Next Generation Sequencing Market Analysis
According to the detailed analysis of Market Research Future (MRFR), the global next-generation sequencing market growth is expected to reach a remarkable valuation at a striking CAGR over the forecast period (2018–2023).
The introduction of high throughput sequencing technology has created substantial changes in the sequencing process by providing speed and lessening sequencing cost. The technology is developing at a higher rate due to its application in agricultural, clinical, and forensic fields. it has helped to identify several clinical applications such as cancer, hereditary genetic disorders, and to detect the contagious disease.
Factors such as rising technological advancements, growing awareness, increasing acquisitions, and mergers among the market players to raise revenue for new product innovations are expected to contribute substantially to the global market share. Additionally, a rise in genome mapping programs is also likely to fuel the growth of the market exponentially. However, factors such as infrastructure, skilled employees who can manage and store huge amount of data properly, along with the high cost implicated in the technology are estimated to restrain the market growth over the forecast period.
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Next Generation Sequencing Market Segmental Analysis
The global market next-generation sequencing has been segmented on the basis of technology, service and product, application, and end-user.
The types of technologies adopted in the global market for next-generation sequencing are CHIP sequencing, de novo sequencing, methyl sequencing, targeted resequencing, RNA sequencing, whole-exome sequencing, and whole-genome sequencing.
The various forms of products and services offered in the market are consumables, platforms, and services for platforms, sample preparation, and sequencing services. The sample preparation is segmented into A-tailing and size selection, DNA fragmentation, end-repair, library preparation & target enrichment, and quality control.
the applications of the next-generation sequencing technology are agriculture and animal research, diagnostics, drug discovery, genetic screening, and others.
The end-users in the market are academic institutes & research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other end-users.
Next Generation Sequencing Market Regional Analysis
Based on the region, the global market for the next-generation sequencing market is analyzed in North America, Latin America, Asia Pacific, Europe, and the middle east and Africa.
North America is anticipated to account for the largest market share in the next-generation sequencing market over the review period. Factors such as an increase in consumer necessities and augmented competition among market players in the region through acquisitions and mergers are likely to drive the growth of the market over the forecast period. The growth in the number of resources and initiatives implemented by the government to reduce the cancer prevalence and to advance the healthcare sector is also likely to contribute to the market.
The European region is anticipated to hold the second-largest market share owing to the presence of ground-breaking next-generation sequencing technology, a very sophisticated and educated population that is taking an interest in next-generation technology (NGS). however, the diverse rules and regulations and a fragmented market can create challenges for the market growth over the forecast period, creating a disruption in terms of growth.
The market share in Asia-Pacific is also anticipated to witness growth in the forecast period owing to the access to most favorable treatment facilities and increasing demand for advanced technologies, higher adoption rate, enhancement in disposable income, and expanding investments by pharmaceutical companies in the market over the forecast period.
The next-generation sequencing market in the Middle East and Africa is projected to account for the smallest share of the next-generation sequencing market due to a weak healthcare sector, lack of technological knowledge and skilled workforce, and poor medical facilities. The middle east is likely to contribute substantially towards the market share.
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Next Generation Sequencing Market Key Players
Some of the key players in the global market for next-generation sequencing Agilent Technologies (US), BGI (China), Eurofins Scientific (Luxembourg).Illumina, Inc. (US), Macrogen Inc. (South Korea), Oxford Nanopore Technologies, Ltd. (UK), Pacific Biosciences of California, Inc. (US), PerkinElmer (US), QIAGEN N. V. (Germany), and Thermo Fisher Scientific, Inc. (the US).