DUBLIN--(BUSINESS WIRE)--The "Next Generation Sequencing Market Size, Share & Trends Analysis Report by Application (HLA Typing, Consumer Genomics), by Technology, by Workflow, by End Use, by Region, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global next generation sequencing market size is expected to reach USD 23.7 billion by 2027, expanding at a CAGR of 11.7%. Numerous advantages offered by high throughput sequencing over other genetic technologies such as sanger-seq and microarray is one of the key driving forces of the market for Next Generation Sequencing (NGS). Furthermore, increasing availability of low input DNA sampling methods that decrease the overall operational costs is anticipated to accelerate the use of next generation sequencing across various research and clinical applications.
Technology offered by New England Biolabs that employs magnetic beads in the template assembly process is anticipated to significantly improve the sample preparation protocols for next generation sequencing. Furthermore, recent technological advancements such as the use of Laboratory Information Management System (LIMS) for genome library automation allow next generation sequencing in a single day at a reasonable cost. These advancements are anticipated to proliferate the number of users of next generation sequencing over the forecast period.
This technology has captured the attention of several companies and investors operating across various domains including basic research, drug discovery and development, reproductive health, and consumer genomics. In addition, the plummeting cost and the added value of next generation sequencing data over conventional ones is anticipated to positively impact the diversification of this technology in other clinical areas, resulting into a lucrative revenue growth.
Further key findings from the report suggest:
- In 2019, oncology was estimated as the application with the largest revenue share in the market for next generation sequencing
- This can be attributed to the fact that the technology has been largely adopted to decipher the link between cancer and genetics
- Moreover, NGS-based genetic testing for cancer predisposition can significantly improve the health outcome and reduce the mortality rate, thereby driving adoption in this segment
- The targeted sequencing segment has dominated the revenue share owing to its various benefits over the whole genome segment with respect to the depth of coverage and multiplexing capacities
- Significant price drop in sequencing the whole genome is anticipated to drive the segment at a lucrative growth rate
- Based on workflow, sequencing accounted for the major revenue share in 2019 in the market for next generation sequencing and is anticipated to maintain its dominance over the forecast period
- Being a key step, the end-users are making major investments in the seq-step, compared to sample preparation and data analysis
- Moreover, the key developers are engaged in introducing new seq-platforms with enhanced capabilities and efficiency. These factors have led the segment in terms of revenue over the past years
- Academic research entities are the largest end-users in terms of revenue generation owing to the high penetration of seq-technology in research activities
- On the other hand, this technology is making continued growth in clinical research and within clinical settings
- A substantial number of researchers are engaged in conducting translational research to accelerate the adoption of seq-technology in clinical diagnostics
- North America accounted for the maximum revenue share owing to the presence of integrated platform base in the U.S.
- Presence of Illumina, the major player of next generation sequencing market for the U.S. is another major factor that has driven the revenue share of this region in the past years
- Asia Pacific is projected to mark fastest growth owing to the increase in number of domestic developers in China coupled with the expansion of molecular diagnostics area
Market driver analysis
- Exponentially decreasing costs for genetic sequencing
- Development of companion diagnostics and personalized medicine
- Rise in competition amongst prominent market entities
- Rising clinical opportunity for NGS technology
- Technological advancements in cloud computing and data integration
- Growing healthcare expenditure supporting development of effective PM diagnostic & therapeutic procedures for cancer
- Increasing prevalence of cancer
Market restraint analysis
- Lack of computational efficiency for data management
- Non-value based NGS reimbursement policy and regulation status
Market challenges analysis
Challenges associated with NGS implementation
- Illumina, Inc.
- F. Hoffmann-La Roche Ltd.
- Agilent Technologies, Inc.
- Tute Genomics
- Knome, Inc.
- Genomatix GmbH
- Eurofins GATC Biotech GmbH
- Oxford Nanopore Technologies
- Macrogen, Inc.
- Thermo Fisher Scientific, Inc.
- Life Technologies Corp.
- DNASTAR, Inc.
- Biomatters Ltd.
- CLC Bio
- Complete Genomics Incorporated
- Perkin Elmer, Inc.
- Pacific Biosciences of California, Inc.
- Partek Incorporated
- Bio-Rad Laboratories, Inc.
- Myriad Genetics, Inc.
- Hologic, Inc. (Gen-Probe Incorporated)
- Horizon Discovery Group plc
- LGC Limited
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