Sequencing by synthesis (SBS), is one of the most renowned and greatly adopted next-generation sequencing (NGS) technologies used by researchers and scientist globally. This technology offers a massive sequence throughput at modest costs, even in a single sequencing run.
Next Generation Sequencing (NGS) Market was valued at $3,567 million in 2015 and is expected to reach $12,801 million in 2022, supported by a CAGR of 19.9% from 2016 – 2022. The consumables product segment held nearly three-fifths of the market share in 2015.
NGS is used to execute various applications such as biomarker discovery, oncology studies, personalized medicine, agricultural & animal research, and others. NGS has streamlined nucleotide analysis and has widely replaced conventional tools of genomics, especially microarray efficiently. The demand for NGS has increased significantly owing to surge in NGS applications and rise in technological advancements in NGS. In addition, the growth in the number of genome mapping programs throughout the world and increase in R&D investment drives the market growth.
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The major factors that drive the global NGS market are rise in technological advancements in NGS, growth in collaborations & partnerships, and increase in genome mapping programs throughout the world. In addition, rise in investment in R&D increases the demand for NGS and thereby provides lucrative opportunities for market growth. However, accuracy & standardization concerns and ethical & legal limitations associated with NGS restrain the market growth.
Biomarkers and cancer are currently dominating the application segment and is expected to grow at a CAGR of 19.8%. NGS possesses the potential to recognize a broad spectrum of genetic differences and supplement the generation of potent biomarkers in medicine and disease diagnostics. In addition, sequencing time, protocol length, declining cost of NGS are factors that make NGS an ideal tool for biomarker discovery
Drivers, Restraints, and Opportunities
The impact of the driving factors is expected to overcome the effect of restraints. Moreover, the utilization of cloud computing in NGS for data management and untapped emerging economies are expected to provide new market opportunities to NGS manufacturers in the near future.
The key players operating in the global NGS market include Illumina, Inc., Thermo Fisher Scientific, Inc., Pacific Biosciences of California, Inc., Beijing Genomics Institute, Qiagen N.V., 454 Life Sciences Corporation (Roche Holding AG), Agilent Technologies, Inc., Perkinelmer, Inc., Genomatix GmbH, and PierianDx.
Other prominent players in the value chain include Eurofins Scientific, Gatc Biotech AG, Macrogen, Inc., Oxford Nanopore Technologies, Ltd., Bio-Rad Laboratories, Inc., DNASTAR, Inc., Biomatters Ltd., Partek Inc., New England Biolabs, Inc. and Myriad Genetics, Inc.