The next generation sequencing market involves DNA sequencing technologies that parallelize the sequencing process, producing thousands or millions of sequences simultaneously. NGS technologies enable scientists to sequence human genomes, examine expression levels across transcriptomes, identify epigenetic modifications, and more. These techniques are increasingly being used in research involving cancer genomics, rare diseases, pharmacogenomics, and agricultural applications. Conventional Sanger sequencing is being rapidly replaced by NGS as it is more cost-effective.
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.
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. Increasing research activities in countries like the US, China, and Canada is driving the demand for NGS technologies. Pharmaceutical and biotechnology companies are extensively using these techniques for drug target discovery and development. Technological advancements like long-read sequencing, nanopore sequencing, and portable Next Generation Sequencing Market Demand have made these platforms more scalable and affordable for various genomic applications.
Market Trends
The next generation sequencing market is witnessing increasing adoption of long-read sequencing technologies. Long-read sequencers like those from Oxford Nanopore Technologies and Pacific Biosciences generate reads that are up to 100kb in length, enabling sequencing of regions that were difficult to assemble with short-read technologies. This has allowed sequencing of structural variants, isoforms, and epigenetic modifications more comprehensively. Clinical NGS is also gaining traction with the development of targeted panels and whole exome/genome assays for screening, diagnosis, and monitoring of diseases. Portable and handheld sequencers are expected to make real-time sequencing accessible at hospitals and laboratories.
Market Opportunities
One of the key opportunities for next generation sequencing companies lies in increasing R&D investment in drug discovery by pharmaceutical firms. NGS can help accelerate research in target identification, validation of drug targets, biomarker discovery for clinical trials and assessment of treatment response. With ever-reducing prices, these applications are expected to witness highest adoption. Growing genomic medicine programs worldwide also present an opportunity to drive the sequencing volumes. New products integrating isolation, library prep and sequencing in one platform can help cater to decentralized healthcare settings and expand the market reach.
Impact of COVID-19 on Next Generation Sequencing Market Growth
The COVID-19 pandemic has significantly impacted the growth of the next generation sequencing market. During the initial outbreak in 2020, many hospitals and research laboratories shifted focus to testing and developing treatments for COVID-19, diverting resources away from other diseases. This led to delays in clinical trials, diagnostic tests and other research activities involving NGS technologies. However, sequencing has played a critical role in understanding the virus genetics and evolution. Many researchers conducted genomic surveillance of SARS-CoV-2 using NGS to track virus mutations and variants spreading across geographical regions. Post pandemic, investments are increasing in infectious disease research and genomic medicine. Pharmaceutical companies are collaborating with clinical laboratories and academia to leverage NGS for antiviral drug development, vaccine design and long COVID research. Going forward, genomic data generated during the crisis will help build more robust public health systems and pandemic preparedness. Healthcare providers are also exploring ways to integrate NGS into routine clinical settings to improve disease management for cancer and genetic disorders.
In terms of regional concentration, North America currently accounts for the largest share of the next generation sequencing market value owing to presence of key market players, rising adoption of NGS-based diagnostics, growing research funding and increasing awareness. The Asia Pacific region is projected to be the fastest growing market during the forecast period driven by rising healthcare expenditures, expanding biotech industry and growing emphasis on personalized medicine in countries like China, India and South Korea. Governments are supporting genomics initiatives through funding and favorable policies to build genome sequencing capabilities. This will help address the regional shortage of pathologists and radiologists through NGS-based molecular testing.
The key factors influencing market growth are advancement of cloud computing and storage solutions, increasing applications of NGS in drug development and discovery as well as declining sequencing costs. In terms of revenue, North America holds the highest market share but Asia Pacific is emerging as the fastest growing regional market.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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