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Global Nextgeneration Sequencing Market to Register a CAGR of 19.2% from 2018 to 2024
The global nextgeneration sequencing market is projected to reach USD 16.35 billion by 2024 from USD 5.70 billion in 2018, at a CAGR of 19.2%. Factors such as advancements in NGS platforms, declining NGS capital cost coupled with decreasing cost of sequencing, improving regulatory reimbursement scenario for NGSbased diagnostic tests, initiatives from government private bodies for largescale sequencing projects, and increasing application of NGS in precision medicine molecular diagnostics are expected to propel the growth of this market. However, enduser budget constraints in developing nations are expected to restrain the growth of the nextgeneration sequencing market in the forecast period.
Sequencing by Synthesis Segment to Dominate the NGS Market, by Technology, in 2018
The nextgeneration sequencing market, by technology, is segmented into sequencing by synthesis, ion semiconductor sequencing, singlemolecule realtime sequencing, nanopore sequencing, and other sequencing technologies. The sequencing by synthesis segment is expected to command the largest share of the nextgeneration sequencing market in 2018. The large share of this segment can be attributed to the continuous advancements in SBS technologybased consumables and NGS bioinformatics solutions as well as the launch of advanced cost timeefficient platforms based on SBS technology.
Hospitals Clinics Segment to Register the Highest CAGR During 20182024
On the basis of end user, the nextgeneration sequencing market is segmented into academic institutes research centers, hospitals clinics, pharmaceutical biotechnology companies, and other end users. The hospitals clinics segment is estimated to witness the highest growth rate during the forecast period. The high growth in this segment can be attributed to the development of advanced NGSbased diagnostic solutions and growing number of agreements between companies and hospitals for developing advanced tests and products catering to the specific needs of hospitals and clinics.
The NGS Market in the APAC is Projected to Witness the Highest Growth Rate During the Forecast Period
The nextgeneration sequencing market in the Asia Pacific is expected to witness the highest CAGR from 2018 to 2024. Factors such as increasing financial support from public as well as private agencies for NGS based research and diagnostics, increasing number of NGSbased research projects, increasing awareness about precision medicine, and high incidence of chronic diseases in the region are driving the growth of the nextgeneration sequencing market in the APAC region.
Breakdown of supplyside primary interviews: by company type, designation, and region:
By Company Type: Tier 1 40%, Tier 2 25%, and Tier 3 36%
By Designation: Clevel 43%, Directorlevel 22%, and Others 35%
By Region: North America 37%, Europe 12%, APAC 41%, and RoW 10%
The key players in the nextgeneration sequencing market are Illumina, Inc. US, Thermo Fisher Scientific, Inc. US, Pacific Biosciences of California, Inc. US, BGI China, PerkinElmer US, Agilent Technologies US, QIAGEN N. V. Germany, Macrogen Inc. South Korea, Oxford Nanopore Technologies, Ltd. UK, and Eurofins Scientific Luxembourg.
This report studies the nextgeneration sequencing market based on product service, technology, application, end user, and region. The report also analyzes factors such as drivers, restraints, opportunities, and challenges affecting market growth. It evaluates opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders. The report also studies micromarkets with respect to their growth trends, prospects, and contributions to the total market. The report forecasts the revenue of the market segments with respect to four major regions.
Reasons to Buy the Report:
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on business strategies adopted by the major players in the nextgeneration sequencing market. The report analyzes the nextgeneration sequencing market based on product service, technology, application, end user, and region
Service Launches: Insights on the research and development activities and product service launches in the nextgeneration sequencing market
Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various nextgeneration sequencing types across regions
Market Diversification: Exhaustive information about recent developments, and investments in the nextgeneration sequencing market
Competitive Assessment: Indepth assessment of market ranking, strategies, and products of leading players in the nextgeneration sequencing market
Original Article: NextGeneration Sequencing NGS Market by Product NovaSeq, NextSeq, Sequel, Nanopore, Consumables, Bioinformatics, Services Exome, RNA, DeNovo, Technology Ion, SMRT, Application Diagnostics, Cancer, End User Academia Global Forecasts to 2024 [Report UpdateNEXT ARTICLE
DNA sequencing is the process of determining the precise order of nucleotides within a DNA molecule. During DNA sequencing, the bases of a small fragment of DNA are sequentially identified from signals emitted as each fragment is re-synthesized from a ...