Next Generation Sequencing Market Emerging Trends and Global Industry Forecast to 2027
Next Generation Sequencing (NGS) Market size is projected to grow at a modest rate during the forecast timeline owing to increasing technological advancements in next generation sequencing in developed countries.
Delaware , United States – August 9, 2021 /MarketersMedia/ —
The next-generation sequencing (NGS) market is expected to register substantial growth in view of increasing application of the technology in diverse medical research as well as in clinical diagnoses. NGS techniques is being accepted by biopharmaceutical and pharmaceutical companies as it offers advantages, such as detection of genetic variation in patients at reduced cost and high accuracy, thereby offering the possibility to fundamentally altering medicine. Concerns towards chronic diseases like cancer, diabetes, and inflammatory bowel disease have bolstered technology adoption for making advanced treatments.
Companies in the biopharmaceutical and pharmaceutical arena ramping up investments in R&D activities to develop and produce personalized medicines for various diseases. Many major players in the NGS niche have developed sequencing instruments, library preparation kits, and automated data analysis tools for studying genes. All these factors could propel NGS development in the estimated timeframe. According to Global Market Insights, the market size is expected to exceed USD 22 billion by 2027.
Jotting down some of the emerging trends in the industry:
A) Soaring demand across APAC
The Asia Pacific next generation sequencing market was projected to witness a share of more than 20.5% in 2020. Growing focus on the development of healthcare infrastructure and integration of new technologies in emerging countries like China and India could anchor this growth. Reduction in prices of genome sequencing and improved capacity of whole-genome sequencers may drive industry expansion. While expanding R&D facilities and clinical development in the Asia Pacific region could create promising growth opportunities for next-generation sequencing providers.
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B) New product launches
Some of the prominent players in the next generation sequencing market include Thermo Fisher Scientific, Qiagen, Illumina, Bio-Rad Laboratories, BGI, Roche, Genapsys, Agilent, and others. Key players are constantly focusing on taking various strategic initiatives like product launches, partnerships, and mergers to gain a competitive edge over other firms and for maintaining financial stability. Highlight a recent product launch, in April 2019, Pacific Biosciences launched the Sequel II System. The system contains SMRT Cell 8M, SMRT link software package, chemistry and instrument control software. This strategy helped the company in widening its product offerings.
C) Numerous technological advancements
Numerous technological advancements, especially in emerging countries, are expected to be a major factor inciting the global next generation sequencing market expansion. Surge in usage of NGS technology by different biopharmaceutical and pharmaceutical companies combined with continuously rising research and developmental activities could boost the overall industry progress in the estimated timeframe.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: MarketersMedia
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