Visiongain has published a new report entitled Next Generation Sequencing Market Report 2024-2034: Forecasts by Type (Consumables, Bioinformatics, Sequencing Services, Pre-sequencing Services, Instruments), by Workflow (Library Preparation, Sequencing, Data Analysis), by Application (Oncology, Reproductive Health, Genetic and Rare Diseases, Consumer Genomics, Agrigenomics & Forensics, Others), by End-use (Hospitals and Clinics, Academic and Research Institutes, Pharmaceutical and Biotech Companies, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies.

The global next generation sequencing market is estimated at US$8.77 billion in 2024 and is projected to grow at a CAGR of 19.9% during the forecast period 2024-2034.

Rising Adoption of NGS Informatics is Driving Market Growth

Compared to traditional sequencing procedures, NGS technologies enable researchers to read and analyse massive volumes of DNA or RNA in a timely and cost effective manner. The vast volumes of data produced by NGS have caused a great deal of difficulty for healthcare professionals in managing, reporting, analysing, and interpreting the data. Technological advancements in NGS informatics systems have eased the work to create long sequencing runs, monitor run status, analyse sequencing data, and examine results in shorter time periods. Furthermore, software can now process data flow from equipment, making data management and analysis easier using analytic programmes. NGS informatics solutions provide additional benefits, like as data security and accuracy, by transforming sequencing data to a common format. This makes it possible to stream data directly to on-site or cloud servers and to check the quality of instrument runs. Furthermore, benefits such as access to computational resources with minimal in-house infrastructure and greater productivity with easy access to various genomic analytic apps have considerably expanded the usage of NGS informatics systems.

How will this Report Benefit you?

Visiongain’s 301-page report provides 118 tables and 185 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the next generation sequencing market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for next generation sequencing. Get financial analysis of the overall market and different segments including type, workflow, application, and end-use and capture higher market share. We believe that there are strong opportunities in this fast-growing next generation sequencing market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Increasing Healthcare Spending is Facilitating the Adoption of NGS Technology

Global healthcare spending is increasing, which is helping to drive acceptance and utilization of next generation sequencing (NGS) technologies. Healthcare spending contributes to the development and implementation of personalized medical approaches. Healthcare investments in NGS technology enable the development of population-level screening programmes for genetic illnesses and predispositions, hence enhancing disease prevention and management. Furthermore, financing for healthcare R&D increases genomic research capacity, allowing for the exploration of new NGS applications in disease processes, epidemiology, and personalized healthcare therapies.

Rapid Technological Advancements are Expanding the Applications of NGS

NGS technologies continue to evolve rapidly, driven by to continuous research and development activities. New library preparation procedures, greater instrument performance, and enhanced sequencing chemicals have all increased the effectiveness, precision, and speed of NGS operations. These technological advancements have improved data quality, expanded the applications of NGS, and opened up new avenues for genomic research and clinical diagnostics. Companies in the NGS industry are continuously making efforts to bring advanced technologies in the market. For instance, in April 2024, OGT, a prominent global leader of diagnostic solutions and genomic research, introduced the RNA-based SureSeq Myeloid Fusion Panel, a breakthrough next generation sequencing (NGS) technology for detecting key fusion genes involved in acute myeloid leukaemia.

Looking ahead, technological developments will result in faster and more precise sequencing procedures. Future sequencing platforms will consume less DNA and reagents (from zeptoliters to a few molecules) and be more portable for diagnostic application in medical, agricultural, ecological, and other field-based settings.

Where are the Market Opportunities?

NGS is Rapidly Evolving Within the Fields of Personalised Medicine and Precision Oncology

NGS has emerged as a key facilitator of precision oncology and personalised medicine. Through whole genome sequencing or targeted gene panels, NGS can identify genetic variations associated with medication metabolism, treatment response, and susceptibility to illness. With the use of this information, physicians can select targeted medications, customize treatment plans based on a patient’s genetic profile, and make better informed decisions about patient care. The growing research and development of personalised medicine and precision oncology provide a great opportunity for the market to expand further. The rising prevalence of cancer is driving the market for instance, According to estimates from the International Agency for Research on Cancer (IARC), because of population expansion and ageing, it is predicted that by 2040 there would be 16.3 million cancer deaths and 27.5 million new instances of cancer worldwide.

NGS Technology has Significantly Advanced Biomarker Discovery and Drug Development

NGS is important in biomarker discovery as it allows for the identification of genetic markers linked to disease progression, therapeutic response, and adverse medication reactions. NGS-based techniques have advanced the development of targeted treatments and companion diagnostics, resulting in more effective and personalised treatment plans. NGS data also helps in drug research and development by clarifying disease mechanisms, identifying new therapeutic targets, and facilitating preclinical and clinical trials. By identifying patient populations most likely to benefit from specific medications, NGS minimises healthcare expenses related with unsuccessful treatments and side effects.

Competitive Landscape

The major players operating in the next generation sequencing market are Illumina Inc., F. Hoffman-La Roche Ltd., QIAGEN, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Perkin Elmer, Inc., Eurofins Scientific, Agilent Technologies, Tecan Group, Takara Bio, 10x Genomics, GenScript, Integrated DNA Technologies, and Oxford Nanopore Technologies. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

• On 4th June 2024, Illumina (ILMN) upgraded its NextSeq 1000 and 2000 NGS systems with their latest XLEAP-SBS chemistry for all reagents.
• On 18th June 2024, GenScript launched its newest service, the GenScript FLASH Gene service, which is an ultra-fast sequence-to-plasmid (S2P) service.
• On 24th April 2024, QIAGEN launched the QIAseq xHYB Mycobacterium tuberculosis Panel. This research tool allows whole genome sequencing of TB bacteria directly from patient samples, enabling faster diagnosis and improved outbreak tracking.
• On 5th February 2024, a wholly owned subsidiary of Takara Bio Inc., Takara Bio USA, Inc., declared its aim to launch two important solutions (The Shasta Whole-Genome Amplification Kit and Shasta Total RNA-Seq Kit for oncology research.

Notes for Editors

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