FREMONT, California, April 12, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research, titled "Global Next-Generation Sequencing Market - Analysis and Forecast, 2018-2024", the global next-generation sequencing (NGS) market was valued at $4.25 billion in 2017, and is projected to grow over $9.92 billion by 2024. The global next-generation sequencing market is expected to grow at a significant CAGR of 13.18% during the forecast period from 2019 to 2024. The growth is aided by the impressive development in the field of non-invasive prenatal testing (NIPT), companion diagnostics (CDx), liquid biopsy, and precision medicine.
BIS Research event: Webinar on Precision Medicine on April 30, 2019
BIS Research is conducting a webinar on Advancing Precision Medicine through Informatics on 30th April 2019 at 1:30 PM to 2:00 PM PDT with Simon Lee, chief commercial officer at Jintel Health, a precision medicine platform headquartered in the U.S., as the guest speaker. Jintel Health applies advanced analytics and machine learning on large clinical and genomic datasets, to enable precision medicine. The webinar aims at identifying and analyzing the current trends in the precision medicine market and addressing the advancements occurring in health informatics. Some of the key points to be highlighted in the webinar are recent advancements in health informatics, key elements of informatics in precision medicine, business impact of data integration and informatics, and informatic strategies that are leading to success in precision medicine.
In 2018, the U.S. Congress approved the allocation of additional $2 billion for the National Institutes of Health's (NIH's) annual budget for 2019. This allocation includes a $86 million fund for research on precision medicine. The recent success of NIPT, liquid biopsy, and CDx, along with their increasing demand, has propelled the growth in the number of research studies undertaken for discovery of biomarkers. Further, this growth in demand has enticed several investments aimed at the development of new non-invasive methods of diagnosis. Both the physicians and patients, globally, have acknowledged the potential of the non-invasive methods and have started adopting them with complete confidence. Next-generation sequencing is the future of DNA research, and the applications of this technology have the potential for enhancing individualized patient care.
Some of the most significant advancements have been made in the quality and quantity of the genomic data generated through NGS. The advancements achieved with regard to the quality of the data generated through NGS have enhanced the depth of the information which can be derived on a patient's unique genotype. Hence, NGS creates an opportunity to expand the understanding of biomedicine, reshape clinical care, and improve human health. Initiatives such as National Cancer Moonshoot and Precision Medicine Initiative (PMI), taken by the U.S. are prominent steps toward promoting precision medicine.
Sequencing is an important and unavoidable phase in the development of the diagnostic methods. Its benefits have increased the demand for sequencing methods and has positively impacted the growth of the NGS market. The diagnostic procedures, which were initially based on the PCR technologies, are now experiencing a shift toward the NGS technologies due to their abilities such as massive parallel sequencing and high accuracy. Growing demand for non-invasive diagnostic methods and developments of disruptive technologies enabling non-invasive diagnosis, are bolstering the growth of the global next-generation sequencing market. Apart from the investments from conglomerate companies, many government organizations are also contributing significantly to the research on non-invasive methods.
According to Pushplata Patel, an analyst at BIS Research"North America is the leading contributor to the global next-generation sequencing market. Its contribution to the global market has been estimated to be more than 48% in 2018. However, Asia-Pacific is expected to grow at an impressive CAGR of 17.25% during the forecast period from 2019 to 2024. Currently, the Asia-Pacific market is estimated to contribute approximately 18.95% of total global market value."
South Korea is anticipated to witness a high growth in the demand for NGS products during the forecast period.
Currently, the pharmaceutical field is acknowledged to be the major contributor to the global next-generation sequencing market and is expected to grow at a CAGR of 13.22% during the forecast period.
The commercialization of portable technologies in the near future is expected to disrupt the dynamics of the market. The key players of the market are improvising their product portfolio to handle the shift in the dynamics of the market.
The next-generation sequencing software segment is expected to witness a robust CAGR of 23.25% during the forecast period.
This market intelligence report provides a multidimensional view of the global NGS market in terms of market size and growth potential. This research report aims at answering various aspects of the global NGS market with the help of key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches, regulatory clearance, and certifications, partnerships, collaborations, business expansions as well as mergers and acquisitions, among others. The research report provides a comprehensive analysis of the product sales and manufacturers, trend analysis by segments and demand analysis by geographical regions.
This report is a meticulous compilation of research on more than 70 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 20 leading companies, market participants, and vendors. The report also profiles 15 key companies, namely 10x Genomics, Agilent Technologies, Inc., bioMerieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, F. Hoffmann-La Roche AG, GenapSys, Inc., Illumina, Inc., New England Biolabs, Inc., NuGEN Technologies Inc., Oxford Nanopore Technologies Limited, Pacific Biosciences of California, Inc., PerkinElmer, Inc., QIAGEN, and Thermo Fisher Scientific.
Key questions answered in the report:
What are the major market drivers, challenges, and opportunities in the global NGS market?
How did the NGS market evolve and what is its scope in the future?
How are the sub-segments such as instruments, kits and consumables, and software of the product type segment of the global next-generation sequencing market expected to grow during the forecast period?
How are the sub-segments such as reversible terminator sequencing, ion torrent semiconductor sequencing, single molecule real time sequencing (SMRT), nanopore sequencing technology, and others of the technology segment of the global next-generation sequencing market expected to grow during the forecast period?
How are the sub-segments such as pharmaceuticals, diagnostics, agricultural and animal research, forensics, and others of the application segment of the global next-generation sequencing market expected to grow during the forecast period?
Which region among the North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World is expected to lead the market during the forecast period from 2018- 2024?
What are the influencing factors that may affect the market share of the key players?
What is the influential stake held by the sequencing technology providers in the global NGS market?
What is expected to be the impact of commercialization of the portable sequencers on global healthcare industry?
What are the required features for an instrument to make $100 per genome sequencing a reality?
What is the industry's best value chain practice?
Which are the leading raw material providers to the players offering NGS kits and consumables?
Which are the key service providers of the NGS market?
What is the funding scenario for the emerging companies that are investing substantial amount into the development of propitious technologies or products for bringing forth the evolution of the NGS market?
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