Rising clinical diagnosis demand will boost the next generation sequencing (NGS) market, forecast to touch US$ 8.7 Billion by 2027 at a CAGR of 15%
Noida, Uttar Pradesh, India, February 23 2021 (Wiredrelease) Report Ocean Pvt Ltd –:Global Next Generation Sequencing (NGS) Market is estimated to see healthy growth, pegged at a CAGR of ~15% during the forecast period 2020-2027. Next-generation sequencing (NGS) diagnostic technology has the potential advantage of determining the genetic sequence of a virus and helping scientists understand the mutation of the virus. Throughout the COVID-19 pandemic, government authorities worldwide are continually working with the private sector to bring NGS technology as the market’s potential diagnostic tool. In June 2020, the United States Food and Drug Administration (US FDA) issued an emergency use authorization (EUA) to Illumina Inc. for the first COVID-19 diagnostic test utilizing next-generation sequence technology. The FDA authorized the Illumina COVIDSeq Test for the qualitative detection of SARS-CoV-2 RNA.
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The major factors such as increasing research and development activities utilizing the NGS technologies, growing NGS applications in clinical diagnosis, and discovery applications demanding NGS technology are expected to drive the overall market growth.
In January 2020, in the US, the Intelligence Advanced Research Projects Activity provided USD 23 million to the Broad Institute and Harvard University and DNA Script. The organizations have been working together to explore the possibility of combining the enzymatic DNA synthesis technology and NGS into a single instrument for more than four years. Such developments are a significant boost to the clinical studies and organizations progressing with NGS as their basis of innovation.
The technological advancements in NGS, surge in NGS applications, and rise in partnerships & collaborations among companies are further lead the industry growth. Besides, the rise in genome mapping programs further drives the global next-generation sequencing (NGS) market’s growth. However, standardization concerns over NGS-based diagnostics, lack of skilled professionals, and ethical & legal limitations are projected to impede the market’s growth. On the contrary, lucrative opportunities in emerging markets and cloud computing as a potential data management service are expected to offer market players remunerative opportunities.
Key Players Insights
Agilent Technologies, Inc., Eurofins Scientific, Genome Life Sciences, GenScript, Illumina, Inc., Thermo Fisher Scientific, Qiagen, PerkinElmer Inc., F. Hoffmann-La Roche Ltd, Pacific Biosciences of California, Inc., Xcelris Genomics, Macrogen, Inc., BGI, Charles River, and Oxford Nanopore Technologies, among others, are some significant players included in the research study of the next generation sequencing (NGS) market.
The global marketplace is estimated to be highly competitive. Significant industry participants partner with other companies to surge the use of their platforms for research and diagnostics applications. For instance, in January 2021, Illumina declared multiple oncology partnerships with Kura Oncology, Merck, Myriad Genetics, and Bristol Myers Squibb to increase the utilization and reach TruSight Oncology pan-cancer assay.
Segmentation Overview of the Global Next generation sequencing (NGS) Market
The next generation sequencing (NGS) market is segmented based on Sequencing Type, Product Type, End User, and Application. These major market segments are further categorized into various sub-segments to study the market in detail.
By Sequencing Type Outlook (Whole Genome Sequencing, Targeted Resequencing, Whole Exome Sequencing, RNA Sequencing, CHIP Sequencing, De Novo Sequencing, Methyl Sequencing)
By Product Type Outlook (Instruments, Reagents and Consumables, Services)
By End User Outlook (Hospitals and Healthcare Institutions, Academics, Pharmaceutical and Biotechnology Companies)
By Application Outlook (Drug Discovery and Personalized Medicine, Genetic Screening, Diagnostics, Agriculture and Animal Research, Others)
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