Next-generation Sequencing (NGS) Market Worth $24.4 Billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 2, 2019 /PRNewswire/ -- According to the new market research report "Next-generation Sequencing (NGS) Market by Product (NOVASEQ, NEXTSEQ, SEQUEL, NANOPORE), Consumables, Bioinformatics, Services (EXOME, RNA, DENOVO), Technology (ION, SMRT), Application (Diagnostics, Cancer), End User, Region - Global Forecast to 2025", published by MarketsandMarkets™, the Next-generation Sequencing (NGS) Market is projected to reach USD 24.4 billion by 2025 from USD 7.8 billion in 2019, at a CAGR of 20.9%.
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The availability of advanced, efficient, and accurate NGS systems at a low cost, along with the reduced cost of sequencing overall, the increasing applications of NGS in diagnostics and genomics research, the availability of research funding, the development of NGS data analysis solutions, and the improving regulatory and reimbursement scenario for NGS-based diagnostic tests are some of the key factors driving the growth of Next-generation Sequencing Market.
The SBS segment accounted for the largest share of the NGS market, by technology, in 2018
On the basis of technology, the NGS Services Market is segmented into sequencing by synthesis (SBS), ion semiconductor sequencing, single-molecule real-time (SMRT) sequencing, nanopore sequencing, and other sequencing technologies. In 2018, the SBS segment accounted for the largest share of the market. The dominant market position of this segment is mainly due to the development of new and advanced NGS platforms and the increasing demand for Illumina's systems, as it is the major provider of NGS platforms that use the SBS technology (including the HiSeq MiSeq series and NextSeq).
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The diagnostics application segment accounted for the largest share of the NGS Market in 2018
Based on applications, the Next-generation Sequencing Market is segmented into diagnostics, drug discovery, agricultural & animal research, and other applications, which include marine research and research in biofuels, forensics, metagenomic studies, and evolutionary studies. Of all these application segments, diagnostics accounted for the largest share of the market in 2018. The large share of this segment can be attributed to the growing number of new cancer cases across the globe, favorable reimbursement scenario for NGS-based tests in the US, and increasing focus of key market players on developing NS-based products & services for cancer and NIPT.
The academic institutes & research centers segment accounted for the largest share of the Next-generation Sequencing Market, by end user, in 2018
On the basis of end user, the market is segmented into academic institutes & research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other end users. In 2018, the academic institutes & research centers segment accounted for the largest share of the NGS Services Market. This can be attributed to the increasing number of collaborations between NGS Market players and academic & research institutions, favorable funding scenario for genomic research across regions, and the development of cost-effective NGS products and services for researchers.
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North America accounted for the largest share of the NGS Services Market in 2018
North America accounted for the largest share of the Next-generation Sequencing Market in 2018, followed by Europe. This can primarily be attributed to factors such as increasing applications of NGS in diagnostics and genomics research, the availability of research funding, and the development of NGS data analysis solutions.
Some of the prominent players in the Next-generation Sequencing Market include Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), BGI Group (China), PerkinElmer Inc. (US), Macrogen (South Korea), Hamilton Company (US), Lucigen (US), Intrexon Bioinformatics GmbH (Germany), Partek Incorporated (US), DNASTAR, Inc. (US), DNAnexus (US), SciGenom Labs Pvt. Ltd. (India), GENEWIZ (US), Takara Bio Inc. (Japan), Eurofins Scientific (Luxembourg), 10x Genomics (US), F. Hoffmann-La Roche Ltd. (Switzerland), Becton Dickinson and Company (US), Danaher (US), Lexogen GmbH (Austria), Tecan Trading AG (Switzerland), Zymo Research (US), Oxford Nanopore Technologies (UK), Agilent Technologies, Inc. (US), and QIAGEN (Netherlands).
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