Next Generation Sequencing (NGS): Market Analysis and Future Growth Estimations
Next generation sequencing (NGS) is also referred to as throughput sequencing. The term is coined to define myriad numbers of advanced sequencing technologies that sequence the complete or partial genome sequencing. It uses ultra-high throughput, scalability, and promptness to sequence the genome. Next generation sequencing is a method that helps in determining the exact sequence of nucleotides inside a genome molecule. Next generation sequencing assists in rapid sequencing of DNA and RNA and at reasonable costs in comparison to the earlier sequencing methods. This next generation sequencing (NGS) technology screens the sequential totaling of nucleotides to immobilized and spatially arrayed RNA or DNA templates. However, it differs substantially as to how these RNA or DNA templates are produced and how they are interviewed to disclose their sequences.
According to the report, the global next generation sequencing (NGS) market was valued at approximately USD 2,450 million in 2018 and is expected to reach a value of around USD 11,776 million by 2027, at a CAGR of around 19.1 % between 2019 and 2027.
The key players included in this market are ABM Inc., Agilent Technologies Inc., BD, BGI, DNASTAR, Eurofins Genomics, F. Hoffmann-La Roche Ltd., Illumina Inc., LGC Limited, Macrogen Inc., Oxford Nanopore Technologies, Pacific Biosciences of California Inc. QIAGEN, Roche Sequencing, SciGenom Labs Pvt. Ltd., and Thermo Fischer Scientific.
Rise in the clinical applications of NGS to steer the market trends
Funding of NGS technologies by the National Human Genome Research Institute was made to speed up the utilization of genome sequencing data in clinical practice of medicine. The plethora of applications of NGS for diagnosing ailments like Cancer, psychiatry, cardiology, hematological disorders, hearing impairment, dysmorphology, cardiology, vision & hearing impairment, and pharmacogenomics will steer the business growth.
Furthermore, the usage of cloud technology to store huge volume of genome data is projected to steer the growth of the next generation sequencing (NGS) industry over the forecast timeline. Nonetheless, the less availability of experts will hinder the expansion of the market during the period from 2019 to 2027. Moreover, short average read lengths are anticipated to put brakes on the market during the forecast timeline.
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Sequencing services by type to dominate the product & services segment by 2027
The growth of the segment is attributed to breakthroughs witnessed in sequencing technologies, rise in the number of sequencing methods, and the introduction of easy-to-use consumables.
Bioinformatics segment to dominate the application landscape over the forecast period
The advancements in the bioinformatics domain are expected to enhance the acceptance of NGS tools in diagnosing a rare form of diseases and detecting therapeutic targets. NGS tools are also used for prenatal testing and this will further steer the segment growth over the forecast period.
North America to contribute majorly towards the regional market revenue share by 2027
The bulging population along with an increase in the utilization of personalized medicine are a few of the factors that are likely to steer the expansion of the next generation sequencing (NGS) industry during the forecast timeline. The large numbers of giant firms in the business are based in North America and they are making every effort to create innovative products for reducing genome sequencing costs. This, in turn, is anticipated to push the expansion of the regional market over the forecast timeline.