In-Depth Insights into the Next Generation Sequencing Market: Growth, Trends, and Opportunities for 2025-2034
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What key factors are powering the surge in the next generation sequencing market right now?
The market size for next generation sequencing has seen a swift evolution in the past years. The growth is projected to soar from $14.52 billion in 2024 to $17.21 billion in 2025, indicating a compound annual growth rate (CAGR) of 18.5%. The upswing during the historic period is credited to the surge in funding, amplified expenditure in healthcare, development in emerging markets, swift advancements in technology, and the escalating growth of the aging population.
How fast Is the next generation sequencing market expected to grow, and what’s its future value?
The market size of laser cutting machines is anticipated to witness robust expansion in the upcoming years, with projections indicating a growth to $9.01 billion by 2029 and a compound annual growth rate (CAGR) of 10.0%. The forecast period’s growth is linked with the transition to multifunctional and compact systems, the demand for precision engineering, the penetration of the market in developing economies, developments in material handling, and a focus on environmental sustainability. The forthcoming period is expected to see trends such as the application of fiber laser technology, the rise of automation and integration, power and speed enhancements, growth in industrial application, and an emphasized focus on customization and personalization.
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What are the leading drivers of growth in the next generation sequencing market?
The escalation in the count of individuals suffering from chronic diseases like cancer, AIDS and thalassemia has been a contributing factor to the expansion of the next-generation sequencing market. The surge in chronic health issues globally, triggered by social behaviour changes and an aging demography, has gradually resulted in the increase in these extensive and costly long-term health problems. Researchers and clinicians often leverage Next-Generation Sequencing (NGS) as a powerful tool in numerous cancer studies to identify biomarkers that facilitate the decision-making process for treatments. The WHO anticipates a substantial escalation in the occurrence rates of these chronic diseases. Consequently, the surge in chronic disease cases will heighten the demand for NGS sequencing, thereby catalyzing revenue increments for the growth of the next-generation sequencing market.
What are the key segments defining the next generation sequencing market?
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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Who are the key players steering the development of the next 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
What emerging trends are influencing the growth of the next generation sequencing market?
Leading corporations active in the next-generation sequencing market are concentrating their efforts on the development of cutting-edge technologies such as next-generation sequencing (NGS) platform technology to increase speed, accuracy, and affordability. Key innovations include enhanced precision, greater throughput, and the integration of AI for data interpretation. Next-generation sequencing (NGS) platforms are sophisticated technologies that allow quick and affordable sequencing of DNA and RNA by processing millions of fragments all at once. They have various applications, including complete genome sequencing and target resequencing, revolutionizing genomic research and individualized medicine. For example, in April 2022, Thermo Fisher Scientific, a biotechnology firm based in the US, introduced the IonTorrent Genexus Dx Integrated Sequencer, a tool that facilitates swift, automated next-generation sequencing in clinical laboratories and delivers results in as little as 24 hours. With its user-friendly design and versatility, it caters to both diagnostic testing and research needs, thereby effectively propelling the advancement of precision medicine.
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Which regions are most influential in expanding 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
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