Next Generation Sequencing Growth Owing to Rising Adoption in Personalized Medicine
Next Generation Sequencing Growth Owing to Rising Adoption in Personalized Medicine
Next generation sequencing (NGS) refers to the high-throughput DNA sequencing technologies

Next generation sequencing (NGS) refers to the high-throughput DNA sequencing technologies that enable rapid sequencing of genome and exome. The NGS technologies provide new opportunities for scientific research and clinical applications including targeted deep sequencing for cancer, sequencing for identifying pathogenic strains, and investigating genetic variations. NGS has applications in various fields such as drug discovery, agricultural science, animal and plant research, and forensic and anthropological genetics. It is used in DNA sequencing, RNA sequencing, genome sequencing, methylation sequencing and chromatin profiling.

The next generation sequencing market is estimated to be valued at USD 16.51 Bn in 2024 and is expected to reach USD 42.61 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.5% from 2024 to 2031.

Key Takeaways

Key players operating in the Next generation sequencing 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. The key players are engaged in new product launches, mergers & acquisitions and partnerships to gain a competitive edge in the market. For instance, in May 2022, Canopy Growth Corporation launched mixed drinks in Canada in partnership with Fluent Beverages, a subsidiary of Anheuser-Busch InBev.

The key opportunities in the Next Generation Sequencing Market Demand include increased investments by biopharmaceutical companies in R&D, rising demand for genomic medicine and precision medicine, and increasing applications of NGS in oncology. Between 2024 to 2031, the global adoption of NGS in precision and personalized medicine is expected to increase significantly which will offer new growth prospects to market players.

With regards to global expansion, the key players are focusing on expanding their regional presence in Asia Pacific and Latin American countries. For instance, In February 2022, Canopy Growth Corporation acquired an actively operational outdoor cannabis cultivation site in Lesotho, South Africa to expand its operations. Meanwhile, Tilray Inc. is planning to enter the Australian cannabis market by 2024 through partnerships and joint ventures with Australian companies.

Market Drivers

One of the key drivers of the Next generation sequencing Market is the rising adoption of NGS in personalized and precision medicine. NGS allows comprehensive genome analysis which helps in developing targeted therapeutics based on an individual's genomic profile. It plays a vital role in cancer research, diagnosis and treatment planning.

Market Restraints


High infrastructure and setup costs associated with NGS are a key market restraint. The requirement of high capital investment for purchasing NGS instruments, data storage solutions, and skilled personnel limits the accessibility of NGS solutions. Additionally, complexity in data analysis and storage issues pose challenges. Lack of advanced technologies in developing countries also hampers market growth.

Segment Analysis

The Next Generation Sequencing market can be segmented based on product and services, technology, application and end use. Within products and services, the consumables segment dominates due to high consumption of reagents and NGS sample preparation kits used for different sequencing applications. In terms of technology, sequencing by synthesis dominates as it allows massively parallel sequencing runs with excellent accuracy, speed and throughput. Diagnostics accounts for the largest application segment owing to wide usage of NGS for cancer diagnostics, non-invasive prenatal testing and other clinical applications. Research organizations are the key end users currently and are expected to remain the major segment over the forecast period due to extensive ongoing research activities utilizing NGS.

Global Analysis

North America dominates the global Next Generation Sequencing market currently owing to the strong presence of leading NGS manufacturers, rising healthcare expenditure, developed healthcare infrastructure and broader reimbursement policies. The Asia Pacific region is anticipated to display the fastest growth over the forecast period due to increasing R&D investments, growing awareness about clinical applications of NGS, rising healthcare expenditure and expansion of key market players in emerging Asia Pacific countries. Key countries contributing to the Asia Pacific NGS market growth include China, India, South Korea and Japan. The European region remains another major revenue generator due to broad technical expertise and availability of significant public and private research funding for genomics and precision medicine.

Gets More Insights on, Next Generation Sequencing Market

About Author:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/

disclaimer

What's your reaction?

Comments

https://timessquarereporter.com/public/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!

Facebook Conversations