Next Generation Sequencing Market To Reach USD 45.9 Billion By 2032, Says DataHorizzon Research
A Detailed Analysis Report of the Next Generation Sequencing Market.
Fort Collins, Colorado, Nov. 09, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Next Generation Sequencing (NGS) Market size was valued at USD 7.2 Billion in 2022 and is expected to have USD 45.9 Billion by 2032 at a CAGR of 20.4%.
The trend towards non-invasive and minimally invasive testing methods is gaining momentum in the NGS market. Liquid biopsy, which involves the analysis of circulating tumor DNA or other biomarkers in blood samples, holds great promise for early cancer detection, treatment monitoring, and minimally invasive prenatal testing. NGS technologies enable sensitive detection and profiling of genetic alterations from liquid biopsy samples, providing a less invasive alternative to traditional tissue biopsies.
Growing demand for precision medicine is significantly contributing to the market growth. NGS is an effective tool that involves adjusting a patient's medical care to his or her unique genetic profile. The need for NGS will increase as the field of precision medicine expands. Because NGS can be used to find genetic variations linked to illness, it is an effective tool for precision medicine. Personalized treatment strategies that are more likely to be successful can then be developed using this information.
Next Generation Sequencing has become increasingly more affordable in recent years, opening it up to a larger variety of academics and medical professionals. Future predictions indicate that this will persist, further increasing demand for NGS. In recent years, the price of NGS has been continuously declining. Several things, including the creation of novel sequencing technology, heightened rivalry among sequencing businesses, and government support of research and development cause this. NGS is anticipated to be more affordable, enabling it to be used by more academics and medical professionals.
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Segmentation Overview:
The global next generation sequencing market has been segmented into type, product, application, end-user, and region. The whole genome sequencing segment will grow significantly in the coming years. Whole genome sequencing (WGS) has been widely adopted to provide the highest resolution information in various diseases and other genetic analyses.
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Next Generation Sequencing Market Report Highlights:
The global next generation sequencing market growth is anticipated at a CAGR of 20.4% by 2032.
Technological advancements, declining costs, increasing clinical diagnostics and drug discovery applications, agricultural and animal research adoption, supportive government initiatives, and collaborative partnerships all contribute to the next generation sequencing market growth.
Based on the type of next-generation sequencing, market is classified into whole genome sequencing, targeted resequencing, whole exome sequencing, RNA sequencing, chip sequencing, de novo sequencing, and methyl sequencing.
Based on the product type, the market is further categorized into instruments, reagents, consumables, and services.
Some prominent players in the next generation sequencing market report include Illumina, QIAGEN, Thermo Fisher Scientific, Inc., F. Hoffman-La Roche Ltd., Oxford Nanopore Technologies, Genomatix GmbH, PierianDx, DNASTAR, Inc., Eurofins GATC Biotech GmbH, Perkin Elmer, Inc., Abbott Laboratories, BGI, and Bio-Rad Laboratories, Inc. among others.
Industry Trends and Insights:
In September 2022, Illumina Inc. released the NovaSeq X Series (NovaSeq X and NovaSeq X Plus), new production-scale next-generation sequencers that deliver faster, more robust, and consistent sequencing.
In December 2022, Integrated DNA Technologies acquired ArcherDX, which is a next generation sequencing research assay of Invitae Corporation. Under the acquisition, it enhances informatics capabilities and NGS research offerings from Integra DNA Technologies to provide better NGS solutions, helping discover biomarkers and advancing cancer diagnostics.
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Next Generation Sequencing Market Segmentation:
By Type: Whole genome sequencing, targeted resequencing, whole exome sequencing, RNA sequencing, chIP sequencing, and others.
By Product: Instruments, reagents and consumables, services.
By Application: Diagnostics, research, others
By End-use: Research institutes, healthcare facilities & diagnostic centers, pharmaceutical & biotechnological companies, contract research organization (CRO).
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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