Next Generation Sequencing (NGS) Market, by Product (Consumables, Platforms, Services and Nerve Blockers), Application (Diagnostics, Biomarkers and Cancer, Reproductive Health, Personalized Medicine, Agriculture and Animal Research, and Other Applications), Technology (Sequencing by Synthesis, Ion Semiconductor Sequencing, Sequencing by Ligation, Pyrosequencing, Single Molecule Real Time Sequencing, and Other Technologies), and End User (Academic and Research Centers, Pharmaceutical and Biotechnology Companies, Hospitals and Clinics, and Other End Users) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Next Generation Sequencing (NGS) market size was estimated at USD 11.59 billion in 2023 and is projected to reach USD 29.84 billion in 2030 at a CAGR of 14.47% during the forecast period 2023-2030.
Next-generation sequencing (NGS) is a massively parallel sequencing method that offers scalability, high throughput, and high speed for genome-wide sequencing of nucleotides. Because it involves the preparation of material for the subsequent sequencing reaction, DNA presequencing is one of the most important processes in a common sequencing protocol. Globally, NGS is increasingly integrated into clinical laboratory analysis, testing and disease diagnosis in the healthcare industry. In pharmacogenomics, next-generation sequencing (NGS) is often used to accelerate the drug discovery process.
The growth of the global next-generation sequencing market is primarily driven by the growth of genome mapping programs; proliferation of next-generation sequencing applications; rising health care costs; and technological advances in sequencing platforms. For example, in 2019, Thermo Fisher Scientific, a world leader in scientific services, launched a new generation platform, the Ion Torrent Genexus System, which provides sample for one-day reporting. Additionally, Agilent Technologies, Inc., an American analytical development and manufacturing company, brought in 2019, we launched the Magnis NGS Prep System, a next-generation sequencing library preparation system designed to perform complex sequencing analyzes at the push of a button. Fetal genetic makeup and configuration can be detected with NGS-oriented tests such as non-invasive prenatal testing (NIPT) and pre-implantation genetic testing (PGT). R&D-related NGS has risen to new heights thanks to investments in NGS technologies worldwide. Growing demand for genome mapping software and increasing use of NGS is fueling market growth
During the COVID-19 pandemic, governments around the world partnered with the private sector to bring NGS technology to market as a potential diagnostic tool. The NGS diagnostic technique was able to determine the genetic sequence of the virus and helped researchers figure out how mutations occur. Next-generation sequencing (NGS) has been used to study COVID-19, making it much easier to trace the origin of SARS-CoV-2.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak Declining sequencing costs have increased the use of NGS in disease diagnosis. Various testing kits and testing services are emerging for the non-invasive prenatal testing, cancer diagnosis, genetic testing and more, leading the global market. In addition, active support from the government through product approval and improvement of reimbursements for such diagnostic tests is expected to provide new opportunities for market growth. Additionally, increasing prevalence of chronic diseases, increase in research and initiation of high-budget genomics projects are expected to boost market growth during the forecast period. These factors have led to the expansion of the market and increased demand for Next Generation Sequencing (NGS) solutions.
North America to Dominate the Market