DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Next Generation Sequencing Market Assessment & Forecast: 2017 - 2021" report to their offering.
The Global Next Generation Sequencing Market Was Valued at US$ 3,509.6 Million in 2016 And is Expected to Reach US$ 7,527.0 Million By 2021 Growing at a CAGR of 16.02%.
The market has witnessed series of acquisitions and strategic agreements in the recent past and become more competitive. It is also anticipated that the market would consolidate, remain dominated by the North America region. However, rapid growth is anticipated in Asia Pacific region due to increased adoption of the technology in varied fields.
In 2016, China announced the opening of China National GeneBank (CNGB). The bank consists of biorepository, bioinformatics data center and living biobank, and a digitalization platform and synthesis and editing platform. Similar gene banks in Japan, South Korea, India and others are contributing immensely to genetic research in agriculture. Chinese FDA granted Class I status for Vela Diagnostics' Sentosa SX101 instrument for clinical use.
In 2015, KEW Group Inc. and Denka Co., Ltd. announced collaborative agreement for evaluation of KEW's CancerPlex NGS Testing in Japanese cancer patients.
Government investment in genome sequencing projects and widespread integration of NGS technology with other research programs are driving the NGS market. Increasing efforts by regulatory agencies in keeping pace with rapid technology developments and proactive approach in approval of NGS based tests in disease diagnosis has encouraged companies and investment firms to consider NGS technology as one of the most lucrative options.
- Government funding and initiatives towards gene banking to boost adoption of next generation sequencing technology
- Increasing scope of application of next generation sequencing expanding end-user profile
- Increasing regulatory approvals for NGS based tests encouraging companies to invest in test development
- Next generation sequencing service providers to drive growth in spite of lack of knowledge and expertise
- Reimbursement challenges for NGS based tests
- High cost of set-up for next generation sequencing systems
- Opportunities in reagents and consumables segment
- Companies engaging in strategic agreements for sharing clientele and developing NGS technology
U.S. FDA guidelines for next generation sequencing tests
Recent FDA approvals
Key players mentioned in the report include
- Illumina Inc.
- Oxford Nanopore
- Pacific Biosciences
- Qiagen N.V.
- Roche Sequencing
- Stratos Genomics
- Thermo Fisher Scientific Inc.
For more information about this report visit http://www.researchandmarkets.com/research/5z8hrf/global_next