Next-Generation Sequencing Market: Current Analysis and Forecast (2021-2027)

Global Next-generation Sequencing Market was valued at US$ XX billion in 2020 and is anticipated to reach US$ XX billion by 2027 displaying an elevated CAGR of XX% over the forecast period (2021-2027). Next-generation sequencing (NGS) is a technology used to determine the RNA or DNA sequence to study genetic variation associated with various types of diseases or other biological phenomena. This method was introduced for commercial use in 2005 and was initially known as massively-parallel sequencing as it enables the sequencing of several DNA strands at the same time. NGS provides the ideal throughput per run, and studies can be performed quickly and cost-effectively.
The NGS market is growing exponentially on account of rapid advancements in NGS technology, rising cancer incidences, and increasing applications of NGS in various sectors. Further, the study of genomics is attracting attention from investors as well as from the public as it impacts the very core of lives and all living things around the globe. Completing the sequencing of the first human genome in 2003 was a key breakthrough that took over 10 years and cost approximately USD 3 billion. Since then, the sequencing speed of a genome has more than doubled, significantly outpacing Moore's Law. Today’s high throughput sequencing machines process the human genome in a matter of hours at a cost approaching USD 1,000. These advancements have allowed researchers to analyze the genome in less time, greatly increasing the pace of scientific discovery
Furthermore, the rise in cancer incidences and reduced sequencing costs is anticipated to boost the market growth. The cost of whole-genome sequencing has dropped promptly over the last decade with the emergence of next-generation sequencing. Additionally, the increasing government-funded initiatives are further propelling the growth of the NGS market across the globe. For instance, recently in 2020, the Department of Biotechnology (DBT) initiated the ambitious “Genome India Project” (GIP) to collect 10,000 genetic samples of citizens across India to build a reference genome. The precision health, rare genetic disorders, mutation spectrum of genetic and complex diseases in the Indian population, genetic epidemiology of multifactorial lifestyle diseases, and translational research are some of the priority areas of this project.
Illumina, Thermo Fisher Scientific, QIAGEN, Agilent Technologies, Bio-Rad Laboratories, F. Hoffmann-La Roche, BGI, Oxford Nanopore Technologies, PerkinElmer, and Eurofins Scientific are some of the prominent players operating in the global next-generation sequencing market. Several M&A’s along with partnerships have been undertaken by these players to by these players to develop new and advanced NGS platforms.
Insights Presented in the Report
“Amongst product/services, consumables segment holds the major share”
Based on the product/services type, the market is fragmented into consumables, systems & software, and services. The consumables segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period owing to the increasing number of sequencing procedures worldwide. However, the services segment is also expected to grow at the highest CAGR of XX% during the projected timeframe to reach market valuation at USD XX million by 2027. The growth of this segment is attributed to the growing adoption of NGS-based diagnostics and the need for better data management services for storing a huge amount of generated data
“Amongst technology, SBS dominated the market in 2020”
Based on technology, the market is fragmented into SBS, SMRT, pyrosequencing, Ion semiconductor sequencing, nanopore sequencing, and others. The SBS segment generated revenue of USD XX million in 2020. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. This segment is expected to grow as Illumina sequencing technology, sequencing by synthesis (SBS) is widely adopted NGS technology across the world. For instance, SBS technology is responsible for generating more than 90% of the world’s sequencing data. Further, the increase in the availability of NGS platforms based on SBS is driving the growth of the segment
“Amongst application, Biomarkers & Cancer is anticipated to grow at the highest CAGR during the analyzed period”
Based on application, the market is fragmented into diagnostics, biomarkers & cancer, drug discovery, personalized medicine, agriculture & animal research, and others. The biomarkers & cancer segment generated revenue of USD XX million in 2020. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F owing to the rising incidences of cancer all over the world. However, the personalized medicine segment is expected to grow at the highest CAGR of XX% between 2021-2027F as many researchers are focusing on identifying & monitoring different biomarkers that can be later used for developing efficient personalized medicine. For instance, as per the recent study published in July 2020, scientists are developing a multi-analyte test strip that can be used for monitoring even the slightest change in the biomarker profile of a patient. This technology will combine big-data analytics and advanced technologies such as wearables for ensuring the continuous acquisition of precise data.
Amongst end-user, academic & government research institutes segment holds the major share”
Based on end-users, the market is fragmented into pharma companies, biotechnology companies, academic & government institutes, clinical research, and others. The academic & government research institutes segment generated revenue of USD XX million in 2020. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F owing to the growing number of collaborations between key industry players of NGS and academic research institutes. For instance, in 2019, Illumina and the Broad Institute of MIT and Harvard collaborated for the co-development of secondary genomic analysis algorithms and software.
“North America signifies one of the largest markets of next-generation sequencing Market”
For a better understanding of the market dynamics of the next-generation sequencing market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX million in 2020 owing to the increasing cancer incidence and higher government-funded initiatives. At the same time, Asia-Pacific is anticipated to grow at the highest CAGR of XX% during the forecast period.
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• Deep dive regional level analysis of the industry
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