Next Generation Sequencing Market, By Product Type (Instruments, Reagents & Consumables), By Sequencing Type (Whole Genome Sequencing, Whole Exome Sequencing, RNA Sequencing, Targeted Re-sequencing, Others), By Application (Drug Discovery, Personalized Medicine, Genetic Screening, Diagnostics, Others), By End User (Hospitals & Clinics, Academic & Research Institutes, Biopharmaceutical Companies, Clinical Laboratories, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Mar 2024

Code : CMI158

Pages :156

Formats :

Excel and PDF

Industry : Biotechnology

Next Generation Sequencing Market Size and Trends

The next generation sequencing market is estimated to be valued at USD 16.51 Bn in 2024 and is expected to reach USD 42.61 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.5% from 2024 to 2031.

Next Generation Sequencing Market Key Factors

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The increased research and development for precision medicine, reduced sequencing costs, and advances in data integration and analysis are driving the growth of this market. The next generation sequencing market is witnessing significant technological upgrades with new product launches focusing on automation, compact size, and improved data analytics capabilities. Leading players are investing in key areas like direct-to-consumer genetic testing, non-invasive prenatal testing, oncology, and agricultural and animal research to boost market revenues. Wider clinical applications and therapeutic areas are expected to expand the potential of next generation sequencing in the coming years.

Rising demand for early detection of cancer and infectious diseases

The chances of successful treatment increase when cancer and infectious diseases are detected at the early stage. One of the major factors that drive growth of the next generation sequencing market is the rising prevalence of cancer and other infectious diseases such as tuberculosis, meningococcal disease, etc. For instance, according to the data provided by World Health Organization (WHO) in February 2022, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020.

Next Generation Sequencing Market Concentration By Players

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Increasing advancements in next generation sequencing procedures

Demand for DNA testing is increasing due to advancements in next generation sequencing instruments and technologies, faster results, and cost effectives of the process as compared to genotyping based DNA microarray. For instance, in January 2022, a new ultra-rapid genome sequencing approach developed by Stanford Medicine scientists and their collaborators was used to diagnose rare genetic diseases in an average of eight hours. Genome sequencing allows scientists to see a patient’s complete DNA makeup, which contains information about everything from eye color to inherited diseases. Genome sequencing is vital for diagnosing patients with diseases rooted in their DNA.