Growing applications in various fields such as genomics, oncology, agriculture, and infectious disease research, technological advancements and increasing demand for personalized medicine drive the growth of the global next generation sequencing market.

PORTLAND, Ore., May 14, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Next Generation Sequencing Market By Product (Consumables, Platforms, and Services), Application (Diagnostics, Biomarkers And Cancer, Reproductive Health, Personalized Medicine, Agriculture and Animal Research, and Others), Technology (Sequencing By Synthesis (SBS), Ion Semiconductor Sequencing (IOS), Sequencing By Ligation (SBL), Pyrosequencing, Single-Molecule-Real-Time Sequencing (SMRT), and Others), and End User (Academic And Clinical Research Centers, Pharmaceutical And Biotechnology Companies, Hospitals and Clinics, and Others): Global Opportunity Analysis And Industry Forecast, 2024-2035". According to the report, the global next generation sequencing market was valued at $13 billion in 2023 and is estimated to reach $97.8 billion by 2035, exhibiting a CAGR of 18.3% from 2024 to 2035.

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Prime determinants of growth

Growth in adoption of next generation sequencing, advancements in technologies and presence of key players are the factors that drive the growth of the global next generation sequencing market. However, complexity in data analysis and interpretation, requiring skilled bioinformatics expertise is anticipated to hinder market growth. On the contrary, a rise in healthcare expansion is expected to offer remunerative opportunities for the next generation sequencing market during the forecast period.

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The consumables segment to maintain its lead position during the forecast period.

By product, the consumables segment accounted for the largest share in 2023, accounting for more than two-thirds of the global next generation sequencing market revenue. This is attributed to the recurring nature of consumable purchases, such as reagents, cartridges, and other materials necessary for sequencing experiments, which ensures a steady revenue stream for sequencing companies. Additionally, the growing adoption of sequencing technologies across research, clinical, and industrial settings increases the demand for consumables.

However, the services segment is projected to register the highest CAGR of 19.3% during the forecast period. As the adoption of next-generation sequencing (NGS) technologies increases, there's a parallel rise in demand for associated services such as sequencing data analysis, interpretation, and consulting. Additionally, outsourcing sequencing tasks to specialized service providers offers cost-efficiency and expertise, further driving the growth of this segment.

The biomarkers & cancer segment to maintain its lead position during the forecast period.

By application, the biomarkers & cancer segment accounted for the largest share in 2023, accounting for more than one-third of the global next generation sequencing market revenue. Next-generation sequencing (NGS) plays a pivotal role in identifying genetic biomarkers for cancer diagnosis, prognosis, and treatment selection. With advancements in NGS technology, the segment continues to thrive, offering tailored approaches to cancer management, driving its sustained leadership in revenue during the forecast period.

However, the agriculture and animal research segment is projected to register the highest CAGR of 20.0% during the forecast period. Next-generation sequencing (NGS) technologies are increasingly utilized in agriculture and animal research for genome analysis, trait mapping, and breeding programs. The efficiency and precision of NGS enable accelerated genetic improvement in crops and livestock, addressing challenges such as food security and disease resistance. This drives the segment's rapid growth, presenting transformative opportunities in agricultural innovation and animal science.

The sequencing by synthesis segment to maintain its lead position during the forecast period.

By technology, the sequencing by synthesis segment accounted for the largest share in 2023, accounting for two-thirds of the global next generation sequencing market revenue. This is attributed to its efficiency in generating high-quality sequencing data at scale, meeting the increasing demand for rapid and economic genomic analysis in diverse applications.

However, the pyrosequencing segment is projected to register highest CAGR of 20.3% during the forecast period. This is attributed to increase in the prevalence of chronic diseases and rise in demand for personalized medicine. This technology has various advantages such as faster detection technique and short reading time are further driving the segment growth.

The academic & research centers segment to maintain its lead position during the forecast period.

By end user, the academic & research centers segment accounted for the largest share in 2023, accounting for more than two-fifths of the global next generation sequencing market revenue, owing to increase in the prevalence of genetic diseases, increased application-based usage in these institutes, and rise in oncology research.

However, the pharmaceutical and biotechnology companies segment is projected to register the highest CAGR of 19.3% during the forecast period. This is attributed to the increasing demand for personalized medicine and targeted therapies, which rely heavily on genomics and molecular diagnostics. Pharmaceutical and biotechnology companies are investing heavily in genomic research to develop tailored treatments for various diseases, including cancer, rare genetic disorders, and infectious diseases.

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North America is expected to maintain its dominance by 2035.

Based on region, North America held the highest market share in terms of revenue in 2023, accounting for almost half of the global next generation sequencing market revenue. This is primarily attributed to the rise in adoption of technologically advanced next generation sequencing, developed healthcare infrastructure, and increase in patient awareness about precision medicine.

However, Asia-Pacific is projected to register the highest CAGR of 19.9% during the forecast period. This is attributed to the surge in demand for sophisticated next generation sequencing, large number of healthcare reforms, high prevalence of genetic disorders, and increase in the focus of key players to develop technologically advanced & cost-effective technologies.

Leading Market Players: -

• Illumina Inc.
• F. Hoffmann-La Roche AG
• Qiagen N.V
• ABGI group
• PerkinElmer, Inc
• Agilent Technologies, Inc.
• Pacific Biosciences of California
• Thermo Fisher Scientific Inc.
• Precigen Inc

The report provides a detailed analysis of these key players in the global next generation sequencing market. These players have adopted different strategies such as product launch, product development, and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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