Next-generation Sequencing (NGS) Market Report 2023: Improving Regulatory and Reimbursement Scenarios for NGS-Based Diagnostic Tests Boosts Sector

DUBLIN, Feb. 14, 2023 /PRNewswire/ -- The "Next-generation Sequencing (NGS) Market by Product & Service (Consumables, Platforms, Services), Technology (SBS, Nanopore), Application (Diagnostic, Drug Discovery, Agriculture), End User (Pharma, Biotech, Academic) - Global Forecast to 2027" report has been added to  ResearchAndMarkets.com's offering.

The global next-generation sequencing market is projected to reach USD 27.0 billion by 2027 from USD 13.0 billion in 2022, at a CAGR of 15.7% during the forecast period of 2022 to 2027. Increasing applications of NGS in cancer research, the growing incidence of cancer and the launch of new NGS platforms and consumables are some factors projected to drive the growth of the NGS market.

Consumables segment accounted for the largest share of the next-generation sequencing market

On the basis of product & service, the next-generation sequencing market is segmented into NGS consumables, sequencing services, presequencing products & services, NGS platforms, services for NGS platforms, and bioinformatics. In 2021, NGS consumables accounted for the largest share, owing to the recent launch of new reagents and kits, and increasing in number of R&D activities in genomics.

Sequencing by synthesis segment accounted for the largest share of the next-generation sequencing market

Based on technology, the next-generation sequencing market is segmented into sequencing by synthesis, ion semiconductor sequencing, nanopore sequencing, single-molecule real-time sequencing, and other sequencing technologies. In 2021, the sequencing by synthesis segment grabbed the largest share of the NGS market owing to launch of new NGS platforms based on sequencing by synthesis technology.

The prominent players in NGS market are Illumina (US), Thermo Fisher Scientific (US), PerkinElmer (US), BGI Group (China), Agilent Technologies (US), Eurofins Scientific (Luxembourg), Pacific Biosciences (US), Oxford Nanopore Technologies (UK), QIAGEN (Netherlands), F. Hoffmann-La Roche AG (Switzerland), Brooks Automation (US), Psomagen, Inc. (US), 10x Genomics (US), Tecan Group (Switzerland), Zymo Research (US), Takara Bio (Japan), Promega Corporation (US), CD Genomics (US), New England Biolabs (US), and Novogene Corporation (China). Other players in the market include Hamilton Company (US), MedGenome (US), Becton, Dickinson and Company (US), Genotypic Technology (India), and LGC Limited (US).

North America: Accounted for the largest share in the next-generation sequencing market

North America accounted for the largest share of the next-generation sequencing market. Factors such as the availability of research funding and the development of NGS data analysis solutions are the major factors driving the market growth.

Market Dynamics

Drivers

• Advancements in NGS Platforms
• Declining Cost of Genome Sequencing
• Improving Regulatory and Reimbursement Scenarios for NGS-Based Diagnostic Tests
• Growing Incidence of Cancer and Increasing Applications of Next-Generation Sequencing in Cancer Research

Restraints

• End-User Budget Constraints in Developing Countries

Opportunities

• Application of NGS in Precision Medicine and Molecular Diagnostics
• Government and Private Support for Large-Scale Sequencing
• Advancements in NGS Data Analysis Using Big Data
• Development of Portable Sequencing Technologies
• Partnerships and Collaborations for Technological Advancements in NGS

Challenges

• Interpretation of Complex Data from NGS Platforms
• Ethical Issues
• Introduction of Alternative Technologies

Companies Mentioned

• 10X Genomics
• Agilent Technologies, Inc.
• Becton, Dickinson and Company
• Bgi Group
• Brooks Automation, Inc.
• Cd Genomics
• Cosmosid, Inc.
• Eurofins Scientific
• F. Hoffmann-La Roche Ag
• Genotypic Technology
• Hamilton Company
• Illumina, Inc.
• Lgc Limited
• Medgenome
• New England Biolabs
• Novogene Corporation Inc.
• Oxford Nanopore Technologies
• Pacific Biosciences
• Perkinelmer
• Promega Corporation
• Psomagen
• Qiagen
• Takara Bio
• Tecan Trading Group
• Thermo Fisher Scientific, Inc.
• Zymo Research

For more information about this report visit https://www.researchandmarkets.com/r/73h298-generation?w=5

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