According to a new market research report "Next-Generation Sequencing (NGS) Marketby Product (NovaSeq, NextSeq, Sequel, Nanopore), Consumables, Bioinformatics, Services (Exome, RNA, DeNovo), Technology (Ion, SMRT), Application (Diagnostics, Cancer), End User (Academia) - Global Forecasts to 2024", published by MarketsandMarkets™, the market is projected to reach USD 16.35 billion by 2024 from USD 5.70 billion in 2018, at a CAGR of 19.2% during the forecast period.
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Factors such as advancements in NGS platforms, declining NGS capital cost coupled with the decreasing cost of sequencing and improving regulatory & reimbursement scenario for NGS-based diagnostic tests are the key factors driving the growth of the NGS Market.
NGS Consumables Are Expected to Dominate the NGS Market, by Product & Service, in 2018
On the basis of product & service, the Next-Generation Sequencing Market is segmented into pre-sequencing products & services (DNA fragmentation, end repair, A-tailing, and size selection; library preparation & target enrichment; and quality control), NGS platforms, consumables, services for platforms, sequencing services, and bioinformatics (NGS data analysis, storage, and management). The market for NGS platforms is segmented into Illumina (Hiseq Series, Hiseq X Ten & HiSeq X Five, Miseq Series, NextSeq 500, MiniSeq, and NovaSeq), Thermo Fisher Scientific (Ion PGM, Ion Proton, and Ion S5 & S5 XL), Pacific Biosciences (PacBio RS II and Sequel system), Oxford Nanopore Technologies, and other next-generation sequencing platforms. The NGS consumables segment is expected to account for the largest share of the Next-Generation Sequencing Market in 2018. Advancements in sequencing technologies, growing sequencing procedures, and launch of easy to use consumables, and growing adoption or installations of NGS platforms are the major factors driving the growth of this segment.
The Diagnostics Segment Is Expected to Be the Fastest-growing Applications Segment in the NGS Market During the Forecast Period
On the basis of application, the Next-Generation Sequencing Market is segmented into diagnostics, drug discovery, agricultural & animal research, and other applications. The diagnostics segment is expected to register the highest growth rate during the forecast period. Growth in this segment is attributed to the growing number of new cancer cases across the globe, favorable reimbursement scenario for NGS-based tests in the US, and increasing focus of key market players on developing NGS-based products & services for cancer and NIPT.
Geographically, the Next-Generation Sequencing Market is segmented into North America (US and Canada), Europe (Germany, France, the UK, Spain, Italy, the Netherlands, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), and the Rest of the World (RoW). North America is expected to account for the largest share of the NGS Market in 2018, followed by Europe. The large share of North America is attributed to the increasing application of NGS in diagnostics and genomics research, development of NGS data analysis solutions, and availability of research funding in the region.
Some of the prominent players in the Next-Generation Sequencing Market include Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Pacific Biosciences of California, Inc. (US), BGI (China), PerkinElmer (US), Agilent Technologies (US), QIAGEN N. V. (Germany), Macrogen Inc. (South Korea), Oxford Nanopore Technologies, Ltd. (UK), and Eurofins Scientific (Luxembourg).
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