The global Next-Generation Sequencing Market size is expected to reach USD 14.8 billion by 2030, registering a CAGR of 12.4% over the forecast period, according to a new report by Grand View Research, Inc. Next-generation Sequencing (NGS) is a parallel processing technique that can establish the sequence of nucleotides in a whole genome with scalability, ultra-high capacity, and fast speed. Furthermore, in the healthcare industry, NGS is gradually being incorporated into medical laboratory research, screening, and disease diagnoses. In personalized medicine, it has been frequently utilized to accelerate the drug research process.
Different potential sequencing methods such
as RNA sequencing, whole-genome sequencing, and whole-exome and targeted
sequencing amongst others are prominently used by researchers to get
comprehensive sample analysis. When compared to the traditional Sanger
sequencing technology, NGS is less expensive and provides higher throughput
for DNA sequencing. The growing automation in the pre-sequencing protocols,
post-sequencing protocols, and data analysis is also projected to have a
positive impact on the NGS market. The utilization of novel platforms for the
development of personalized medicine by medical analysis at a genetic level is
also a significant factor, which is expected to enhance demand for NGS over the
forecast period.
Besides, there are other significant growth
trends that are being witnessed in the sequencing industry, such as the
development of personalized medicine and companion diagnostics, growing
advancements in cloud computing, and data integration. Furthermore, the easy
availability of genomic and proteomic data has poised this market to exhibit
potentially high-value avenues and opportunities for growth over the forecast
period. The market growth is also being fueled by an increase in the
global prevalence of cancer and the availability of sophisticated healthcare
facilities. As per GLOBOCAN 2020, there have been 1,92,92,789 new cancer cases
in 2020, with the number expected to rise to 2,88,87,940 by 2040. Such a
substantial rise in the number of cancer cases is estimated to leverage cancer
research which will eventually accelerate the NGS market growth.
The NGS diagnostic techniques have the
potential to determine a virus's genomic sequence and aid scientists in their
understanding of mutations. Furthermore, throughout the COVID-19 epidemic,
governments across the globe have been collaborating with the corporate
sector to introduce NGS technology to the market as a viable diagnostic tool.
The US Food and Drug Administration granted Illumina Inc. a case of
emergency use permit for the first COVID-19 diagnostic using the
next-generation sequence technique in June 2020. The Illumina COVIDSeq Test for
qualitative identification of SARS-CoV-2 RNA has been approved by the FDA. As a
result, the usage of next-generation sequencing (NGS) technologies is projected
to increase during the pandemic.
Related Press Release@ Next-generation
Sequencing Market Report
Next-generation
Sequencing Market Report Highlights
- By application, the oncology segment held the
largest revenue share of the market in 2021. The segment growth is
prominently attributed to increasing in the prevalence of cancer and
advancements in sequencing technologies
- The academic research segment is expected to grow
lucratively over the forecast period due to an increase in
application-based usage in these institutes and a rise in oncology
research. In addition, advancements in R&D for therapeutics, oncology,
and genomics research led to the growth of the market
- North America dominated the market in 2021, due to
the presence of high R&D investment, and availability of
technologically advanced healthcare research framework, the development of
WGS in the region is also expected to serve as a critical factor for the
growth of the North America NGS market throughout the forecast period
- In Asia Pacific, the market is expected to grow
considerably during the forecast period owing to extensive developments in
healthcare infrastructure, the positive approach of respective
countries for adoption of advanced technologies, and the presence of
key players
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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