Next Generation Sequencing Market Set for Dynamic Expansion, Anticipated to Reach USD 29.7 Billion by 2032
The Global Next-Generation Sequencing (NGS) Market, valued at USD 7.6 billion in 2022, is poised for substantial growth, projected to reach approximately USD 29.7 billion by 2032. This market is anticipated to experience a robust compound annual growth rate (CAGR) of 14.6% from 2023 to 2032. This surge is largely driven by advancements in NGS technologies and their expanding applications in areas such as clinical diagnosis, cancer research, and genetic testing.
The increasing adoption of NGS technology is supported by the continuous development of new products, such as more efficient sample preparation kits and advanced sequencing platforms, which enhance the accuracy and speed of genetic analysis. Key players like Illumina, Thermo Fisher Scientific, and QIAGEN are at the forefront of these innovations, frequently launching new products and forming strategic partnerships to broaden their market reach.
Despite its rapid growth, the NGS market faces challenges including the high cost of sequencing technologies and the complexity of data interpretation, which require specialized skills that are in short supply. Additionally, ethical and legal concerns related to genetic data also pose significant hurdles.
Recent developments in the market highlight a trend towards more comprehensive genomic studies and an increased focus on personalized medicine, which are expected to drive demand for NGS further. The market is also seeing a shift towards more routine use of NGS in clinical settings, spurred by the declining cost of genome sequencing and improvements in regulatory and reimbursement landscapes.
Overall, the future of the Next-Generation Sequencing market looks promising with a strong trajectory of growth driven by technological innovation, increased application scope, and strategic industry activities.
Key Takeaways
- The global market for Next-Generation Sequencing was valued at USD 7.6 billion in 2022.
- A Compound Annual Growth Rate (CAGR) of 14.6% is expected from 2023 to 2032.
- By 2032, an estimated incremental revenue of USD 29.7 billion is projected.
- The targeted sequencing technology dominated the market with a 73% revenue share in 2022.
- Oncology was the leading application, contributing 28.5% to the total revenue in 2022.
- The pre-sequencing workflow generated the highest revenue, accounting for 56% in 2022.
- Academic research was the primary end-use sector, achieving the highest revenue in 2022.
- North America was the leading region, holding a 43% revenue share in 2022.
- The Asia Pacific region is anticipated to grow robustly, marking a substantial CAGR from 2023 to 2032.
- NGS technology is crucial for identifying various oncological markers, including translocations and copy number variants.
- Rising chronic disease rates and genetic testing demand are driving NGS adoption in diagnostics.
- Next-Generation Sequencing is instrumental in evaluating drug resistance and responses, enhancing drug discovery efforts.
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Next Generation Sequencing Market Key Segments
Based on Technology Type
- Whole Genome Sequencing
- Whole Exome Sequencing
- Targeted Sequencing & Resequencing
Based on Application
- Oncology
- Clinical Investigation
- Reproductive Health
- Metagenomics
- Drug Discovery
- Consumer Genomics
By Workflow
- Pre-sequencing
- Sequencing
- NGS Data Analysis
Based on End-User
- Clinical Research
- Hospitals and Clinics
- Pharma and Biotech Industries
- Contract Research Organizations
- Academic Research
Key Regions
- North America (The US, Canada, Mexico)
- Western Europe (Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe)
- Eastern Europe (Russia, Poland, The Czech Republic, Greece, Rest of Eastern Europe)
- APAC (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC)
- Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, Rest of Latin America)
- Middle East & Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA)
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Key Players Analysis
Illumina Inc. is a pivotal player in the next-generation sequencing (NGS) sector, consistently enhancing its technology to meet diverse market demands. In 2023, the company introduced the DRAGEN 4.2 software, which delivers enhanced accuracy for genomic data analysis, supporting a broad spectrum of genetic research, including cardiovascular and blood typing applications. Illumina also announced the NovaSeq 6000Dx, the first in vitro diagnostic (IVD) high-throughput sequencing instrument, marking a significant advancement in clinical lab capabilities. Furthermore, the company launched the Illumina Complete Long Read technology, enabling both long and short DNA reads on the same instrument, expanding the possibilities for comprehensive genomic studies. These innovations underline Illumina’s commitment to advancing genomic research and clinical diagnostics, driving forward the capabilities and applications of NGS technology.
QIAGEN is a key player in the next-generation sequencing (NGS) market, offering comprehensive solutions that span the entire NGS workflow, from sample preparation to data interpretation. In 2023, the company enhanced its NGS portfolio with the introduction of the QIAseq Normalizer Kits, which streamline the DNA library preparation process by reducing the time required for normalizing DNA concentrations across libraries, thereby supporting high-throughput sequencing with cost efficiency and consistency. QIAGEN also collaborates with Element Biosciences, leveraging this partnership to integrate their QIAseq panels, CLC LightSpeed, and QCI Interpret software with the Element AVITI System, a flexible NGS platform, to provide end-to-end genomic analysis workflows . This strategic focus on innovative and integrated NGS solutions is instrumental for QIAGEN as it seeks to meet the evolving demands of genomic research and clinical applications worldwide.
Thermo Fisher Scientific Inc. is significantly enhancing its impact in the Next Generation Sequencing (NGS) sector through innovations like the Genexus System, which offers rapid, automated NGS workflows that simplify the sequencing process. This system supports various clinical and diagnostic applications, reducing the hands-on time needed for tests and delivering results faster. Thermo Fisher’s focus on making NGS accessible globally is demonstrated by its partnership with Pfizer to increase the availability of NGS-based testing for cancer patients in over 30 countries where such advanced genomic testing was previously limited. This initiative is crucial in enabling personalized medicine approaches, improving treatment outcomes for patients by allowing quicker, more precise disease management.
Bio-Rad Laboratories Inc. is actively enhancing its presence in the next-generation sequencing (NGS) market, which is marked by rapid clinical advancements and increased demand for genomic and diagnostic testing. The company’s efforts in NGS focus on developing and optimizing technologies for sequencing and library preparation, crucial for genomics research. These advancements are part of a broader industry trend where key players, including Bio-Rad, are investing significantly in research and development, launching new products, and engaging in strategic collaborations to strengthen their market position.
Oxford Nanopore Technologies, a notable player in the next generation sequencing (NGS) sector, specializes in DNA/RNA sequencing technologies that uniquely offer real-time analysis and are scalable from pocket to population scales. Their technology is revolutionary in enabling direct sequencing of DNA or RNA across various fragment lengths, thereby facilitating ultra-long reads that improve genomic assembly and characterization of complex regions. This capability positions Oxford Nanopore as a critical tool in various research and clinical settings, including pharmacogenomics where their adaptive sampling technology enhances the precision of drug response analysis based on genetic variations.
Next Generation Sequencing Market Key Players:
- Illumina Inc.
- Hoffman-La Roche
- QIAGEN
- Thermo Fisher Scientific Inc.
- Bio-Rad Laboratories Inc.
- Oxford Nanopore Technologies
- PierianDx Inc.
- Genomatix GmbH
- DNASTAR Inc.
- Perkin Elme Inc.
- Eurofins GATC Biotech GmbH
- BGI
- Precigen Inc.
- Macrogen Inc.
- Pillar Biosciences Inc.
- Agilent Technologies Inc.
- Other key players
Next Generation Sequencing Market Report Scope >> Market Value (2023): USD 7.6 Billion || Forecast Revenue (2033): USD 29.7 Billion || CAGR (2024-2033): 14.6% || Base Year Estimation: 2023 || Historic Period: 2019-2022 || Forecast Period: 2024-2033.
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