Vancouver, British Columbia, April 06, 2021 (GLOBE NEWSWIRE) — The global next generation sequencing (NGS) market size is expected to reach USD 23.59 Billion in 2027, according to the latest report by Emergen Research. Benefits of high-performance sequencing including low cost, high speed, and better precision as compared to other sequencing methods such as Sanger-sequence and microarrays, is a major factor driving revenue growth of the next generation sequencing market.
NGS is a process for determining sequence of nucleotides in a section of DNA or cDNA molecule. NGS is also know has high-throughput sequencing that allows DNA or RNA sequencing more quickly and efficiently than previously used Sanger sequencing. Rising prevalence of chronic medical conditions and diseases such as cancer and genetic disorders and technological advancements in genomics and medical sciences are other key factors boosting growth of the next-generation sequencing market.
Increasing investments in research and development activities, growing adoption of NGS in clinical diagnosis, and technological advancements in the genomic sector are some key factors supporting growth of the next-generation sequencing market. Additionally, government bodies and private sectors are providing funding for large scale sequencing. Many market players are focusing on developing portable sequencing techniques and deploying various strategies such as entering into partnerships and collaborations to develop new and advanced products.
However, factors such as difficulty in handling and interpreting large data volume along with certain ethical issues with whole-genome sequencing are key factors hampering market growth.
Some key highlights from the report:
- The oncology segment among the application segments accounted for largest revenue share in 2020 and is expected maintain its leading position over the forecast period owing to increasing cancer cases across the globe and technological advancements in NGS technology resulting into better cancer research.
- The sequencing segment accounted for robust revenue share in 2020 and is expected to lead among other segments in this category in terms of revenue share during the forecast period.
- The academic research segment accounted for largest revenue share among the other end-use segments in 2020 and is expected to register a significantly high revenue CAGR during the forecast period. High revenue CAGR is attributed to rising adoption of NGS platforms in universities and educational institutes for basic research programs.
- North America accounted for largest revenue share in 2020 and is expected to continue leading other regional markets in the global market throughout the forecast period. Many key market players are investing in R&D initiatives for development and launch of new products to maintain a competitive edge in the market. Additionally, utilization of NGS for genetic testing in clinical laboratories is boosting revenue growth of the market in the region.
- Asia Pacific is projected to register fastest revenue CAGR of 11.5% throughout the forecast period owing to efforts by government bodies and key market players to promote NGS services and growing prevalence of genetic disorders.
- Some key players in the global next generation sequencing market include Deere & Company, Topcon Positioning Systems, Trimble, Inc., DeLaval, Antelliq, Heliospectra, Afimilk Ltd., InnovaSea Systems, AKVA group, and Nexus Corporation.
Emergen Research has segmented the global next generation sequencing market on the basis of technology, workflow, application, end-use, and region:
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Whole Genome Sequencing
- Whole Exome Sequencing
- Targeted Sequencing & Resequencing
Workflow Outlook (Revenue, USD Billion; 2017-2027)
- NGS Data Analysis
Application Outlook (Revenue, USD Billion; 2017-2027)
- Clinical Investigation
- Reproductive Health
- HLA Typing/Immune System Monitoring
- Metagenomics, Epidemiology & Drug Development
- Agrigenomics & Forensics
- Consumer Genomics
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Academic Research
- Clinical Research
- Hospitals & Clinics
- Pharma & Biotech Entities
Click to access the Report Study, Read key highlights of the Report and Look at Projected Trends: https://www.emergenresearch.com/industry-report/next-generation-sequencing-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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