Next Generation Sequencing Market Forecast and Analysis: Key Insights into Growth, Trends, and Emerging Opportunities
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How Will the Growth Rate of the Next Generation Sequencing Market Shape Industry Trends by 2034?
The market size of next generation sequencing has seen a steep rise in the recent past. The projected growth is from $14.52 billion in 2024, escalating to $17.21 billion in 2025, setting a compound annual growth rate (CAGR) at 18.5%. Factors contributing to this accelerated growth in the historic period include increased funding, heightened spending on healthcare, expansion of emerging markets, swift advances in technology, and burgeoning elderly population rate.
The market size for next generation sequencing is projected to experience swift expansion in the coming years. Forecasts anticipate the market will reach a value of $33.89 billion by 2029, with a compound annual growth rate (CAGR) of 18.5%. This growth over the forecast period can be ascribed to factors such as an aging population, increased access to healthcare, a rising incidence of chronic diseases, and a surge in demand for next generation sequencing due to the COVID-19 pandemic. Key trends to look out for during this forecast period include the utilization of artificial intelligence to lessen costs and time, cost-effective research on rare diseases to guarantee a competitive advantage over other technologies, the provision of NGS technologies for newborn screening, and embracing big data technologies to scrutinize extensive genomic data.
What Combination of Drivers Is Leading to Accelerated Growth in the next generation sequencing Market?
An upsurge in chronic diseases such as cancer, AIDS, and thalassemia has been instrumental in driving the growth of the next-generation sequencing market. This increase in chronic illnesses worldwide, which can be attributed to factors such as ageing populations and changing social behaviors, has led to a progressive surge in these pervasive and costly long-term health conditions. Researchers and clinicians make use of the highly versatile next-generation sequencing (NGS) tool in a variety of cancer studies to identify biomarkers that provide direction for treatment. Anticipated increases in the prevalence of chronic illnesses, as reported by the World Health Organization, imply that the need for NGS sequencing will see a further increase. This, in turn, is expected to stimulate revenue generation and fuel the expansion of the next-generation sequencing market.
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Who Are the Key Market Players Influencing the Growth of the Next Generation Sequencing Industry?
Major companies operating in the next generation sequencing market include:
• Illumina_x000D_
• Inc._x000D_
• Thermo Fisher Scientific Inc._x000D_
• QIAGEN_x000D_
• Agilent Technologies_x000D_
What Key Market Trends Are Shaping the Future of the Next Generation Sequencing Industry?
Prominent businesses in the next-generation sequencing market are concentrating on producing groundbreaking technologies like next-generation sequencing (NGS) platform technology to boost precision, speed, and cost efficiency. Significant improvements encompass better precision, more substantial throughput, and integration of artificial intelligence for data assessment. Next-generation sequencing (NGS) platforms are innovative technologies capable of quickly and affordably sequencing DNA and RNA by simultaneously processing millions of fragments. They have numerous applications, including whole-genome sequencing and targeted resequencing, revolutionizing genomic studies and individualized medicine. For example, in April 2022, US-based biotech firm Thermo Fisher Scientific launched the IonTorrent Genexus Dx Integrated Sequencer. This device allows fast, automated next-generation sequencing in clinical labs, yielding results in as little as 24 hours. Its intuitive design and adaptability support both diagnostic testing and research, propelling precision medicine forward effectively.
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Which Primary Segments of the Next Generation Sequencing Market Are Driving Growth and Industry Transformations?
The next generation sequencing market covered in this report is segmented –
1) By Product: Instruments, Reagents And Kits, Software
2) By Technology: Sequencing by Synthesis, Ion Semiconductor Sequencing, Single-molecule Real-time Sequencing, Nanopore Sequencing, Other Sequencing Technologies
3) By Application: Diagnostics, Drug Discovery, Other Applications
Subsegments:
1) By Instruments: Sequencing Systems, Library Preparation Instruments, Quality Control Instruments
2) By Reagents And Kits: Sequencing Reagents, Library Preparation Kits, Amplification Kits
3) By Software: Data Analysis Software, Bioinformatics Software, Workflow Management Software
Which Regions Are Emerging as Leaders in the Next Generation Sequencing Market?
North America was the largest region in the next generation sequencing market in 2024. Asia-Pacific was the second largest region in the global next generation sequencing market share. The regions covered in the next generation sequencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
How Is the Next Generation Sequencing Market Defined Across Different Regions?
Next-generation sequencing is a sequencing technology that offers ultra-high throughput, scalability, and speed. The technology is used to determine the genetic variation associated with diseases or other biological phenomena.
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