A new market study, titled “Next-Generation Sequencing (NGS) Market Forecast 2021-2028” has been featured on Fortune Business Insights™.
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The global next-generation sequencing market size is expected to gain momentum by reaching USD 31,411.3 million by 2026 while exhibiting a CAGR of 22.2% between 2019 to 2026. In its report titled “Next Generation Sequencing Market, 2019-2026.”, Fortune Business Insight mentions that the market stood at USD 6,335.2 million in 2018. The rising demand for cost-effective and accurate DNA sequencing to treat genetic diseases is expected to drive the market. Moreover, the launch of several genomic projects in countries such as Qatar and the U.K with able support from the government is expected to fuel the market in upcoming years.
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The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several research labs were shut. However, a collective effort from the government and the research labs working on the virus, pharmaceutical, and healthcare units are likely to increase the demand and aid in the resumption of sequencing tools and technology.
Based on product type, the global market for next-generation sequencing is divided into instrument & software, consumables, and services. On the basis of application, the market is divided into diagnostics and research. By its end-user, the market is divided into research institutes, healthcare facilities, diagnostic centers, pharmaceutical and biotechnological companies, and contract research organizations. Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
What does the Report Provide?
The global market for next-generation sequencing report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth.
Growing Focus on Diagnosis of Diseases Globally to Augment Growth
Lower costs of sequencing solutions have resulted in the high demand for the diagnosis of several diseases. For instance, as per a new scientific paper published in the European Journal of Human Genetics, around 300 million people globally suffer from a rare genetic disease. Companies are focusing on the introduction of various test kits such as genetic testing, prenatal testing, and cancer diagnosis. For instance, in May 2018, the Centers for Medicare & Medicaid Services (CMS) declared the National Coverage Determination to perform an NSG test to diagnose cancer. In addition, government reimbursement programs for diagnostic tests and approval of several NSG tools is expected to boost the global next-generation sequencing market growth during the forecast period.
North America to Remain Dominant; Presence of Major Biotech Companies to Aid Growth
North America is expected to hold the largest global next-generation sequencing market share during the forecast period. This is ascribable to factors such as the presence of supportive government policies and presence of major biotech companies and research labs. Moreover, the growing incidence of chronic disease is expected to boost the demand for the product in the region. For instance, In September 2018, the FDA approved marketing for ClonoSEQ assay, a NSG diagnostic test for the minimal residual disease (MRD), in patients suffering from acute lymphoblastic leukemia (ALL) or multiple myeloma. North America stood at USD 3.82 billion in 2020.
Asia Pacific is anticipated to hold a significant market share owing to the increasing awareness regarding well-being of reproductive health that will favor the adoption of the next-generation sequencing solutions in the region.
Key Players to Focus on Establishing Partnerships to Intensify Competition
The market is consolidated by the presence of major companies that are striving to maintain their position by focusing on acquisitions and establishing partnerships. For instance, in June 2019, Saphetor partnered with Swift Biosciences Inc. to speed up and standardize data interpretation solutions for targeted next-generation sequencing panels. Moreover, other key players are adopting proactive strategies such as new product launches, mergers, and facility expansion to favor the market’s growth in the forthcoming years.
January 2019: PierianDx announced its partnership with Illumina to come up with informatics services such as oncology products for Illumina to support cancer diagnosis and research.
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List of the Key Players Profiled in the Global Market for Next-Generation Sequencing:
- Illumina, Inc.
- Thermo Fisher Scientific Inc.
- Hoffmann-La Roche Ltd
- Agilent Technologies, Inc.
- PerkinElmer Inc.
- Eurofins Scientific
- Macrogen, Inc.
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NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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