The global market for next-generation sequencing was estimated to be worth US$ 6,335.2 million in 2018 and is expected to grow to US$ 31,411.3 million by 2026, at a CAGR of 22.2%. The emergence and dominance of the NGS industry are a direct result of the rising demand for quick, inexpensive, and accurate data interpretation from DNA sequencing, which makes it easier to diagnose diseases and conduct research. Genomic research is one of the main benefits of next-generation sequencing. It is anticipated that the launch of genomics projects in numerous nations, including the U.K., Qatar, and others, will benefit this market. Additionally, the development of NGS-based diagnostics and active government support for the same are key drivers of market growth.
Industry Developments
June 2019: US-based Swift Biosciences and Switzerland-domiciled Saphetor SA collaborated to develop and release a set of differentiated NGS products and solutions for clinical research, and translational, and genomics applications. Under the partnership, the companies will leverage Saphetor’s cloud-based platform, VarSome Clinical, for quick and accurate discovery and analysis of NGS data.
Access Full Reports Page: https://www.fortunebusinessinsights.com/industry-reports/next-generation-sequencing-ngs-market-101000
Market Segmentation:
Based on product type, the global market for next-generation sequencing is divided into instruments & software, consumables, and services. On the basis of application, the market is divided into diagnostics and research. By its end-user, the market is divided into research institutes, healthcare facilities, diagnostic centres, pharmaceutical and biotechnological companies, and contract research organizations. Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Scope of the Report:
Next-generation sequencing is a DNA sequencing technology that has enhanced the potential of genomic research around the world. Before the advent of NGS, the Sanger sequencing technology was employed and the results took a decade to come out. NGS has enabled sequencing of the human genome within a day, making it highly efficient and preferred in the field of diagnostics. Even though this technology has not become as commonplace as it should have been, it is gaining popularity owing to the advantages it has compared to the preceding technologies. For example, compared to Sanger sequencing, next-generation sequencing techniques allow capturing of a broader spectrum of mutations.
Moreover, NGS is more sensitive, thereby giving out more accurate results with just a few cell specimens. As the technology becomes more affordable, it will see an exponential rise in demand in the near future. More importantly, the product segment will dominate, as per the NGS market trends, owing to the easy availability of new products.
Driving Factors
Growing Focus on Diagnosis of Diseases Globally to Augment Growth
Lower costs of sequencing solutions have resulted in the high demand for the diagnosis of several diseases. For instance, as per a new scientific paper published in the European Journal of Human Genetics, around 300 million people globally suffer from a rare genetic disease. Companies are focusing on the introduction of various test kits such as genetic testing, prenatal testing, and cancer diagnosis. For instance, in May 2018, the Centers for Medicare & Medicaid Services (CMS) declared the National Coverage Determination to perform an NSG test to diagnose cancer.
In addition, government reimbursement programs for diagnostic tests and approval of several NSG tools are expected to boost the global Next-Generation Sequencing (NSG) Market growth during the forecast period.
Get Sample FREE PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/sample/next-generation-sequencing-ngs-market-101000