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As per The Business Research Company’s Next Generation Sequencing Global Market Report 2023, The global next generation sequencing market is expected to grow from $9.22 billion in 2022 to $10.44 billion in 2023 at a compound annual growth rate (CAGR) of 13.3%. The market size of the global next generation sequencing is expected to grow to $17.32 billion in 2027 at a CAGR of 13.5%.

What was the major driver in the next generation sequencing market?
The growing number of cases with chronic conditions such as cancer, AIDS, and thalassemia contributed to the growth of the next-generation sequencing market. Chronic illnesses and disorders are on the rise around the world, an aging population and shifts in social behavior lead to a gradual increase in these widespread and expensive long-term medical issues. Next-generation sequencing (NGS) is a versatile development tool utilized by researchers and clinicians across various cancer studies to recognize biomarkers that give guidance on treatments. The prevalence of chronic diseases is also expected to increase significantly, according to the World Health Organization. Hence, the increase in the number of chronic disease cases will increase the requirement for NGS sequencing and boosts revenues for the growth of next generation sequencing market.

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What was the key trend in the next generation sequencing market?
Technological advances are shaping the next generation sequencing market. Major companies operating in the sequencing industry are focusing on developing technologically advanced solutions for next-generation sequencing. For instance, in 2020, Thermo Fisher Scientific introduced hematology-oncology assays for the Ion Torrent Genexus System, which authorize simultaneous analysis of DNA mutations and RNA fusion transcripts in myeloid samples in a single day and also enabled further in which turnaround times for next-generation sequencing (NGS) results could be reduced to less than 24 hours. It also offers researchers the ability to profile 40 DNA targets and 29 fusion driver genes, authorizing observing more than 600 fusion isotypes to recognize biomarkers associated with myeloproliferative neoplasm, acute myeloid leukemia.

Which was the largest region in the next generation sequencing market?
North America was the largest region in the next generation sequencing market in 2022. Asia-Pacific was the second largest region in the global next generation sequencing market share. The regions covered in the global next generation sequencing market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Who are the next generation sequencing market prominent players?
Major players in the next generation sequencing market are Illumina Inc., Thermo Fisher Scientific Inc., BGI Group, Agilent Technologies Inc., Qiagen N.V., Hoffmann-La Roche AG, Eurofins Scientific, Oxford Nanopore Technologies, Pacific Biosciences, and 10x Genomics.

Key next generation sequencing market segments
The global next generation sequencing market is segmented –
1) By Product: NextSeq Systems, MiniSeq Systems, NovaSeq Systems, iSeq 100 Systems, Ion PGM Systems, Ion Proton Systems, Ion GeneStudio S5 Systems, PacBio RS II Systems, Sequel Systems, Other Products
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

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The Next Generation Sequencing Global Market Report 2023  provides a comprehensive overview on the next generation sequencing market size, trends and drivers, opportunities, strategies, and companies analysis. Through our reports businesses can effectively analyze data and frame well-informed strategies

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