Growing applications in various fields such as genomics,
oncology, agriculture, and infectious disease research,
technological advancements and increasing demand for personalized
medicine drive the growth of the global next generation
sequencing market.
PORTLAND, Ore., May 14, 2024
/PRNewswire/ -- Allied Market Research published a report, titled,
"Next Generation Sequencing Market By Product (Consumables,
Platforms, and Services), Application (Diagnostics, Biomarkers And
Cancer, Reproductive Health, Personalized Medicine, Agriculture and
Animal Research, and Others), Technology (Sequencing By Synthesis
(SBS), Ion Semiconductor Sequencing (IOS), Sequencing By Ligation
(SBL), Pyrosequencing, Single-Molecule-Real-Time Sequencing (SMRT),
and Others), and End User (Academic And Clinical Research
Centers, Pharmaceutical And Biotechnology Companies, Hospitals and
Clinics, and Others): Global Opportunity Analysis And Industry
Forecast, 2024-2035". According to the report, the global next
generation sequencing market was valued at
$13 billion in 2023 and is estimated to reach $97.8 billion by 2035, exhibiting a CAGR of
18.3% from 2024 to 2035.
Request Sample of the Report on Next Generation Sequencing
Market Forecast 2035
-
https://www.alliedmarketresearch.com/request-sample/2048
Prime determinants of growth
Growth in adoption of next generation sequencing,
advancements in technologies and presence of key players are the
factors that drive the growth of the global next generation
sequencing market. However, complexity in data analysis and
interpretation, requiring skilled bioinformatics expertise is
anticipated to hinder market growth. On the contrary, a rise in
healthcare expansion is expected to offer remunerative
opportunities for the next generation sequencing market during
the forecast period.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2035
|
Base Year
|
2023
|
Market Size in
2023
|
$13 billion
|
Market Size in
2035
|
$97.8
billion
|
CAGR
|
18.30 %
|
No. of Pages in
Report
|
275
|
Segments
covered
|
Product, Application,
Technology, End User, and Region
|
Regional
scope
|
North America, Europe,
Asia Pacific, LAMEA
|
Drivers
|
Rise
in investments in research and development
|
|
Growth in focus on
population genomics and large-scale sequencing projects
|
|
Increase in demand
for personalized medicine and precision healthcare
|
Opportunities
|
Growth opportunity in
emerging markets
|
Restraints
|
Lack of skilled
professionals
|
Want to Explore More, Connect to our Analyst-
https://www.alliedmarketresearch.com/connect-to-analyst/2048
The consumables segment to maintain its lead
position during the forecast period.
By product, the consumables segment
accounted for the largest share in 2023, accounting for more
than two-thirds of the global next generation
sequencing market revenue. This is attributed to the
recurring nature of consumable purchases, such as reagents,
cartridges, and other materials necessary for sequencing
experiments, which ensures a steady revenue stream for sequencing
companies. Additionally, the growing adoption of sequencing
technologies across research, clinical, and industrial settings
increases the demand for consumables.
However, the services segment is projected to register
the highest CAGR of 19.3% during the forecast period. As the
adoption of next-generation sequencing (NGS) technologies
increases, there's a parallel rise in demand for associated
services such as sequencing data analysis, interpretation, and
consulting. Additionally, outsourcing sequencing tasks to
specialized service providers offers cost-efficiency and
expertise, further driving the growth of this segment.
The biomarkers & cancer segment to maintain its lead
position during the forecast period.
By application, the biomarkers &
cancer segment accounted for the largest share in 2023,
accounting for more than one-third of the global next
generation sequencing market revenue. Next-generation
sequencing (NGS) plays a pivotal role in identifying genetic
biomarkers for cancer diagnosis, prognosis, and treatment
selection. With advancements in NGS technology, the segment
continues to thrive, offering tailored approaches to cancer
management, driving its sustained leadership in revenue during the
forecast period.
However, the agriculture and animal research segment
is projected to register the highest CAGR of 20.0% during the
forecast period. Next-generation sequencing (NGS) technologies
are increasingly utilized in agriculture and animal research for
genome analysis, trait mapping, and breeding programs. The
efficiency and precision of NGS enable accelerated genetic
improvement in crops and livestock, addressing challenges such as
food security and disease resistance. This drives the segment's
rapid growth, presenting transformative opportunities in
agricultural innovation and animal science.
The sequencing by synthesis segment to maintain its lead
position during the forecast period.
