DUBLIN--(BUSINESS WIRE)--The "Next Generation Sequencing Global Market Opportunities and Strategies 2020-30: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
Next Generation Sequencing Global Market Opportunities and Strategies 2020-30: COVID-19 Impact and Recovery provides the strategists, marketers and senior management with the critical information they need to assess the global next generation sequencing market.
The global next generation sequencing market reached a value of nearly $6,678.3 million in 2019, having increased at a compound annual growth rate (CAGR) of 11.0% since 2015. The market is expected to grow from $6,678.3 million in 2019 to $12,612.1 million in 2023 at a rate of 17.2%. The growth is mainly due to the growing number of chronic diseases and government initiatives. The market is expected to grow from $12,612.1 million in 2023 to $17,763.7 million in 2025 at a CAGR of 18.7%. The market is expected to grow and reach $40,309.1 million in 2030 at a CAGR of 17.81%.
Growth in the historic period resulted from rise in funding, increased healthcare expenditure, emerging markets growth, rapid technological advances and rapid growth in elderly population. This growth was restricted by regulatory and data storage challenges.
Going forward, aging population, increase in healthcare access, rising prevalence of chronic diseases and increasing demand for next generation sequencing due to COVID-19 are expected to drive the market. Ethical concerns related to genomic study and high costs of tests are major factors that could hinder the growth of the next generation sequencing market in the future.
The next generation sequencing market is segmented by product type into instruments, kits and consumables and software. The kits and consumables was the largest segment of the next generation sequencing market segmented by product, accounting for 65.3% of the total market in 2019. Going forward, software is expected to be the fastest growing segment in the next generation sequencing market segmented by product type, at a CAGR of 23.9% during 2019-2023.
The next generation sequencing market is also segmented by application into diagnostics, drug discovery and others. The drug discovery was the largest segment of the next generation sequencing market segmented by application, accounting for 53.5% of the total market in 2019. Going forward, the other applications segment is expected to be the fastest growing segment in the next generation sequencing market segmented by application, at a CAGR of 15.5% during 2019-2023.
The next generation sequencing market is also segmented by technology into sequencing by synthesis, ion semiconductor sequencing, single-molecule real-time sequencing, nanopore sequencing and others. The ion semiconductor sequencing was the largest segment of the next generation sequencing market segmented by technology, accounting for 75.8% of the total market in 2019. Going forward, the nanopore sequencing segment is expected to be the fastest growing segment in the next generation sequencing market segmented by technology, at a CAGR of 23.0% during 2019-2023.
North America was the largest region in the global next generation sequencing market, accounting for 34.7% of the total in 2019. It was followed by the Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the next generation sequencing market will be Eastern Europe and Asia Pacific, where growth will be at CAGRs of 21.6% and 20.1% respectively during 2019-2023. These will be followed by Africa and Middle East, where the markets are expected to register CAGRs of 17.6% and 17.2% respectively during 2019-2023.
The next generation sequencing market is fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 49.8% of the total market in 2019. Major players in the market include Illumina Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Pacific Biosciences of California Inc., and QIAGEN.
The top opportunities in the next generation sequencing market segmented by product will arise in the kits and consumables segment, which will gain $3,731.2 million of global annual sales by 2023. The top opportunities in the next generation sequencing market segmented by application will arise in the drug discovery segment, which will gain $2,826.1 million of global annual sales by 2023. The top opportunities in the next generation sequencing market segmented by technology will arise in the ion semiconductor sequencing segment, which will gain $4,563.7 million of global annual sales by 2023 The next generation sequencing market size will gain the most in the USA at $1,671.3 million.
Market-trend-based strategies for the next generation sequencing market includes focusing on using artificial intelligence to reduce costs and time, studying rare diseases in a cost-effective manner to maintain a competitive edge over other technologies, offering NGS technologies for newborn screening and adopting big data technologies to analyze large genomic data. Player-adopted strategies in the next generation sequencing market include investing in expanding operations through innovative product launches, and in acquisitions and mergers to strengthen their service offerings.
To take advantage of the opportunities, the report recommends the next generation sequencing companies to focus on Artificial Intelligence, invest in big data, expand in emerging markets, focus on premium pricing, and focus on increasing awareness of the benefits of NGS.
Companies Mentioned
- Illumina Inc.
- Thermo Fisher Scientific Inc.
- Agilent Technologies
- Pacific Biosciences of California Inc.
- QIAGEN
For more information about this report visit https://www.researchandmarkets.com/r/d44ku5
