According to our new research study on “Next generation sequencing Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component, Application, and End User,” the market is expected to reach US$ 26,501.2 million by 2025 from US$ 4,274.9 million in 2016;
According to our new research study on “Next generation sequencing Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component, Application, and End User,” the market is expected to reach US$ 26,501.2 million by 2025 from US$ 4,274.9 million in 2016; it is estimated to grow at a CAGR of 21.1% from 2016 to 2025. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The growth of the Next generation sequencing in healthcare market is attributed to the increases in cancer prevalence, rise in funds and grants, focus of industry players and various meetings, conferences, workshops among others, are likely to propel the market growth. Additionally, technological development and decreasing price of sequencing is driving the growth of the market. However, factors such as risk associated with the genetic data, dearth of skilled professionals and high cost of equipment are restraining the market growth.
This research report provides insights on the global next generation sequencing market. Next-generation sequencing (NGS), also known as high-throughput sequencing. NGS enables rapid sequencing of the base pairs in DNA or RNA samples. NGS is driving discovery and enabling the future of personalized medicine, genetic diseases, and clinical diagnostics. However, in this research study, the products of NGS have been classified into three broad segments as consumables, services and platforms. The growth of the Next generation sequencing in healthcare market is attributed to the increases in cancer prevalence, rise in funds and grants, focus of industry players and various meetings, conferences, workshops among others, are likely to propel the market growth. Additionally, technological development and decreasing price of sequencing is driving the growth of the market. However, factors such as risk associated with the genetic data, dearth of skilled professionals and high cost of equipment are restraining the market growth.
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Next Generation Sequencing Market Competitive Landscape and Key Development
Illumina, Inc., Thermo Fisher, Qiagen N.V., Beijing Genomics Institute, PerkinElmer, Inc., F.Hoffman-La Roche Ltd., Agilent Technologies, Eurofins Scientific, Oxford Nanopore Technologies Ltd. and Macrogen Inc. among others.. are among the leading companies operating in the Next generation sequencing in healthcare market.
The Next generation sequencing in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
Growing Applications of Next generation sequencing in Healthcare to Drive Next generation sequencing in Healthcare Market Growth
In the recent years, next generation sequencing price have declined substantially. For instance, first whole human genome sequencing cost over US$3.7 billion in 2000 and took 13 years for the completion. However, the costs for the same in recent years has reduces to US$1,000 and the process requires less number of days. In 2000, cost for sequencing was US$ 3.7 billion, which dropped down to US$ 10 million in 2006 and declined to US$ 5,000 in 2012. Major market players such as Illumina and Roche have introduced breakthrough technologies that have enabled in the cost and time reduction in the sequencing.
Owing to factors such as advances in the field of genomics, development in different methods and strategies for sequencing, there is a notable decline in the cost of sequencing.
Advancement in the field of molecular biology has equally enhanced the sequencing procedures. Many industry players have come up with innovative NGS technology in last few years. For instance, Pacific Biosciences with Sequel, and Oxford Nanopore with PromethION. Additionally, three advances NSG systems that dominate the market includes Roche GS FLX (454), Illumina HiSeq 2000 (Solexa) and AB SOLiD (Agencourt).
In recent years, the cases of cancer have been increasing tremendously and the trend is anticipated to remain the same in the upcoming years. Change in lifestyle has resulted in more exposure to oncogenic factors. In 2015, The American Cancer Society estimated 1,658,370 cancer cases to be detected in the US. Cancer can be cured if diagnosed and treated at an initial stage. Cancer sequencing using next-generation sequencing (NGS) methods provides more information. Additionally, NGS also aids in diagnostics and treatment of cancer.
Next Generation Sequencing Market: Segmental Overview
The consumables segment has the major market share among the product segment. Consumables segment is poised to grow with a highest CAGR of 21.6% from 2016-2025. The segment is growing due to the consumables offered by various companies are widely accepted by the consumers and it provides accuracy and precision in the preparation of the NGS. Owing to these factors, the market for consumables is anticipated to surge during the forecast period from 2016 to 2025, at a significant rate.
The market is dominated by resequencing segment, by technology. This technological segment is expected to have a CAGR of 21.5% in the forecast period. The resequencing & targeted sequencing technology is growing due to the rising funding by various government bodies and usage of NGS in the resequencing and targeted sequencing
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