Next-generation Sequencing (NGS) Market Latest Trends and Future Growth Study by 2025
Next-generation Sequencing (NGS) Market: Snapshot
Next Generation Sequencing (NGS) is utilized to execute different applications, for instance, biomarker revelation, oncology thinks about, customized solution, rural and creature research, and others. NGS has streamlined nucleotide investigation and has broadly supplanted customary instruments of genomics, particularly microarray effectively. The interest for NGS has expanded altogether inferable from surge in NGS applications and ascend in mechanical progressions in NGS. What’s more, the development in number of genome mapping programs all through the world and increment in R&D venture drives the market development.
NGS is an innovation in which billions of DNA strands can be sequenced through enormous parallelization. This strategy is otherwise called high throughput sequencing. NGS limits the necessity for section cloning strategies utilized as a part of Sanger sequencing of genomes. Ease, high accuracy and speed, and precise outcomes even from low instance input are the primary favorable circumstances NGS offers over Sanger’s sequencing strategy.
The innovation is rising at a fast pace, because of its expanding application in clinical finding. Speed, cost, and exactness of the innovation, effective substitution of conventional advances (microarrays), and medicate disclosure applications demanding NGS innovation are few components driving the development of this market. Advancement of the items that focus on entire work process from inspecting to report generation post information elucidation is attributive to drive development. Inventive business models, for instance, cost per-understanding alternatives offer labs better cost management and low initial investment with this product, driving growth of this market.
However, a few concerns identified with the security of next-generation sequencing information and the institutionalization and precision issues in analytic testing are evaluated to create difficulties for the leading players in the coming years. Regardless, the rising utilization of distributed computing is required to offer promising development avenues over the coming years.
Global Next-generation Sequencing (NGS) Market: Overview
The global market for next-generation sequencing is likely to witness a progressive growth in the next few years, thanks to the rising adoption across diverse industries. In addition, several lucrative opportunities in untapped markets and the rise in the number of government initiatives are projected to contribute towards the growth of the market. Furthermore, the use of next-generation sequencing in biomarker and precision medicine discovery is expected to supplement the growth of the overall market in the forecast period.
Global Next-generation Sequencing (NGS) Market: Key Trends
The technological advancements in the sequencing platforms and the rising number of applications of next-generation sequencing are likely to encourage the growth of the global next-generation sequencing market in the coming years. In addition, the growing adoption of next-generation sequencing technologies among research academic institutes and research laboratories are projected to supplement the development of the market in the near future.
On the contrary, the rising issues in the storage of sequencing data and the dearth of skilled professionals are likely to curtail the growth of the market in the coming years. Nonetheless, the increasing awareness among consumers regarding the advantages of next-generation sequencing through workshops and conferences are projected to fuel the growth of the market.
Global Next-generation Sequencing (NGS) Market: Market Potential
The integration of next-generation of sequencing with the new cloud-based technology is one of the key factors estimated to encourage the growth of the global market in the coming years. In addition, the rising focus on cancer research and the increasing level of competition are predicted accelerate the growth of the market in the forecast period.
However, several concerns related to the security of next-generation sequencing data and the standardization and accuracy issues in diagnostic testing are estimated to pose as major challenges for the leading players in the coming years. Nonetheless, the rising use of cloud computing is expected to offer promising growth opportunities throughout the forecast period.
Global Next-generation Sequencing (NGS) Market: Regional Outlook
Among the key regional segments studied in the research study, North America is anticipated to account for a key share of the global next-generation sequencing market in the forecast period. The presence of a large number of players in the U.S. and the favorable government schemes are the important factors that are predicted to accelerate the growth of the North America market in the coming years.
Furthermore, Asia Pacific is estimated to grow substantially in the next few years. The improvement of the healthcare infrastructure in developing nations and the favorable initiatives by government are predicted to fuel the growth of the next-generation sequencing market In Asia Pacific in the near future. In addition, the launch of new and advanced next-generation sequencing services and products are anticipated to contribute substantially towards the growth of the market.
Global Next-generation Sequencing (NGS) Market: Competitive Analysis
Some of the prominent players operating in the next-generation sequencing market across the globe are Eurofins Scientific, Gatc Biotech AG, F. Hoffmann-La Roche AG, Perkinelmer, Inc., Illumina, Inc., Qiagen N.V., Agilent Technologies, Inc., Macrogen, Inc., Beijing Genomics Institute, Pacific Biosciences of California, Inc., Thermo Fisher Scientific Inc., and Oxford Nanopore Technologies, Ltd.
The entry of new players in the global next-generation sequencing market and the rising number of collaborations and mergers are projected to encourage the growth of the market in the next few years. Additionally, the rising focus of key players on research and development activities are estimated to offer promising opportunities for the leading players in the next few years.