The next generation sequencing market is estimated to be valued at USD 16.51 Billion in 2024 and grow with a CAGR of 14.5% over the forecast period 2024 - 2031. Rapid advancements in genome sequencing applications along with growing adoption of NGS in diagnostics and drug discovery are fuelling the market growth. Furthermore, integration of artificial intelligence in NGS workflows is also expected to boost the next generation sequencing market.
Market Dynamics:
Growing applications of genome sequencing in clinical diagnosis and personalized medicine is driving increased adoption of NGS systems and consumables across diagnostics and research laboratories. Next generation sequencing enables high-throughput, scalable and affordable genome analysis, expediting clinical research. Integration of AI and machine learning algorithms with NGS platforms is augmenting data analysis and interpretation capabilities. Advanced data analytics solutions can process large genomic datasets, detect variants and anomalies, thereby supporting drug development and precision medicine approaches. Major industry players are focusing on developing NGS platforms integrated with predictive analytics and AI, in a bid to improve sequencing accuracy and lower operational costs. This will further fuel next generation sequencing market growth over the coming years.
Declining Cost of DNA Sequencing
The cost of DNA sequencing has declined enormously over the past decade owing to technological advancements in next generation sequencing. This significant reduction in cost has made sequencing accessible to more researchers and clinical laboratories. The reduced costs have boosted the demand and adoption of NGS technologies in various applications such as clinical diagnostics, agriculture, and drug discovery. As the costs continue to drop further, it will drive greater usage of sequencing in healthcare and research.
Expanded Applications of NGS
Next generation sequencing technologies have enabled applications well beyond basic genetic research. NGS is now used in a diverse range of fields such as oncology, reproductive health, genetic disease screening, molecular diagnostics, agriculture, and forensics. Biomarker discovery, cancer screening, non-invasive prenatal testing, food safety testing, and microbial genome analysis are some major applied areas. The expanding scope of applications has increased the relevance and uptake of sequencing across multiple industries. Growing demand from new application sectors will remain a key growth factor for the NGS market.
Complexity of NGS Data Analysis
The vast amount of complex genomic data generated by NGS platforms poses significant analytical and computational challenges. Alignment, assembly, and interpretation of sequencing data require specialized bioinformatics expertise and computing resources that are not widely available. Most research institutions and hospitals lack the necessary scientific skills and infrastructure for large-scale NGS data analysis. This complexity hampers wider integration of sequencing in clinical and research workflows.
Regulatory Hurdles for Clinical Use
Rigorous regulatory oversight is required for clinical applications of NGS such as diagnostics and precision medicine. However, translating sequencing data into actionable medical reports involves many analytical and ethical issues. There is a lack of consensus on validation standards, variant classification, and reporting frameworks. Gaining regulatory approvals for clinical NGS tests is an expensive, lengthy process for companies. Unclear regulations pose uncertainty and delays in commercializing sequencing-based in vitro diagnostic kits and services.
Single Cell Sequencing
Single-cell sequencing methods offer unprecedented resolution to characterize individual cells within complex tissues. This technology provides insights into cell differentiation, evolution, and interactions on a scale not possible before. Single-cell NGS is finding applications in immunology, cancer evolution studies, neuroscience, and developmental biology. As the techniques mature further, they will drastically improve understanding of human health and biology. This represents a major new opportunity area in the sequencing field.
Clinical Implementation of Genomic Medicine
Implementation of genomic sequencing into routine clinical settings and healthcare systems presents a massive market potential. As costs decline and regulatory frameworks evolve, whole genome and exome sequencing could become standard tests offered in hospitals and clinical genetic labs. This would enable nationwide genomic profiling of patient populations for predictive screening, population health monitoring, and precision therapies. Sequencing could empower preventive care and target disease interventions based on an individual's genomic risks and biomarkers. Widespread patient sequencing promises to transform healthcare delivery models in the coming decade.
Link: https://www.coherentmarketinsights.com/market-insight/next-generation-sequencing-market-158
Key Development
- On January 30, 2024, QIAGEN Digital Insights (QDI), the bioinformatics arm of QIAGEN, a leading provider of sample and assay technologies, unveiled an enhanced version of the QIAGEN CLC Genomics Workbench Premium featuring LightSpeed technology. This upgraded software now facilitates next-generation sequencing (NGS) for somatic cancer secondary analysis.
- On January 18, 2024, Quantum-Si Incorporated, a leading protein sequencing company, announced a partnership agreement with a new distributor to introduce its revolutionary protein sequencing device, Platinum, to the Japanese market for the first time. TOMY Digital Biology Co., Ltd., a renowned importer and distributor, will be responsible for distributing Quantum-Si's state-of-the-art protein sequencer along with its associated consumables throughout Japan.
- On January 09, 2024, Ultima Genomics, the pioneer behind a groundbreaking ultra-high throughput sequencing architecture, has joined forces with Quest Diagnostics, a prominent provider of diagnostic information services. The collaboration aims to integrate Ultima's cutting-edge next-generation sequencing (NGS) technology into various clinical areas, particularly oncology.
- In November 2023, QIAGEN and Element Biosciences, Inc., a leading life science company, announced a strategic partnership aimed at delivering comprehensive next-generation sequencing (NGS) workflows for the AVITI System. This innovative sequencing platform is founded on Element's groundbreaking Avidity sequencing chemistry. Through this collaboration, both companies seek to enhance and streamline NGS workflows, offering advanced solutions to researchers and clinicians in diverse fields of study.
Key Players: Thermo Fisher Scientific Inc., Agilent Technologies Inc, bioMérieux SA, F. Hoffmann-La Roche Ltd, QIAGEN, Illumina Inc., Oxford Nanopore Technologies plc., BGI, PerkinElmer Genomics, Bio-Rad Laboratories Inc., Pacific Biosciences, 10x Genomics, Promega Corporation, Macrogen Inc., Eurofins Scientific, DNASTAR Inc., and CD Genomics
