Global Next Generation Sequencing Market - Forecasts from 2021 to 2026 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Next Generation Sequencing Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

The next generation sequencing market is projected to grow at a CAGR of 17.82% to reach US$18.703 billion by 2026, from US$5.934 billion in 2019.

Next-generation sequencing (NGS) has been parallel sequencing technology that provides scalability, speed, and ultra-high throughput. The technology is then used to find the order of nucleotides in entire or complete genomes or various targeted areas and regions of RNA or DNA. NGS has modernized and advanced the biological sciences, enabling labs to perform a wide variety of applications and study biological systems at various levels.

Today's difficult and advanced genomics questions demand information that exceeds the capacity of traditional and commonly used DNA sequencing technologies. NGS has filled that gap and becomes an everyday tool to address these questions. It allows labs to Rapidly sequence whole genomes, deeply sequence target regions, utilizeRNA sequencing (RNA-Seq) to discover novel RNA variants and splice sites, or quantify mRNAs for gene expression analysis and has many other advantages over the old traditional methods.

Driving Factors

The worldwide demand for next-generation sequencing (NGS) services and products is highly driven by a surge in the application of NGS, increase in genome mapping programs, and surge in collaborations, technological advancement in NGS technology, and various partnerships that result in significant investments in R&D in NGS technology.

The continuous technological advancements in the industry have led to the introduction of efficient, portable, and easy-to-use NGS platforms, capable of providing rapid and accurate results which have led to the overall growth in the industry. Such developments in the industry provide many new entrants in the industry and also give a competitive edge to the prominent companies in the industry an edge over each other which leads to more research and development programs in the industry.

It is also driven by an increase in genome mapping programs; a rise in applications of next-generation sequencing; an increase in healthcare expenditure; and technological advancements in sequencing platforms. Moreover, with the arrival of the COVID-19 virus, the application of NGS has proven to be quite effective in knowing the speed with which the virus spreads and knowing the genetic sequence of the virus and it further leads to technological advancements in those areas.

Growth Factors

Support from the government and private sectors

A lot of developing countries have invested in their research and development sectors and in sequencing programs to get a deep knowledge between genetics and diseases. Many such government organizations have taken an active part in the sequencing program to get better ways for the treatment of cancer and other diseases.

Due to this large support, several new entrants have entered the market as many sequencing projects have been introduced which leads to the overall growth of this industry and gives growth opportunities to key players in the industry. Such type of growth has provided the wide-scale use of consumables required and the adoption of NSG instruments.

Restraints

Lack of skill power and expenditure on Research and Development Programs

The expenditure on research and development in growing economies is mainly dependent on funding provided by external sources. Although governments and private bodies try to provide funds for the research programs, many research firms and academic institutes are facing budget problems and are not able to afford advanced and premium-priced equipment and technologies which further leads to an effect on the growth of these industries and their expansion in developing nations.

Also, the lack of skilled professionals in this industry is less in number which further hinders the growth of this industry. Due to this, the interpretation of complex data takes time and researchers face difficulties leading to slow growth in the industry.

Impact of COVID-19 on the next generation sequencing Market

The COVID-19 pandemic has had a great impact on the world as a whole and has led to economic breakdown and loss of life. It has caused a highly transmissible and ongoing pandemic worldwide. With the growth of its development, next-generation sequencing plays imperative roles in many aspects.

Several pharmaceutical companies and agencies have contributed their bit to curb the effect of the virus, from manufacturing PPE kits to developing test kits to detect the virus and vaccines to reduce the transmission. Companies have increased their R&D and manpower in manufacturing products to curb the virus.

The overall impact on the next generation sequencing industry and the market is projected to be positive owing to the increasing advantage of determining and finding the genetic sequence of a virus, which allows scientists to understand the overall mutation of the virus. Furthermore, genome sequencing has been used to understand the spread of COVID-19 and has the potential to understand the impact of interventions and their spread and help guide treatments in the future.

Hundreds of coronaviruses and SARS-CoV-2 genomes which were determined with NGS are publicly available for researchers to study the origin of COVID-19.

Companies Mentioned

• Roche Holding AG
• Agilent Technologies
• Illumina, Inc.
• Thermo Fisher Scientific.
• Macrogen, Inc
• Beijing Genomics Institute
• Qiagen
• DNASTAR
• GATC Biotech AG
• Pacific Biosciences of California, Inc.

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