According to the report published by Allied Market Research, the global Next Generation Sequencing (NGS) Market was pegged at $6.59 billion in 2020 and is estimated to hit $35.50 billion by 2030, registering a CAGR of 18.2% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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COVID-19 scenario-
- The NGS diagnostic technology comes with immense potential to determine the genetic sequence of a virus, thereby helping scientists recognize the mutation of the virus. This factor has impacted the NGS market positively.
- At the same time, genome sequencing has also been used to understand the spread of COVID-19, thus improving the treatments.
The global next generation sequencing (NGS) market is analyzed across product, application, technology, end user, and region. Based on product type, the consumables segment accounted for more than two-thirds of the total market revenue in 2020, and is projected to rule the roost by the end of 2030. The services segment, on the other hand, would cite the fastest CAGR of 19.3% throughout the forecast period.
High-end technological advancements in NGS, surge in applications of NGS, and rise in demand for genome mapping programs drive the growth of the global next generation sequencing (NGS) market. On the other hand, standardization concerns over NGS-based diagnostics, lack of skilled professionals, and several ethical and legal limitations restrain the growth to some extent. However, increase in demand for cloud computing and potential data management services are anticipated to pave the way for lucrative opportunities in the industry.
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North America accounted for the largest share in 2020, and is anticipated to maintain its dominance from 2020 to 2030, due to high expenditure on R&D, presence of major players & their product availability, and well-established healthcare infrastructure in the region. However, Asia-Pacific is expected to register the highest CAGR during the forecast period, as Governments of Asian countries are investing in the development of healthcare infrastructure.
Key Findings Of The Study
- North America occupied dominant position in global next generation sequencing market in 2020.
- Asia-Pacific is estimated to grow at the highest CAGR 19.0% during the forecast period.
- By application, Biomarker and cancer segment was the highest contributor to the next generation sequencing market, in 2020, and is projected to grow at a CAGR of 17.5% from 2021 to 2030.
- By product type, consumable segment was the highest contributor to the market, in 2020, and is estimated to grow at a CAGR of 17.7% during the forecast period.
- By technology, the sequencing by synthesis segment was the highest contributor to the market in 2020.
The report provides some of the key players operating in the next generation sequencing market include Illumine, Inc., Thermo Fisher Scientific, Inc., Pacific Biosciences of California, Inc., Beijing Genomics Institute, Qiagen N.V., 454 Life Sciences Corporation (Roche Holding AG), Agilent Technologies, Inc. PerkinElmer, Inc., Genomatix GmbH, and PierianDx. and among others.
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