By technology, the sequencing by
synthesis segment accounted for the largest share in 2023,
accounting for two-thirds of the global next generation
sequencing market revenue. This is attributed to its
efficiency in generating high-quality sequencing data at scale,
meeting the increasing demand for rapid and economic genomic
analysis in diverse applications.
However, the pyrosequencing segment is projected to
register highest CAGR of 20.3% during the forecast
period. This is attributed to increase in the prevalence of
chronic diseases and rise in demand for personalized medicine. This
technology has various advantages such as faster detection
technique and short reading time are further driving the segment
growth.
The academic & research centers segment to
maintain its lead position during the forecast period.
By end user, the academic & research
centers segment accounted for the largest share in 2023,
accounting for more than two-fifths of the global next
generation sequencing market revenue, owing to increase in the
prevalence of genetic diseases, increased application-based usage
in these institutes, and rise in oncology research.
However, the pharmaceutical and biotechnology companies
segment is projected to register the highest CAGR of 19.3%
during the forecast period. This is attributed to the
increasing demand for personalized medicine and targeted therapies,
which rely heavily on genomics and molecular diagnostics.
Pharmaceutical and biotechnology companies are investing heavily in
genomic research to develop tailored treatments for various
diseases, including cancer, rare genetic disorders, and infectious
diseases.
For Purchase Enquiry-
https://www.alliedmarketresearch.com/purchase-enquiry/2048
North America is expected to
maintain its dominance by 2035.
Based on region, North America
held the highest market share in terms of revenue in 2023,
accounting for almost half of the global next generation sequencing
market revenue. This is primarily attributed to the rise in
adoption of technologically advanced next generation sequencing,
developed healthcare infrastructure, and increase in patient
awareness about precision medicine.
However, Asia-Pacific is
projected to register the highest CAGR of 19.9% during the forecast
period. This is attributed to the surge in demand for
sophisticated next generation sequencing, large number of
healthcare reforms, high prevalence of genetic disorders, and
increase in the focus of key players to develop technologically
advanced & cost-effective technologies.
Leading Market Players: -
- Illumina Inc.
- F. Hoffmann-La Roche AG
- Qiagen N.V
- ABGI group
- PerkinElmer, Inc
- Agilent Technologies, Inc.
- Pacific Biosciences of California
- Thermo Fisher Scientific Inc.
- Precigen Inc
The report provides a detailed analysis of these key players
in the global next generation sequencing market. These
players have adopted different strategies such as product
launch, product development, and product approval to increase
their market share and maintain dominant shares in different
regions. The report is valuable in highlighting business
performance, operating segments, product portfolio, and strategic
moves of market players to showcase the competitive scenario.
AVENUE- A Subscription-Based Library (Premium on-demand,
subscription-based pricing model) Offered by Allied Market
Research:
AMR introduces its online premium subscription-based library
Avenue, designed specifically to offer cost-effective, one-stop
solution for enterprises, investors, and universities. With Avenue,
subscribers can avail an entire repository of reports on more than
2,000 niche industries and more than 12,000 company profiles.
Moreover, users can get an online access to quantitative and
qualitative data in PDF and Excel formats along with analyst
support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any
device and anywhere. For more details, follow the
link: https://www.alliedmarketresearch.com/library-access
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research
and business-consulting wing of Allied Analytics LLP based in
Wilmington, Delaware. Allied
Market Research provides global enterprises as well as medium and
small businesses with unmatched quality of "Market Research
Reports" and "Business Intelligence Solutions." AMR has a targeted
view to provide business insights and consulting to assist its
clients to make strategic business decisions and achieve
sustainable growth in their respective market domains. AMR offers
its services across 11 industry verticals including Life Sciences,
Consumer Goods, Materials & Chemicals, Construction &
Manufacturing, Food & Beverages, Energy & Power,
Semiconductor & Electronics, Automotive & Transportation,
ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various
companies and this helps us in digging out market data that helps
us generate accurate research data tables and confirms utmost
accuracy in our market forecasting. Allied Market Research CEO
Pawan Kumar is instrumental in
inspiring and encouraging everyone associated with the company to
maintain high quality of data and help clients in every way
possible to achieve success. Each and every data presented in the
reports published by us is extracted through primary interviews
with top officials from leading companies of domain concerned. Our
secondary data procurement methodology includes deep online and
offline research and discussion with knowledgeable professionals
and analysts in the industry.
Contact
David Correa
1209 Orange
Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Toll Free: +1-800-792-5285
Int'l:
+1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn
Logo:
https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/next-generation-sequencing-market-to-reach-97-8-billion-globally-by-2035-at-18-3-cagr-allied-market-research-302144662.html
SOURCE Allied Market Research