The global Next Generation Sequencing Market size is anticipated to reach USD 11.7 billion by 2028 registering a CAGR of 14.4%, according to a new report by Grand View Research, Inc. As researchers are continuously unlocking the genetic diversity, the development of targeted therapies is on the rise. These therapies are targeted towards narrow populations of patients that have specific or rare genomic biomarkers. Therefore, this is expected to increase the utilization of next generation sequencing (NGS) technology for targeted therapies.
Simplification in the NGS workflow coupled with the continued price reductions in instruments as well as reagents is attributed to the increasing adoption of this technology. The cost of sequencing the human genome has reduced from USD 100 million to less than USD 1,000 in less than two decades. Moreover, enhancement in the bioinformatics capabilities will lead to broadening of NGS adoption at the low- and high-throughput ends of the research market.
Several companies are engaged in the innovation of long-read sequencing technologies, which will augment the research as well as clinical application sets. The growing automation in the pre- & post-sequencing protocols, and data analysis is also driving the market. The utilization of novel platforms for the development of personalized medicine at a genetic level is also a significant factor, which is expected to boost the demand for NGS over the forecast period.
Related Press Release@ Next Generation Sequencing Market Report
Next Generation Sequencing Market Report Highlights
- The oncology application segment accounted for the largest revenue share in 2020 and will retain its dominance throughout the forecast period due to the development and launch of targeted gene panels for oncology
- Companies like Myriad Genetics, Inc., through its myRisk product, offer genetic testing to identify people who may be at a higher risk of developing certain cancers in the future
- The high utility of NGS technology in the identification of coronavirus strains is expected to drive the infectious diseases segment with the fastest CAGR from 2021 to 2028
- Sequencing was the largest revenue-generating workflow segment in 2020 due to the introduction of novel, portable sequencers as a result of high competition
- In addition, owing to the expected increase in adoption and usage of WGS, sequencing is expected to witness the fastest CAGR over the forecast period
- The clinical research end-use segment is expected to register the fastest CAGR from 2021 to 2028. An increase in the utility of NGS technology and the support of key players for Covid-19 research is responsible for the segment growth
- For instance, in January 2021, to support the Covid-19 surveillance and research, Thermo Fisher Scientific extended its SARS-CoV-2 GlobalAccess Sequencing Program to offer additional units of Ion GeneStudio S5 sequencer and Ion Torrent Genexus System at a subsidized rate
- North America was the largest regional market owing to significant developments in the fields of companion diagnostics, personalized medicine, and NGS
- Asia Pacific is projected to be the fastest-growing regional market from 2021 to 2028 owing to the expansion of the molecular diagnostics field and high investments by global and local players in the Asian countries
- For instance, in January 2021, Crown Bioscience, Inc.; a U.S.-based platform technology innovator; launched NGS panel services at its Center of Translational Science in Suzhou, China
