Discover trends, market shifts, and competitive outlooks for the next generation sequencing industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

#What is the Anticipated CAGR of the Next Generation Sequencing Market, and What Factors Will Drive It?

In recent times, the market size for next generation sequencing has expanded at a fast pace. There is an expected growth from $14.52 billion in 2024 to $17.21 billion in 2025, signifying a compound annual growth rate (CAGR) of 18.5%. The growth experienced in the past period is due to factors like increased funding, a surge in healthcare spending, the emergence of growing markets, quick technological advancements, and a swift increase in the elderly population.

In the coming few years, the next generation sequencing market size is anticipated to experience a swift expansion. The market is forecasted to escalate to $33.89 billion in 2029, growing at a compound annual growth rate (CAGR) of 18.5%. Factors propelling this growth in the forecast period encompass an ageing population, increased accessibility to healthcare, a rising surge in chronic diseases and a heightened demand for next generation sequencing due to the COVID-19 pandemic. Key trends expected in the forecast period are the emphasis on the application of artificial intelligence to minimize costs and time, researching rare diseases in a cost-efficient way to stay ahead of competing technologies, offering NGS technologies for newborn screening, and embracing big data technologies for the analysis of extensive genomic data.

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Which Major Market Drivers Are Expected to Boost the Growth Potential of the Next Generation Sequencing Market?

The rise in incidences of chronic diseases like cancer, AIDS, and thalassemia is significantly impacting the expansion of the next-generation sequencing market. There’s a global increase in chronic health conditions due to factors such as aging populations and changes in societal behaviors, which subsequently escalate the prevalence and cost of long-term healthcare needs. Next-generation sequencing (NGS) proves to be an adaptable developmental platform used by scientists and healthcare providers in various oncology studies for pinpointing biomarkers that direct the course of treatment. As per the World Health Organization, chronic disease prevalence is likely to surge considerably. Therefore, the escalation in chronic disease incidents will heighten the demand for NGS sequencing and enhance the revenue capacity, hence boosting the growth of the next generation sequencing market.

Which Key Market Segments Comprise the Next Generation Sequencing Market and Drive Its Revenue 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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Which Areas Are Leading Regions in the Next Generation Sequencing Market Expansion Across the Globe?

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

What Are the Key Market Trends in theNext Generation Sequencing Market Over the Coming Years?

Prominent corporations operating within the next-generation sequencing market are concentrating on creating innovative technologies like next-generation sequencing (NGS) platform technology to improve speed, precision, and cost-efficiency. Significant advancements encompass improved precision, better throughput, and the incorporation of artificial intelligence for data evaluation. Next-generation sequencing (NGS) platforms are state-of-the-art technologies that expedite and economize the sequencing of DNA and RNA by processing countless fragments at the same time. These platforms find usage in diverse applications, including whole-genome sequencing and targeted resequencing, revolutionizing genomic research and customized medicine. An example of this is in April 2022, Thermo Fisher Scientific, a biotechnology company based in the U.S, introduced an IonTorrent Genexus Dx Integrated Sequencer. This sequencer accelerates automated next-generation sequencing in clinical labs and delivers outcomes in as few as 24 hours. The sequencer’s simplicity and flexibility boost both diagnostic testing and research, thereby efficiently propelling the advancements in precision medicine.

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How Is the Next Generation Sequencing Market Conceptually Defined?

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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