July 16, 2024
Next Generation

Emerging Diagnostic Methods To Boost The Growth Of Next Generation Sequencing Market

The global Next Generation Sequencing Market is estimated to be valued at US$ 588.65 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Next Generation Sequencing (NGS) refers to the new DNA sequencing technologies that parallelize the sequencing process, producing millions or billions of sequences simultaneously. NGS has revolutionized genomic research and enabled breakthrough insights into human biology and disease. It is used in various applications like cancer diagnosis, genetic disorders diagnosis, reproductive health, drug discovery, agriculture, and more. Advantages of NGS over traditional sequencing methods include high speed and low cost of sequencing. NGS has the potential to deliver personalized medicine by enabling the identification of genomic alterations underlying disease risk and drug response for individual patients.

Market key trends:

One of the key trends in the Next Generation Sequencing Market Share is the growing adoption of NGS in clinical diagnostics. Traditionally, clinical applications have relied on Sanger sequencing. However, NGS is increasingly replacing Sanger sequencing due to its higher throughput and lower cost per sample. Many companies are developing NGS-based diagnostic assays for various diseases. For example, Thermo Fisher Scientific recently launched the Oncomine Cancer Sequencing Assay which sequences and analyzes more than 500 cancer-related genes in a single test.

Another trend is the ongoing technological innovations to develop third generation or single-molecule sequencing technologies. Companies like Oxford Nanopore Technologies and Pacific Biosciences are developing nanopore and single-molecule real-time (SMRT) sequencing technologies which can sequence entire genomes rapidly at lower costs without amplification or fractionation. This has the potential to bring genome sequencing to clinics and empower precision medicine.
Porter’s Analysis

Threat of new entrants: The high costs of R&D and infrastructure investments pose barriers to entry for new companies. The presence of large established players also makes it difficult for new entrants to gain market share.

Bargaining power of buyers: The presence of many technology providers and customized solutions gives buyers leverage to negotiate lower prices. However, specialized technical requirements reduce switching between providers.

Bargaining power of suppliers: A small number of key suppliers for instruments and reagents exist, giving them some power in negotiations. However, differentiated offerings help balance this dynamic.

Threat of new substitutes: While newer sequencing technologies continue to emerge, NGS still has advantages over Sanger sequencing and microarrays for a range of applications. Complements from bioinformatics also help sustain NGS’s role.

Competitive rivalry: Large firms intensely compete on technology innovation, value adds like analytics, and geographic expansion. Price pressure exists due to competition and commoditization of some offerings.

Key Takeaways

The global Next Generation Sequencing Market  is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing applications in drug discovery and precision medicine. The market size for 2023 is estimated at US$ 588.65 Bn.

The North American region currently dominates the NGS market due to heavy investments in research activities by pharmaceutical and biotech companies in the US. However, Asia Pacific isexpected to witness the highest growth rate over the coming years backed by increasing R&D expenditure and infrastructure development in countries like China and India.

Key players operating in the Next Generation Sequencing market are Thermo Fisher Scientific Inc., Agilent Technologies, Inc, bioMérieux SA, F. Hoffmann-La Roche Ltd , QIAGEN, Illumina, Inc., Oxford Nanopore Technologies plc., BGI, PerkinElmer Genomics, and Pierian. Leading firms are focusing on service expansions, partnerships, and technology innovations to strengthen their positions.

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

About Author - Ravina Pandya

Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

About Author - Ravina Pandya

Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

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