Global Next Generation Sequencing (NGS) Market Analysis 2023: A $28.47 Billion Market by 2033 - Untapped Potential with Ongoing Technological Developments and Genomic Healthcare Integration

DUBLIN, July 21, 2023 /PRNewswire/ -- The "Next Generation Sequencing (NGS) Market - A Global and Regional Analysis: Focus on Offering, Company, Throughput, Technology Type, Sequencing, Application, End User, and Country Analysis - Analysis and Forecast, 2023-2033" report has been added to  ResearchAndMarkets.com's offering.

The global NGS market was valued at $6.76 billion in 2022 and is expected to reach $28.47 billion by 2033, growing at a CAGR of 13.97% during the forecast period 2023-2033.

The market is driven by factors such as the increasing adoption of NGS in various research and diagnostics fields, the growing prevalence of non-communicable disorders, and the advancement in the performance of NGS platforms.

The global NGS market is highly consolidated. This market still holds significant potential for growth as technological developments in NGS platforms and initiatives to integrate genomics in healthcare are ongoing. The opportunity for growth of the global NGS market lies in the development of economical and portable technologies.

Impact of COVID-19

NGS has played a crucial role in the genomic surveillance of SARS-CoV-2, the virus responsible for COVID-19. Sequencing the viral genome has helped in tracking the spread of different variants and understanding their genetic characteristics, which has been essential for public health efforts, vaccine development, and treatment strategies.

NGS has been employed in studies investigating the genetic susceptibility to COVID-19 and its severity. By sequencing the genomes of affected individuals, researchers have sought to identify genetic variations associated with the risk of infection, disease progression, and response to treatment.

However, while NGS testing shot up in the research laboratories studying the transmission of the SARS-CoV-2 virus, NGS testing in the clinical setting witnessed a significant drop. The global supply chain for NGS instruments, consumables, and reagents experienced severe disruptions due to the pandemic.

Manufacturing and shipping delays impacted the availability of NGS products and tests, especially in developing regions such as the Middle East, Africa, or Rest-of-the-World.

Market Segmentation

• The global NGS market (by offering) is expected to be dominated by the consumables segment.
• The global NGS market (by company) is expected to be dominated by Illumina, Inc.
• The global NGS market (by throughput) is expected to be dominated by the high- and ultra-high throughput segment.
• The global NGS market (by technology type) is expected to be dominated by the sequencing by synthesis segment.
• The global NGS market (by sequencing) is expected to be dominated by the targeted sequencing segment.
• The global NGS market (by application) is expected to be dominated by the research segment. Within further sub-segmentation, the market is expected to be dominated by the oncology segment.
• The global NGS market (by end user) is expected to be dominated by the academic and research insitutes segment.

Recent Developments in the Global NGS Market

• In April 2023, NGeneBio signed a business agreement with Agilent Technologies, Inc.'s Korea-based subsidiary, to expand the NGS precision diagnosis in South Korea and abroad.
• In March 2023, Sophia Genetics partnered with Agilent Technologies Inc. to integrate its Sophia DDM Platform with Agilent Technologies Inc.'s research-use-only SureSelect Cancer Comprehensive Genomic Profiling (CGP) assay kit.
• In March 2023, Thermo Fisher Scientific Inc. collaborated with Pfizer to expand access to NGS-based lung and breast cancer testing in more than 30 countries.

Key Companies Profiled

• BGI Group
• Illumina, Inc.
• Thermo Fisher Scientific Inc.
• Pacific Biosciences of California, Inc.
• Oxford Nanopore Technologies plc.
• Agilent Technologies, Inc.
• Qiagen N.V.
• Pillar Biosciences
• Burning Rock Biotech Limited
• Singular Genomics Systems, Inc.
• DANAHER Corporation
• F. Hoffmann-La Roche Ltd
• Twist Bioscience Corporation
• Revvity, Inc.
• Centogene N.V.
• Element Biosciences
• Ultima Genomics
• Genes2me
• LifeStrands Genomics Pte. Ltd.
• Alithea Genomics
• Real Seq Biosciences

Market Dynamics

Business Drivers

• Decreasing Cost of Genome Sequencing
• Potential of NGS in the Field of Oncology Research and as a Companion Diagnostic for Oncology in Clinical Settings
• Growing Number of Population-Wide Sequencing Studies and Government Initiatives to Integrate NGS in Healthcare
• Advantages of NGS Technology over Other Technologies

Business Restraints

• Concerns Surrounding the Privacy of Patient Genomic Data
• Lack of Complete Reimbursement Coverage for NGS Testing

Business Opportunities

• Evolving Regulatory Landscape for Clinical NGS
• Growing Number of Gene Mutations across Various Diseases

Industry Outlook

NGS: Overview

• Historical Trends
• Comparative Analysis of Various Technologies
• Global NGS Market: Overview
• Emerging NGS Technologies
• In-Situ Sequencing
• Microscopy-Based Sequencing

Future of Ultra-High Throughput NGS

• Current Market Scenario
• For Researchers
• For Diagnostics
• COVID-19 Impact on the Global NGS Market

Supply Chain Analysis

Key Entities in Supply Chain

Research Publications

Primary Insights

Pricing Analysis

For more information about this report visit https://www.researchandmarkets.com/r/3acvv1

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets