DUBLIN--(BUSINESS WIRE)--The "North America Next Generation Sequencing Market to 2025 - Regional Analysis and Forecasts by Product; Service; Application; & End User, and Country" report has been added to ResearchAndMarkets.com's offering.
The North America next generation sequencing market is expected to reach US$ 10,733 Mn in 2025 from US$ 2,378.5 Mn in 2017. The market is estimated to grow with a CAGR of 20.7% from 2018-2025.
The growth of the next generation sequencing market is primarily attributed to the declining price of sequencing and increasing prevalence of cancer. However, risks associated with genetic data and high cost of advanced technologies are likely to pose a negative impact on the market growth. On the other hand, usage of NSG in biomarker discovery and precision medicine is likely to have a positive impact on the growth of the North America next generation sequencing market in the coming years.
In the recent years, next generation sequencing price have declined substantially. For instance, first whole human genome sequencing cost over US$3.7 billion in 2000 and took 13 years for the completion. However, the costs for the same in recent years has reduces to US$1,000 and the process requires less number of days. In 2000, cost for sequencing was US$ 3.7 billion, which dropped down to US$ 10 million in 2006 and declined to US$ 5,000 in 2012. Major market players such as Illumina and Roche have introduced breakthrough technologies that have enabled in the cost and time reduction in the sequencing. Owing to factors such as advances in the field of genomics, development in different methods and strategies for sequencing, there is a noTable decline in the cost of sequencing.
In 2017, the consumables segment held a largest market share of 64% of the next generation sequencing market, by product. The segment is growing due to the consumables offered by various companies are widely accepted by the consumers and it provides accuracy and precision in the preparation of the NGS. Furthermore, the similar segment is anticipated to witness the fastest growth rate during the forecast period, 2018 to 2025.
In 2017, the resequencing segment held a largest market share of 66% of the next generation sequencing market, by technology. This segment is also expected to dominate the market in 2025 as the rising funding by various government bodies and usage of NGS in the resequencing and targeted sequencing. Furthermore, the genome sequencing segment is anticipated to witness the fastest growth rate during the forecast period, 2018 to 2025.
Diagnostics segment is anticipated to grow at a CAGR of 21.3% during the forecast period owing to the growth of the technological advancements such as sequencing machines in the developed and developing regions. Moreover, the similar segment held the largest market share of 34% for the application segment in the next generation sequencing market and is likely to dominate the market in coming forecast period.
In 2017, the academic & research institutes segment held a largest market share of 45.2% of the next generation sequencing market, by end user. This segment is also expected to dominate the market in 2025. Moreover, the similar segment is anticipated to witness the fastest growth rate of 21.4% during the forecast period, 2017 to 2025. This higher growth rate of the segment owing to the providing the references for further researches are likely to propel the growth of the research centers segment in the coming future.
Some of the major primary and secondary sources for next generation sequencing included in the report are, Non-Invasive Prenatal Testing (NIPT), Food and Drug Administration (FDA), College of American Pathologists (CAP), Foreign Direct Investment (FDI) and among others.
Key Market Dynamics
- Declining Price of Sequencing
- Increasing Prevalence of Cancer
- Risks Associated With Genetic Data
- High Cost of Advanced Technologies
- Usage of NGS in Biomarker Discovery & Precision Medicine
Key Company Profiles
- Illumina, Inc.
- Thermo Fisher Scientific.
- Qiagen N.V.
- Beijing Genomics Institute
- Perkinelmer, Inc.
- F. Hoffmann-La Roche Ltd.
- Agilent Technologies
- Eurofins Scientific
- Oxford Nanopore Technologies Ltd.
- Macrogen, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/mzd0za