Next Generation Sequencing Market Size Worth $25.85 Billion by 2028 | CAGR: 11.7% | Polaris Market Research

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Feb 01, 2021, 07:30 ET

NEW YORK, Feb. 1, 2021 /PRNewswire/ -- The global next generation sequencing market expected to reach US$ 25.85 billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 11.7% From 2021 – 2028. The increasing prevalence of chronic diseases and the launch of several high budget genomics projects are fostering the growth of the next-generation sequencing market. In addition to this, the rising adoption of NGS technology by biopharmaceutical and pharmaceutical companies in major economies is expected to positively influence the market growth. Increasing government support through quick product approvals and favorable reimbursement policies for diagnostic tests is anticipated to create new growth avenues for the next-generation sequencing market. Moreover, rising R&D activities for developing advanced therapies to be utilized during the treatment of genetic diseases will propel the demand for NGS techniques during the forecast period.

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Key Developments & Major Trends:

The reagents & consumables segment is expected to witness substantial growth during the forecast period. Consumables such as pipettes, readers, vials, tips, and deep well plates are frequently used during various experiments. Additionally, currently available consumables offer high precision and efficiency, therefore mostly preferred by pharmaceutical and biotechnology companies.
The exome sequencing segment is estimated to account for a larger proportion in the global market for next generation sequencing. The key potential of exome sequencing helps scientists to find out genes that may pose the risk of a person developing a disorder. Furthermore, market players involved in the manufacturing of NGS equipment have come up with innovative exome sequencing solutions.
The services segment is predicted to witness remarkable growth over the forecast period, owing to a major reduction in the cost of sequencing due to the adoption of NGS and availability of reimbursement policies. Outsourcing of next-generation sequencing services takes out the need for investing more additional resources and enables the company's healthcare professionals to focus on other research activities.
Academic research entities contributed the largest revenue share in the global market, on account of increased use of next-generation sequencing platforms by institutes and universities across the globe. Some of the leading universities such as the University of Chicago, University of Pittsburgh, and Johns Hopkins University use NGS to drive basic research programs.
Illumina, Inc., a leading American company has received FDA's grant as Emergency Use Authorization (EUA) for the company's next-generation sequencing test specifically developed to identify novel coronavirus causing COVID-19. This test is an advanced version of the tests developed by the ARTIC Network.

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Regional Outlook:

In North America, the next-generation sequencing market is projected to expand gradually owing to rising cases of cancer, increasing emphasis on precision medicines, and the active presence of leading manufacturers. Asia Pacific's regional market is expected to experience substantial growth due to rapid development in NGS bioinformatics, increasing cases of chronic diseases, and improving healthcare infrastructure. In Europe, the market is anticipated to have a positive environment on account of the rising adoption of genetic tests and increasing investments by major players in regional projects.

Competitive Insight

Several key players have marked their presence in the market with major cost-effective product launches. Companies are collaborating with research entities to develop solutions for various diseases by adopting next-generation sequencing platforms. Currently, the global market is dominated by QIAGEN; PierianDx; Eurofins GATC Biotech GmbH; Roche Ltd.; Oxford Nanopore Technologies; Perkin Elmer, Inc.; Thermo Fisher Scientific Inc.; Genomatix GmbH; DNASTAR, Inc.; BGI; and Bio-Rad Laboratories, Inc.

Target Audience

Supply Side: Healthcare Companies
Demand Side: Biopharmaceutical Companies, Research Laboratories, Academic Medical Centers
Regulatory Side: World Health Organization (WHO)
Associations and Industry Bodies: Food and Drug Associate (FDA)

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Polaris Market Research has segmented the next generation sequencing market report on the basis of application, technology, product, end-use and region

Next Generation Sequencing, Application Outlook (Revenue – USD Million, 2016 – 2028)

Drug Discovery/Personalized Medicine
Genetic Screening
Diagnostics/Infectious Diseases
Agricultural & Animal Research
Others

Next Generation Sequencing, Technology Outlook (Revenue – USD Million, 2016 – 2028)

Whole Genome Sequencing
Targeted Sequencing & Re-sequencing
Whole Exome Sequencing
RNA Sequencing
Chip Sequencing
De Novo Sequencing
Methyl Sequencing

Next Generation Sequencing, Product Outlook (Revenue – USD Million, 2016 – 2028)

Instruments
Reagents & Consumables
Services

Next Generation Sequencing, End-Use Outlook (Revenue – USD Million, 2016 – 2028)

Healthcare Institutions
Academics
Biotech & Pharma Firms
Others

Next Generation Sequencing, Regional Outlook (Revenue – USD Million, 2016 – 2028)

North America

U.S.
Canada

Europe

France
Germany
UK
Italy
Spain
Netherlands
Austria

Asia Pacific

China
India
Japan
Malaysia
South Korea
Indonesia

Central & South America

Mexico
Brazil
Argentina

Middle East & Africa

UAE
Saudi Arabia
Israel
South Africa

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About Polaris Market Research

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