Unlocking Opportunities in the Next Generation Sequencing Market: Key Trends, Market Growth, and Forecast Insights
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What Factors Are Propelling the Market Growth of theNext Generation Sequencing Market from 2025 to 2034?
The escalation in instances of chronic diseases like cancer, AIDS, and thalassemia has been a substantial factor in the expansion of the next-generation sequencing market. Global increases in chronic health conditions can be attributed to an aging demographic and changes in societal behavior, both of which are contributing to the gradual rise in these widespread and costly long-term medical problems. Researchers and clinicians employ next-generation sequencing (NGS), a powerful tool in various cancer studies, to identify biomarkers that provide treatment guidance. The World Health Organization predicts a significant rise in the incidence of chronic diseases. As such, the increasing prevalence of such conditions will escalate the demand for NGS sequencing, consequently driving growth in the revenues of the next-generation sequencing market.
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#How Will the CAGR of the Next Generation Sequencing Market Influence Its Overall Growth by 2034?
The size of the next generation sequencing market has witnessed a rapid expansion in the past few years. Projected to escalate from $14.52 billion in 2024 to $17.21 billion in 2025, it is expected to show a compound annual growth rate (CAGR) of 18.5%. This growth during the historic period can be credited to an increase in funding, enhanced expenditure on healthcare, development in emerging markets, rapid advancements in technology, and a fast-growing elderly population.
The market size of next-generation sequencing is anticipated to witness swift expansion in the upcoming years, escalating to $33.89 billion in 2029 at a compound annual growth rate (CAGR) of 18.5%. The predicted expansion during the estimated period is linked to an aging population, better healthcare accessibility, the growing incidence of chronic ailments, and the surging demand for next-generation sequencing due to COVID-19. Key trends expected to shape the forecasted period include leveraging artificial intelligence to cut costs and time, examining rare diseases economically to stay competitive against other technologies, providing NGS technologies for newborn screening, and implementing big data technologies for the analysis of vast genomic data.
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How Are Market Trends and Innovations Revolutionizing theNext Generation Sequencing Industry in Recent Times?
Leading firms in the next-generation sequencing sector are investing in technological advancement, specifically next-generation sequencing (NGS) platforms, to boost accuracy, speed, and cost-efficiency. The primary enhancements include amplified precision, increased throughput, and artificial intelligence (AI) augmented data analysis. NGS platforms are state-of-the-art tools that allow swift and economical sequencing of DNA and RNA by processing millions of fragments simultaneously. They play a fundamental role in several applications such as whole-genome sequencing and targeted resequencing, revolutionizing genomic research and personalized medicine. For example, in April 2022, the American biotech firm Thermo Fisher Scientific, released an IonTorrent Genexus Dx Integrated Sequencer. This tool facilitates speedy and automated next-generation sequencing in clinical labs, producing results in approximately 24 hours. The device’s user-friendly structure and versatility accommodate both diagnostic tests and research, effectively propelling precision medicine forward.
Which Key Market Players Are Shaping the Future and Growth of theNext Generation Sequencing Market?
Major companies operating in the next generation sequencing market include Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Agilent Technologies, Inc., Pacific Biosciences of California Inc., Oxford Nanopore Technologies, 10x Genomics, Bio-Rad Laboratories, Inc., MGI Tech Co., Ltd., Oxford Gene Technology, Hoffmann-La Roche Ltd, BGI, PerkinElmer Inc., Macrogen Inc., Genotypic Technology Pvt. Ltd., Beijing Genomics Institute, SciGenom Labs Pvt. Ltd (India), Dante Labs, Roche, First Genetics JCS, Helix, Tempus, Massive Bio, Genetricsinc and King Abdullah International Medical Research Center, Inqaba biotec
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What Are the Core Segments of the Next Generation Sequencing Market, and How Do They Contribute to Growth?
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
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What Regions Are Dominating the Next Generation Sequencing Market Growth?
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
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