May 29, 2024
Next Generation Sequencing Market

The Global Next Generation Genomics Sequencing Market growth is driven by Improving Technology

Next generation sequencing enables whole genome sequencing capability at rapid speeds and reduced costs. It enables the decoding of entire genomes through massive parallel sequencing techniques that generate millions of short sequences simultaneously. Sequencing platforms that utilize next generation sequencing technologies deliver higher throughput and scalability than traditional Sanger sequencing. Advances in sequencing techniques have enabled clinical applications of next generation sequencing like non-invasive prenatal testing and cancer diagnosis. The global next generation sequencing market offers sequencing instruments, consumables, and analysis of massive genomic data sets generated.

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 trends in the next generation sequencing market is the increasing demand for targeted sequencing. Targeted sequencing focuses on analyzing specific regions of interest in the human genome rather than sequencing the whole genome. It provides a cost-effective solution for clinical diagnostics and research applications requiring analysis of only a few genes. Growing application of targeted sequencing in oncology for detection of somatic mutations responsible for cancer and non-invasive prenatal testing is expected to drive the targeted sequencing segment during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the market requires heavy investments in technology and infrastructure. However, new players can enter the niche segments with low investments.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many players providing NGS technologies and services. Buyers can choose from multiple options based on their specific technical and budgetary requirements.

Bargaining power of suppliers: The bargaining power of suppliers is low as the market comprises few technology providers and raw material suppliers. Suppliers do not have significant influence over pricing.

Threat of new substitutes: The threat of new substitutes is low as NGS techniques provide more advantages compared to traditional DNA sequencing methods. No significant substitutes are expected in the near future.

Competitive rivalry: The competitive rivalry is high among major players who are continuously innovating and introducing new NGS products and services. Players are focusing on partnerships, acquisitions and expanding market presence globally.

Key Takeaways

The global next generation sequencing market size is expected to witness high growth over the forecast period supported by declining sequencing costs, technological advancements and increasing applications in diagnostics, drug discovery and precision medicine. 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 dominated the market in 2021 due to strong government support for genomics research and presence of leading NGS providers in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period driven by increasing research funding, advancements in healthcare infrastructure and growing genomics application in China, India and Japan.

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 players are focusing on launch of new NGS platforms with advanced features, expanding global presence and strategic partnerships to strengthen their market position. For instance, in 2020 Illumina launched its next-generation NovaSeq Series of sequencers to drive innovations in healthcare, research and industries.

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