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2024-2033 Forecast: What is the Projected Growth Rate for the Next-Generation Sequencing Data Analysis Market?

The market size of the next-generation sequencing data analysis has experienced substantial growth in the past few years. The market is projected to expand from $1 billion in 2023 to about $1.21 billion in 2024, boasting a compound annual growth rate (CAGR) of 21.6%. The impressive growth during the historical period can be linked to its growing utilization for the detection of pathogens, its adoption in research and veterinary diagnostics, its increasing employment for diagnosis of uncommon genetic disorders, a heightened focus on microbiome research, and its escalated usage in pharmacogenomics.

Anticipated to experience significant growth in the coming years, the next-generation sequencing data analysis market is predicted to reach a market valuation of $2.66 billion by 2028, with an impressive compound annual growth rate (CAGR) of 21.8%. Such upturn during the forecast period can be associated with increased efforts to incorporate genomics in healthcare, the education of healthcare professionals about genomics, greater emphasis on public health monitoring, lower sequencing costs, and an escalating interest in epigenetic research. The forecast period is also expected to witness significant trends such as progress in single-cell sequencing, automation advancements in NGS data analysis, growth in NGS data view tools, utilization of blockchain technology and developments in hybrid sequencing techniques.

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What Are the Main Drivers Behind the Growth of the next-generation sequencing data analysis Market?

The surge in cancer incidence is anticipated to drive the expansion of the next-generation sequencing data analysis market. Cancer is defined as a class of diseases marked by unregulated growth and proliferation of irregular cells in the human body, which can lead to severe health issues or mortality if untreated. Bad lifestyle choices such as tobacco use, excessive alcohol intake, and a diet high in processed food but low in vegetables and fruits may considerably heighten the cancer risk. By accurately recognizing genetic changes, next-generation sequencing data analysis can improve cancer care, contributing to bespoke treatments and efficient treatment plans tailored to a person’s distinctive genetic makeup of cancer. The World Health Organization, a Swiss-based international agency, reported in February 2024 that by 2050, over 35 million new cancer instances were predicted, a 77% rise compared to the projected 20 million instances in 2022. Consequently, the climbing cancer incidence is propelling the expansion of the next-generation sequencing data analysis market.

What Are the Primary Segments of the Next-Generation Sequencing Data Analysis Market?

1) By Product: Services, Next-Generation Sequencing (NGS1) Commercial Software

2) By Read Length: Short Read Sequencing, Long Read Sequencing, Very Long Read Sequencing

3) By Mode: In-House, Outsourced

4) By Workflow: Primary, Secondary, Tertiary

5) By End-User: Academic Research, Clinical Research, Hospitals And Clinics, Pharma And Biotech Entities, Other End-Users

Which Trends Are Revolutionizing the Next-Generation Sequencing Data Analysis Market?

Leading firms in the next-generation sequencing data analysis market are working towards the creation of enhanced secondary analysis bioinformatics software, to facilitate swift and accurate detection of genetic variants for research and medical uses. This software processes unprocessed data from next-generation sequencing (NGS), converting it into formats such as variant call files (VCF) that explain genetic variants. The software makes the examination of NGS data for research and clinical uses more effective. For instance, QIAGEN Digital Insights, an American bioinformatics firm under QIAGEN, introduced the QIAGEN CLC Genomics Workbench Premium featuring LightSpeed technology in January 2024. The software fast-tracks next-generation sequencing (NGS) for somatic cancer analysis and expedites the processing of whole genome sequencing (WGS) samples. It’s capable of analysing 34x human genomes in 25 minutes and 50x exomes in 90 seconds using LightSpeed technology, which proficiently changes raw FASTQ data into formats that can be interpreted. With low costs of around $1 for genomes and just a few cents for exomes using cloud structure, it’s a cost-efficient solution for high-capacity labs. The software can be run on regular hardware or on cloud systems and delivers high accuracy, making it perfect for clinical uses, while also reducing its environmental impact.

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Which Geographical Regions Are Pioneering Growth in the Next-Generation Sequencing Data Analysis Market?

North America was the largest region in the next-generation sequencing data analysis market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the next-generation sequencing data analysis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Next-Generation Sequencing Data Analysis Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the next-generation sequencing data analysis market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Next-Generation Sequencing Data Analysis Market Include

1. Next-Generation Sequencing Data Analysis Market Executive Summary

2. Next-Generation Sequencing Data Analysis Market Segments

3. Next-Generation Sequencing Data Analysis Market Size And Template Market Growth Rate

4. Key Next-Generation Sequencing Data Analysis Market Trends

5. Major Next-Generation Sequencing Data Analysis Market Drivers

……

25. Key Mergers And Acquisitions In The Next-Generation Sequencing Data Analysis Market

26. Top Next-Generation Sequencing Data Analysis Companies

27. Next-Generation Sequencing Data Analysis Market Opportunities And Strategies

28. Next-Generation Sequencing Data Analysis Market, Conclusions And Recommendations

29. Appendix

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