Market Overview

The Next Generation Sequencing Market share was evaluated at USD 9.46 billion in 2021 and is expected to expand from USD 11.23 billion in 2022 to USD 44.24 billion by 2030, representing a compound yearly growth rate (CAGR) of 18.70% during the forecast period (2022- 2030). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.

Key Drivers and Main Barriers

Considering the declining costs, next generation sequencing is on its way to observe significant clinical diversification in the coming period. At present, NSG is considered to be the key technology that has caused the expansion of the oncology field, complex disease testing and Mendelian diseases. NSG assays play an integral role in multiple areas of clinical diagnostics, which has led to substantial market growth in recent years.

Rising miniaturization of the third-generation instruments in line with the development of palm-sized sequencers is one of the top technological trends emerging in the global market. The continuous advancements in next generation sequencing-based technologies in terms of cost and efficiency has bolstered the use of non-conventional applications like infectious disease testing and agrigenomics. Increased technological innovations in conjunction with the dramatic rise in genome mapping programs have been favorable for the global market. The next generation sequencing market also stands to benefit from the soaring preference for personalized medicines and the significant advancements in companion diagnostics worldwide.

IQVIA is set to invest close to USD 500 million in the NextGen platform with major focus on AI, big data infrastructure, predictive algorithms, machine learning, data scientists, process reengineering and automation of analytic libraries. It is safe to assume that the increasing investments in this space could boost the revenues of the active companies in the market. Strategic partnerships between the top companies are some of the major trends, proving to be key growth rendering factors in the global market. To cite a reference, in June 2020, Q2 Solutions entered a partnership with Thermo Fisher Scientific, for speeding up the number of patients in the oncology clinical trials. This joint venture will entail Q2 Solutions making use of Thermo Fisher’s Ion Torrent Genexus System, which is an advanced next-generation genomic sequencing platform, to cost-effectively deliver accurate lab results in an extremely short period of time.

Market Segmentation

Next-Generation sequencing industry can be segmented with respect to technology, workflow, application and end user.

The primary technologies listed in the market study are whole-genome sequencing, whole-exome sequencing and targeted sequencing & resequencing.

The workflow-based market categories can be sequencing, data analysis and pre-sequencing.

The application areas of next-generation sequencing are clinical investigation, oncology, consumer genomics, drug development, reproductive health, epidemiology, agrigenomics & forensics, human leukocyte antigen typing or immune system monitoring, metagenomics, and others.  

The end-users in the global market for next-generation sequencing are identified as pharmaceutical and biotechnology companies, diagnostic laboratories, hospitals & clinics, and more.

Regional Outlook

The global market has been regionally distributed into Europe, Asia Pacific/APAC, the Middle East & Africa/MEA as well as Americas.

The American market can most possibly take the lead as the application scope of NGS in diagnostics & genomics researches has been expanding at a stellar pace in recent years in the region. The significant funding allocated for research activities and the consistent rise in preventive cancer screening programs also bolster the growth potential of the next generation sequencing market insights in the Americas. Many of the regulatory agencies in the region are constantly making amendments to facilitate innovations and developments in genetic disease diagnosis, which has been another key reason for the growing market size in the region.

The APAC market is touted to note the fastest growth in subsequent years, on account of the dramatic rise in technological advancements and the increased spending by prominent healthcare vendors on the development of innovative products. Growth in FDA approvals for DNA home tests combined with the mounting number of direct to consumers/DTC genetic testing firms in India and many other countries could also fuel the revenue growth in the region.  Positive Biosciences, DNA Labs India, EasyDNA and Xcode are some of the well-established DTC vendors active in India, known for their extensive product offerings available on websites or via e-commerce vendors like Amazon.

Reputed Firms

Some of the highly reputed market firms include Genome Life Sciences (India), Thermo Fisher Scientific (US), GenScript (US), Pacific Biosciences of California, Inc. (US), PerkinElmer Inc. (US), Oxford Nanopore Technologies (UK), Agilent Technologies, Inc. (US), Eurofins Scientific (Luxembourg), BGI (US), F. Hoffmann-La Roche Ltd (Switzerland), Charles River (US), Macrogen, Inc. (South Korea), Illumina, Inc. (US), Qiagen (Germany), Xcelris Genomics (India), to mention a few.

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