According to a new report by Meticulous Research® titled, ‘‘Saudi Arabia Next Generation Sequencing (NGS) Market Size, Share, Forecast, & Trends Analysis by Offering, Type, Application, End User – Forecast to 2031,’ the Saudi Arabian NGS market is expected to reach $50 million by 2031, growing at a CAGR of 10.1% from 2024 to 2031.
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Market Drivers
The market’s expansion is driven by the rising number of cancer cases, increasing R&D spending, and the surge in genome mapping initiatives. However, several obstacles stand in the way of rapid market growth, including high costs and data privacy concerns.
Opportunities and Challenges in the Market
The market offers opportunities in the form of growing adoption of NGS in healthcare facilities and the government’s support for genome sequencing projects. Nevertheless, challenges like data storage complexities, lack of skilled professionals, and regulatory hurdles persist.
Consumables to Dominate Market Offerings
Consumables are expected to hold the majority share (62.6%) in the Saudi NGS market by 2024. This segment includes consumables for sample preparation and sequencing. Among these, library preparation and target enrichment consumables are set to dominate with a 45% share, driven by their ability to streamline the sequencing process.
Targeted Genome Sequencing: A Growing Trend
Targeted genome sequencing is anticipated to lead the sequencing type segment in 2024. By focusing on specific genomic regions, this method minimizes irrelevant genetic variations, helping to lower costs and improve precision in clinical applications.
Focus on Cancer Research
Research applications are expected to dominate the market with a 56.9% share in 2024. Within this segment, cancer research will take the lead, accounting for 49.4%. The increasing demand for personalized cancer therapies and the efficiency of NGS in detecting actionable biomarkers are driving growth in this area.
End User Segment: Hospitals and Diagnostic Labs
In 2024, hospitals and diagnostic labs will dominate the end-user segment, driven by increased adoption in clinical diagnostics. Saudi Vision 2030’s focus on local genetic testing and diagnostic digitalization is expected to further accelerate market growth.
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Key Players:
Some of the key players operating in Saudi Arabia NGS market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Revvity, Inc. (U.S.), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Pacific Biosciences of California, Inc. (U.S.), Danaher Corporation (U.S.), Oxford Nanopore Technologies Plc. (U.K.), Beijing Genomics Institute (BGI) (China), Bio-Rad Laboratories, Inc. (U.S.), and 10x Genomics, Inc. (U.S.).
Key Questions Answered in the Report-
- What is the value of revenue generated by the sale of NGS instruments, consumables, and software’s in Saudi Arabia?
- At what rate is the demand for NGS offerings projected to grow for the next five to seven years?
- What is the historical market size and growth rate for Saudi Arabia NGS market?
- What are the major factors impacting the growth of Saudi Arabia NGS market?
- What are the major opportunities for existing players and new entrants in the market?
- Which offering and end user segments create major traction for the manufacturers in this market?
- What are the key trends in this market?
- Who are the major players in Saudi Arabia NGS market? What are their specific product offerings in this market?
- What recent developments have taken place in Saudi Arabia NGS market? What impact have these strategic developments created on the market?
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