2024 Global Next Generation Sequencing Market Report: Key Drivers, Size, and Leading Segments
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What Growth Rate is Predicted for the Next Generation Sequencing Market for 2024-2033?
In recent times, the size of the next generation sequencing market has experienced accelerated growth. The market, which will expand from $10.44 billion in 2023 to $11.83 billion in 2024, is projected to register a compound annual growth rate (CAGR) of 13.3%. This historical growth has been driven by factors such as increased funding, amplified healthcare spending, expansion in emerging markets, swift technological advancements, and a rapidly aging population.
The market for next generation sequencing is projected to experience swift expansion in the coming years, reaching a value of $19.75 billion by 2028 with a CAGR of 13.7%. This anticipated growth during the forecast period is linked to factors such as an aging populace, enhanced access to healthcare, the increasing occurrence of chronic ailments, and a heightened demand for next generation sequencing because of the Covid-19 pandemic. Key trends expected during the forecast period include leveraging artificial intelligence to minimize costs and time, cost-effectively researching rare diseases to maintain an advantage over alternative technologies, utilizing next-generation sequencing methods for newborn screening, and embracing big data technologies to analyze vast amounts of genomic data.
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What Drivers Are Enhancing the next generation sequencing Market’s Growth?
The proliferation of chronic illnesses like cancer, AIDS, and thalassemia has propagated the growth of the next-generation sequencing market. An escalation in long-term health issues globally – fueled by an aging population and societal behavior changes – is noted for its prevalence and significant financial burdens. Researchers and clinicians extensively use Next-generation sequencing (NGS) for various cancer studies to detect biomarkers that help steer treatment protocols. The World Health Organization anticipates a significant surge in the incidence of chronic diseases. Therefore, the escalation in the number of chronic disease cases will heighten the need for NGS sequencing and will likely propel revenue generation in the next generation sequencing market.
What Segments Are Central to the Next Generation Sequencing Market?
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
What Emerging Trends Are Influencing Next Generation Sequencing Industry Dynamics?
Leading corporations in the next generation sequencing market are adopting innovative technologies like the AVENIO Edge System to boost their market profitability. This system is a fully automated mechanism for handling all steps in preparing samples for next-generation sequencing (NGS), including target enrichment, pooling, normalizing, and quantification. For example, in December 2021, Roche Holding AG, a pharmaceutical company based in Switzerland, released the AVENIO Edge System which is used for pooling, normalizing, quantifying, and target enrichment. The AVENIO Edge System allows scientists to focus on data analysis and interpretation, as it is developed to provide high-end sequencing results with minimal manual involvement.
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Which Geographic Locations Are Critical to the Growth of the Next Generation Sequencing Market?
North America was the largest region in the next generation sequencing market in 2023. 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
The Next Generation Sequencing 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 market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Next Generation Sequencing Market Include
1. Next Generation Sequencing Market Executive Summary
2. Next Generation Sequencing Market Segments
3. Next Generation Sequencing Market Size And Template Market Growth Rate
4. Key Next Generation Sequencing Market Trends
5. Major Next Generation Sequencing Market Drivers
……
25. Key Mergers And Acquisitions In The Next Generation Sequencing Market
26. Top Next Generation Sequencing Companies
27. Next Generation Sequencing Market Opportunities And Strategies
28. Next Generation Sequencing Market, Conclusions And Recommendations
29. Appendix
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