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[195+ Pages Report] According to the report published by Facts and Factors, the global Next Generation Sequencing market was valued at approximately USD 4,349.2 Million in 2019, and is expected to generate revenue of around USD 12,624.3 Million by end of 2026, growing at a CAGR of around 16.4% between 2020 and 2026.
Next-generation sequencing technologies make it possible to sequence RNA and DNA in a reliable and cost-effective manner. These technologies are widely used in functional genomics to test DNA and RNA samples. The demand for next-generation sequencing will grow across all clinical applications. Next-generation sequencing (NGS) refers to large-scale DNA sequencing methods that assist in genome exploration. The term "next-generation sequencing," also known as "high-throughput sequencing," refers to a variety of modern sequencing technologies.
Because of technical advances in NGS, an increase in NGS applications, and an increase in alliances and collaborations, the global next generation sequencing market is growing. Furthermore, the increase in genome mapping programs propels the global next generation sequencing market forward. However, concerns about standardization in NGS-based diagnostics, a shortage of qualified clinicians, and ethical and legal constraints are expected to stymie the market's growth. On the other hand, lucrative prospects in developing markets, as well as cloud computing as a future data management service, are expected to pay off handsomely for market participants.
The global next generation sequencing market is segregated based application, technology and end-use and regions.
Oncology, clinical investigation, reproductive health, metagenomics, epidemiology & drug development, consumer genomics, agrigenomics & forensics and HLA typing/immune system monitoring are the application segment of global next generation sequencing market. In 2019, oncology brought in the most revenue, accounting for over 31.3% of total sales. The combination of next-generation sequencing (NGS) and bioinformatics tools has the ability to transform oncology discovery, diagnosis, and treatment. Advances in NGS technology have resulted in advancements in cancer science, signaling the start of cancer's "molecular era." The technology segment is categorized into whole genome sequencing, whole exome sequencing and targeted sequencing & resequencing. Moreover, the report is also categorized end use segment into academic research, clinical research, hospitals & clinics, pharma & biotech entities and other users
With a sales share of 47.85% in 2019, North America dominated the global market. The regional market is driven by the involvement of many clinical laboratories that use NGS to provide genetic testing services. In addition, main companies in North America are developing and launching new products, which is boosting business growth. For example, Quest Diagnostics launched the Automated NGS Engine in August 2020 to power AncestryHealth, Ancestry's consumer genetics offering. Genetic screening for blood disorders, bowel cancer, breast cancer, and heart disease is available via the platform.
Due to increased technological advances and funding provided by the government and private organizations, Asia-Pacific is expected to have the highest CAGR during the forecast era. Furthermore, increased investment by biotechnology and pharmaceutical companies is expected to boost consumer demand.
Some main participants of the Next Generation Sequencing market are Genomatix GmbH, PierianDx; DNASTAR, Inc., Eurofins GATC Biotech GmbH, Illumina, QIAGEN, Thermo Fisher Scientific, Inc., F. Hoffman-La Roche Ltd., Oxford Nanopore Technologies, Perkin Elmer, Inc., Bio-Rad Laboratories, Inc. and BGI amongst others.
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