Increasing Demand For Early Detection Of Cancer And Infectious Diseases Is Expected To Drive Growth Of The Next Generation Sequencing Market
The Global Next Generation Sequencing Market, by Technology (Whole Genome Sequencing, Whole Exome Sequencing, RNA Sequencing, Targeted Re-sequencing, and Others), by Application (Drug Discovery, Personalized Medicine and Genetic Screening, Disease Diagnosis, Agriculture and Animal Research, and Others), by End User (Hospital, Research Centers, Pharma and Biotech Firms, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 5.6 billion in 2017 and is projected to exhibit a CAGR of 18.1% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. The next generation sequencing market is expected to gain significant traction, due to increasing demand for NGS platforms for early diagnosis of diseases.
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Increasing demand for NGS platforms is expected to drive growth of the market
Increasing use of long-read sequencing technologies such as 10X Genomics, Oxford Nanopore, and PacBio coupled with diversification of sequencing options, due to launch of multiple new platforms by various players is driving growth of the next generation sequencing market. Long read sequencing technology provides a more reliable assembly. NGS technologies along with bioinformatics analysis are increasingly used to simultaneously study multiple genes in a time and cost-effective manner and have been useful in analyzing clinical cancer samples and molecular diagnosis. The technology is a useful tool for diagnosis of a number of cancers. Furthermore, increasing incidence of Alzheimer’s and other hereditary diseases is contributing to growth of the exome sequencing segment in the next generation sequencing market. According to World Alzheimer Report in 2016, an estimated 46.5 million people were suffering from Alzheimer’s disease and the number is projected to reach 50 million in 2017.
Browse 50 Market Data Tables and 25 Figures spread through 178 Pages and in-depth TOC on “Next Generation Sequencing Market, by Technology (Whole Genome Sequencing, Whole Exome Sequencing, RNA Sequencing, Targeted Re-sequencing and Others), by Application (Drug Discovery, Personalized Medicine and Genetic Screening, Disease Diagnosis, Agriculture and Animal Research and Others), by End User (Hospital, Research Centers, Pharma and Biotech Firms and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2025”
Key players are focusing on research and development and strategic collaborations to accelerate business growth. For instance, collaboration between Broad Institute of MIT and Harvard University and other key players such as IBM, Google, Microsoft, Intel, Cloudera, and Amazon Web Services for cloud-based software for genomic analysis, is expected to aid in growth of the market. Industry players are offering backend (bioinformatics) or front end (sample preparation) solutions, which targets (clinical) oncology. For instance, in January 2016, a China-based next generation sequencing company, Beijing Genomic Institute, raised US$ 106 million in series A round for its artificial intelligence-enabled data mining start up. In March 2017, Austria-based transcriptomics and next generation sequencing company, Lexogen, supported by Austrian Research Promotion Agency FFG introduced quantitative RNA-Seq service, for cost efficient and accurate gene expression profiling using its proprietary QuantSeq technology.
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Key Takeaways of the Next Generation Sequencing Market:
The global next generation sequencing market is expected to exhibit a CAGR of 18.1% over the forecast period, owing to increasing adoption of NGS among researchers in wide range of applications
Among technology, the whole genome sequencing (WGS) segment holds a dominant position in the next generation sequencing market, owing to increasing innovations in WGS techniques
Among application, the disease diagnosis segment holds a dominant position in the next generation sequencing market, owing to growing incidence of Alzheimer, infectious, and other hereditary diseases
Among end user, research centers segment holds a dominant position in the next generation sequencing market, owing to increasing demand for NGS in academic and government institutes
Europe next generation sequencing market is expected to exhibit significant growth, owing to increasing prevalence of hereditary rare diseases and collaboration initiatives among leading universities
Key players operating in the global next generation sequencing market include Thermo Fisher Scientific Inc., Agilent Technologies, Inc., BioMerieux S.A., F. Hoffmann-La Roche Ltd, Qiagen N.V., Illumina, Inc., Oxford Nanopore Technologies, and Beijing Genomics Co. Ltd.
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