March 4, 2024
Next Generation Sequencing Market

The global Next Generation Sequencing Market is estimated to Propelled by Expanding Applications of NGS in Precision Medicine

Next generation sequencing (NGS) enables the analysis of DNA and RNA more efficiently as compared to traditional sequencing methods. It allows sequencing of whole genomes and whole exomes in a short span of time. NGS has wide range of applications in oncology for tumor profiling, noninvasive prenatal testing, and genetic disease testing. It helps in understanding disease pathology at molecular level and enables development of precision therapies.

The global Next Generation Sequencing Market is estimated to be valued at US$ 678.13 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key driver propelling the growth of next generation sequencing market is expanding applications of NGS in precision medicine. Precision medicine is an emerging approach for disease treatment and prevention that considers individual variability in genes, environment, and lifestyle for each person. NGS helps in understanding molecular architecture of disease and biomarkers identification for developing targeted therapies. For instance, NGS is widely used for tumor profiling in cancer patients to determine personalized treatment based on genomic alterations in their tumors. It is also used for noninvasive prenatal testing which analyzes cell-free DNA from a pregnant woman’s blood sample to screen for fetal chromosomal abnormalities. Growing demand for precision medicine and personalized therapies is expected to drive the growth of NGS market over the forecast period.

SWOT Analysis
Strength: Some of the key strengths of the next generation sequencing market include technological advancements such as high-throughput and cost-effective NGS platforms. This has enabled sequencing of large genomes and advanced applications.

Weakness: Accuracy and reproducibility still remain key issues. There are challenges in long-read sequencing technologies, secondary analysis, and data management due to the huge amount of data generated.

Opportunity: The market is witnessing growing application areas of NGS such as drug discovery, precision medicine, biomarker discovery, reproductive genetics, microbiology, and agrigenomics. Development of new apps and products further expands opportunities.

Threats: Strict regulatory guidelines for approval of sequencing based tests pose a challenge. Moreover, reliance on imported products and lack of skilled labor are threats.

Key Takeaways
The global next generation sequencing market size is expected to witness high growth over the forecast period owing to factors such as technological innovations and increasing applications in various disease areas. The global Next Generation Sequencing Market is estimated to be valued at US$ 678.13 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Regional analysis: North America dominates the market currently due to heavy investments in research projects involving biomarker discovery and precision medicine in the region. Asia Pacific is expected to grow at the fastest pace during the forecast years. This can be attributed to increasing research funding and rising initiatives for adoption of advanced sequencing technologies in China, India, and other developing Asian countries.

Key players: Key players operating in the next generation sequencing market are Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., Cronos Group, Hexo Corp., Organigram Holdings Inc., Curaleaf Holdings, Inc., Cresco Labs, Green Thumb Industries. These companies are focusing on strategies such as collaborations, partnerships, acquisitions and product launches to expand their offerings and geographic presence

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine information and compile it