Next Generation Sequencing Global Market Report 2022

·4 min read

Major players in the next-generation sequencing market are Illumina Inc. , Thermo Fisher Scientific Inc, BGI Group, Agilent Technologies Inc. , Qiagen N. V. , Hoffmann-La Roche AG, Eurofins Scientific, Oxford Nanopore Technologies, Pacific Biosciences, and 10x Genomics.

New York, May 16, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Next Generation Sequencing Global Market Report 2022" -

The global next generation sequencing market is expected to grow from $8.05 billion in 2021 to $9.22 billion in 2022 at a compound annual growth rate (CAGR) of 14.4%. The market is expected to grow to $15.21 billion in 2026 at a compound annual growth rate (CAGR) of 13.4%.

The next-generation sequencing market consists of sales of devices and equipment used in next-generation sequencing and related services by entities (organizations, sole traders, and partnerships) that manufacture next-generation sequencing equipment.Next-generation sequencing (NGS) is the catch-all concept used to describe a variety of different advanced sequencing technologies.

Such technologies allow DNA and RNA to be sequenced much faster and cheaper than traditionally used Sanger sequencing, revolutionizing the study of genomics and molecular biology.

The main products in the next-generation sequencing market are NextSeq systems, MiniSeq systems, NovaSeq systems, iSeq 100 systems, ion PGM Systems, Ion Proton systems, ion GeneStudio S5 systems, PacBio RS II Systems, sequel systems, and others.The MiniSeq system merges load-and-go operation with an intuitive user interface for a fast, easy NGS workflow.

The MiniSeq System integrates clonal amplification, sequencing through synthesis, and base calling into a single benchtop instrument, preventing the requirement for additional equipment. The various technologies in next-generation sequencing are sequencing by synthesis, ion semiconductor sequencing, single-molecule real-time sequencing, nanopore sequencing, and other sequencing technologies that are used in diagnostics, drug discovery, and other applications.

North America was the largest region in the next-generation sequencing market in 2021.Asia Pacific was the second largest region in the next-generation sequencing market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The growing number of cases with chronic conditions such as cancer, AIDS, and thalassemia contributed to the growth of the next-generation sequencing market.Chronic illnesses and disorders are on the rise around the world, an aging population and shifts in social behavior lead to a gradual increase in these widespread and expensive long-term medical issues.

Next-generation sequencing (NGS) is a versatile development tool utilized by researchers and clinicians across various cancer studies to recognize biomarkers that give guidance on treatments.The prevalence of chronic diseases is also expected to increase significantly, according to the World Health Organization.

Hence, the increase in the number of chronic disease cases will increase the requirement for NGS sequencing and boosts revenues for the next-generation sequencing market.

The high cost associated with next-generation sequencing technologies is a key factor hampering the growth of the next-generation sequencing market.The next-generation sequencing market is facing challenges as many people find it difficult to afford the test due to the high cost.

Consumables used for sequencing are the costliest portion of testing (68–72% of total cost) as machinery prices are higher in instances of rare disease.According to a review published on economic evaluations of exome and genome sequencing, the cost of next-generation genome sequencing ranges from $1906 to $24,810 for a single test.

Therefore, the high cost of next-generation sequencing is anticipated to restrict market growth over the forecast period.

Technological advances are shaping the next-generation sequencing market.Major companies operating in the sequencing industry are focusing on developing technologically advanced solutions for next-generation sequencing.

For instance, in 2020, Thermo Fisher Scientific introduced hematology-oncology assays for the Ion Torrent Genexus System, which authorize simultaneous analysis of DNA mutations and RNA fusion transcripts in myeloid samples in a single day and also enabled further in which turnaround times for next-generation sequencing (NGS) results could be reduced to less than 24 hours. It also offers researchers the ability to profile 40 DNA targets and 29 fusion driver genes, authorizing observing more than 600 fusion isotypes to recognize biomarkers associated with myeloproliferative neoplasm, acute myeloid leukemia.

The countries covered in the next-generation sequencing market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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