product segments namely instruments and kits & reagents?
  • What are the influencing factors that may affect the market share of the key players?
  • What is the perception of investors worldwide towards the market and which type of companies are receiving significant investments?
  • Who are the leading service providers of sequencing tests and what is their contribution to the market? What is the concentration of service providers worldwide?
  • How has the market been segmented on the basis of technology?  Which technology is leading and what is its share in the market?
  • Which geographical location will contribute to the highest sales of sequencing products and how regions have been further segmented into countries?
  • Who are the key players dominating the next generation sequencing market, in different regions namely North America, Europe, and Asia Pacific and their respective share?
  • What is the market share of companies by different segments, namely products, technology, and geography, along with the global share analysis of market?
  • What is the investors’ perception towards the market?
  • What is the frequency of service providers’ presence in different geographical regions?

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