Next Generation Sequencing Market Growth, Trends, Insights And Forecast To 2027
Consistent adoption in clinical diagnosis and various medical research activities will stimulate the demand for next generation sequencing (NSG) tools. The surge in the number of chronic diseases like cancer, diabetes as well as inflammatory bowel ailments has fueled the need for advanced medicines and treatments. This has urged several pharmaceutical and biopharmaceutical companies to increasingly deploy NGS techniques as they are widely utilized to study genomes and identify issues arising in genes in disease development.
These firms are also keen on R&D investments to come up with alternative solutions and introduce personalized medicines for various diseases. Numerous refining regulatory as well as reimbursement frameworks have also been regulated. Furthermore, several business performers are bringing forward sequencing instruments, NGS library preparation kits, and automated data analysis tools to help in the study of genes.
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It has been estimated that the global next generation sequencing market size will record over USD 22 billion in yearly valuation by 2027.
Demand for next generation sequencing services is anticipated to reach a 20% CAGR in the next few years. This can be attributed to their excessive adoption in whole-genome sequencing, cancer analysis & oligo synthesis services, RNA sequencing, and metagenomics solutions. For instance, BioIVT, in Dec 2019, launched its NGS service, to combine its expertise in human tissue procurement, project management, specimen selection, and sample preparation with its in-house capabilities.
Revenue from research applications crossed more than 49% of the NSG market share in 2020. This is due to a surge in instances of experiments and studies in research centers to invent next generation sequencing therapies. Moreover, these tools give support to scientists in discovering various solutions to tend to incurable disorders.
The target next generation sequencing industry registered a considerable revenue share in 2020. This is because these techniques provide accurate measurements regarding an individual’s gene pool. They find further uses in personalized medicines to offer a differing concentration of drugs from individual to individual on account of the varying genetic makeup.
Industry share of NSG synthesis could observe a 20.6% CAGR through 2027. This can be owed to their accurate and quick DNA analysis, and cost-effective options. The influx of technologically advanced equipment is also helping in the rapid sequencing of the entire human genome.
The need for NGS methods in academic institutes & research centers exceeded USD 2.5 billion in 2020 owing to their extensive use in researches carried out on genomic aspects. Government authorities across various developed economies are also offering funds to research institutes in order to promote innovations in the drug discovery process. This is also helping numerous research laboratories and academic institutes to become fully resourced with advanced NGS devices.
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Asia Pacific is home to a prominent medical sector and this market for NSG technology will amass a substantial revenue share in the coming years. Numerous healthcare reforms have come to light in countries like China and India for the deployment of new technologies and to offer multiple progressions in healthcare facilities.
Besides, there is a noticeable rise in the number of clinical development and R&D facilities across the region. The enhanced capacity of the whole genome sequencers along with technological innovations in next generation sequencing products has also resulted in the reduced genome sequencing prices.
Solution providers in NSG technology are keen on collaborations and product launches to gain financial stability. For instance, in April 2019, Pacific Biosciences unveiled the Sequel II System that comprises the SMRT link software package, SMRT Cell 8M, and chemistry & instrument control software.
Partial Chapter of the Table of Content:
Chapter 2 Executive Summary
2.1 Next generation sequencing industry 3600 synopsis, 2016 – 2027
2.1.1 Business trends
2.1.2 Product type trends
2.1.3 Application trends
2.1.4 Type trends
2.1.5 Technology trends
2.1.6 End-use trends
2.1.7 Regional trends
Chapter 3 Next Generation Sequencing Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Increasing technological advancements in next generation sequencing in developed countries
3.3.1.2 Increasing research and development activities in North America and Europe
3.3.1.3 Growing use of NGS technology by pharmaceutical and biopharmaceutical companies in advanced economies
3.3.1.4 Favorable regulatory scenario in North America
3.3.2 Industry pitfalls and challenges
3.3.2.1 High cost of next generation sequencing
3.4 Growth potential analysis
3.4.1 By product type
3.4.2 By application
3.4.3 By type
3.4.4 By technology
3.4.5 By end-use
3.5 COVID-19 impact analysis
3.6 Technology landscape
3.7 Regulatory landscape
3.8 Porter’s analysis
3.9 Competitive landscape, 2020
3.10 PESTEL analysis
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