Next Generation Sequencing Market to Soar with Rising Personalized Medicine Demand

 

Next Generation Sequencing Market

Next generation sequencing (NGS), also referred to as high throughput sequencing, refers to the new sequencing technologies including sequencing-by-synthesis, real-time sequencing, and sequencing-by-ligation. This technology allows DNA and RNA to be sequenced massively in parallel. NGS technology has revolutionized genomics research and enabled the sequencing of complete genomes more quickly and cost-effectively in comparison to traditional Sanger sequencing. NGS finds wide applications in various fields including oncology, reproductive health, pharmacogenetics, metabolic disorders diagnosis testing, agriculture, and microbiology research.

The global next generation sequencing market is estimated to be valued at US$ 678.13 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the next generation sequencing market are Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., Cronos Group, Hexo Corp., Organigram Holdings Inc., Curaleaf Holdings, Inc., Cresco Labs, Green Thumb Industries. These players are focusing on strategies such as new product launches, partnerships, and collaborations to strengthen their market position.

The growing Next Generation Sequencing Market Demand for personalized medicine and whole-genome sequencing presents a considerable growth opportunity for market players. With advancements in NGS, tests for rare diseases, cancer diagnostics, and prenatal testing are witnessing increasing adoption, thus driving the market growth.

The market is witnessing increasing penetration in various geographies as key players expand their presence globally. In the Asia Pacific region, growing research spending and rising prevalence of chronic diseases are encouraging market expansion. Furthermore, NGS adoption is rising in Latin America and the Middle East & Africa due to increasing healthcare investments.

Market Drivers

Rising application of NGS in precision medicine and diagnostics: The application of next generation sequencing in precision medicine is a key growth driver. NGS assists in drug development, selection of suitable treatments based on genetics, and disease diagnostics.

Increasing R&D spending on genomics: There is growing expenditure on genomics research worldwide. NGS is widely utilized in genomic research for its ability to sequence genomes quicker and cheaper. Rising research budgets help sustain the demand for NGS platforms.

Market Restraints

High infrastructure costs: Setting up facilities for NGS requires substantial investments in high-end sample preparation equipment, high-performance sequencing instruments, and data storage systems. This adds to the overall costs.

Dearth of skilled professionals: Complex nature of NGS techniques and data analysis requires a multi-disciplinary team of trained bioinformaticians, biologists, geneticists, and data scientists. Shortage of skilled manpower poses a challenge for widespread adoption.

Segment Analysis

The next-generation sequencing market is dominated by the diagnostics sub segment, as it constitutes around 50% of the total market share. This is because NGS finds major application in disease screening, targeted resequencing, and DNA/RNA sequencing in diagnostics. The increasing application of NGS in oncology to detect genetic mutations causing cancer is a major factor driving growth of the diagnostics sub segment. The Academics and research segment is another major sub segment and holds around 30% share, due to extensive R&D activities related to drug development, biomedical research, and identification of disease-causing variants.

Global Analysis

The North America region dominates the next-generation sequencing market and is expected to continue its dominance during the forecast period. This is attributed to the presence of major market players and established healthcare infrastructure in the region. Additionally, increasing funding for genomics projects by government organizations such as the NIH is also augmenting market growth. Asia Pacific is anticipated to exhibit the fastest growth rate over the forecast period. Factors such as rising investments by key players, growing number of genomics projects, and increasing incidence of chronic diseases are expected to drive market growth in Asia Pacific. Rapid expansion of healthcare facilities, rising healthcare expenditure, and growing academic and research institutes are also supporting the growth of the NGS market in Asia Pacific.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)