Next-Generation Sequencing (NGS) Market Driven by Launch of Technologically Advanced Systems
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By LabMedica International staff writers Posted on 10 Feb 2023 |
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Next generation sequencing (NGS) is a massively parallel sequencing technology that offers scalability, ultra-high throughput, and high speed to determine the order of nucleotides in the entire genome. DNA pre-sequencing is among the most significant steps in the overall sequencing protocol as it involves preparation of sample for the subsequent sequencing reaction. NGS is being gradually integrated into clinical laboratory analysis, testing, and diseases diagnostics in healthcare sectors across the world. The global NGS market is projected to grow at a CAGR of 15.7% from USD 13 billion in 2022 to USD 27 billion by 2027, driven by the launch of technologically advanced NGS systems and improving regulatory and reimbursement scenarios for NGS-based diagnostic tests. However, the end-user budget constraints in developing countries are expected to restrain market growth.
These are the latest findings of MarketsandMarkets (Northbrook, IL, USA), a growth consulting and program management firm.
Based on product & service, the consumables segment dominated the global NGS market in 2021 with the largest share due to the launch of new NGS consumables and demand for reagents and kits. Based on technology, the sequencing by synthesis segment accounted for the largest share of the global NGS market in 2021 due to the launch of new NGS platforms based on sequencing by synthesis technology. Based on application, the diagnostics segment accounted for the largest share of the global NGS market in 2021 due to the increasing demand for NGS based diagnostic products for cancer and noninvasive prenatal testing (NIPT).
Based on end users, the academic institutes & research centers segment dominated the global NGS market in 2021 with the largest share due to a growing number of collaborations between NGS market players and academic & research institutes. Geographically, North America accounted for the largest share of the global NGS market in 2021, driven by the increasing demand for new NGS based diagnostic tools, availability of research funding, and presence of prominent market players in the region.
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