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The next generation sequencing market is expected to reach $12.61 billion in 2023 at a rate of 17.2%. The growth is mainly due to the growing number of chronic diseases and government initiatives. The market is expected to grow from $12.61 billion in 2023 to $17.76 billion in 2025 at a CAGR of 18.7%. The market is expected to grow and reach $40.30 billion in 2030 at a CAGR of 17.81%.
The next-generation sequencing market consists of sales of devices/equipment used, along with reagents and software in next-generation sequencing and related services by entities (organizations, sole traders, and partnerships) that manufacture next-generation sequencing equipment.
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Next Generation Sequencing Market Driver
Rise in funding from governments and private organizations drove the market for next-generation sequencing technology during the historic period. Next-generation sequencing technology’s increasing applications in disease diagnosis and precision medicine attracted funding from government and private organizations.
Next-Generation Sequencing Market Trends
Artificial Intelligence (AI) is increasingly being used within genomics across next-generation sequencing workflow analysis, including primary, secondary, and tertiary analysis. It is important for the researchers to decide on the number of base pair reads needed to obtain optimal coverage across the genome.
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Opportunities And Recommendations For The Next-Generation Sequencing Market
Opportunities – The top opportunities in the next generation sequencing market segmented by product will arise in the kits and consumables segment. The top opportunities in the next generation sequencing market segmented by application will arise in the drug discovery segment. The top opportunities in the next generation sequencing market segmented by technology will arise in the ion semiconductor sequencing segment. The next generation sequencing market size will gain the most in the USA. Market-trend-based strategies for the next generation sequencing market includes focusing on using artificial intelligence to reduce costs and time, studying rare diseases in a cost-effective manner to maintain a competitive edge over other technologies, offering NGS technologies for newborn screening and adopting big data technologies to analyze large genomic data. Player-adopted strategies in the next generation sequencing market include investing in expanding operations through innovative product launches, and in acquisitions and mergers to strengthen their service offerings.
Recommendations – The Business Research Company recommends that next-generation sequencing market companies to focus on Artificial Intelligence, invest in big data, expand in emerging markets, focus on premium pricing, and focus on increasing awareness of the benefits of next generation sequencing.
Major Players And Regions Of The Next Generation Sequencing Market
Major players in the next-generation sequencing market are Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Agilent Technologies, Inc., Pacific Biosciences of California Inc.
The Next Generation Sequencing Market Report 2022 – Opportunities And Strategies – Global Forecast To 2030 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the next-generation sequencing market.
Next Generation Sequencing Market Segmentation By The Business Research Company
1) By Product Type: Kits And Consumables, Software, Instruments
2) By Technology: Ion Semiconductor Sequencing, Sequencing by Synthesis, Single-molecule Real-time Sequencing, Other Sequencing Technologies, Nanopore Sequencing
3) By Application: Drug Discovery, Diagnostics, Other Applications, Telepsychiatry
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