Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Next Generation Sequencing Market.
Market Research Future (MRFR) speculates that the global next generation sequencing market is presumed to demonstrate a healthy growth rate during the forecast period (2018-2023) owing to the technological advancements. Next-generation sequencing (NGS), also termed as high throughput sequencing technology or massively parallel sequencing, has revolutionized the biological sciences. The NGS technology has transformed genomic research to an advanced level and allows to sequence a complete human genome in a small duration. The genetic material is pulled out in this process, fragmented, and associated with primers and adapters for amplification.
Market Potential and Pitfalls
With the emergence of high throughput screening technology, there have been substantial changes in the sequencing process by reduced sequencing cost and offering speed. The technology is propelling at a rapid pace owing to its application in clinical, agricultural, and forensic areas. For instance, NGS helps to detect various clinical applications such as cancer and its infectious disease and several genetic disorders. The augmenting awareness regarding next-generation sequencing, technological advancements, rising acquisitions and mergers among the global players, and growth in genome mapping programs are considered some of the major factors promoting the market growth throughout the appraisal period. NGS allows the researchers to study biological systems and perform a range of applications at a level never before possible with the help of scalability, ultra-high throughput, and speed. Pacific Biosciences of California, Illumina, Oxford Nanopore technology and Thermo Fisher scientific provides NGS instruments based on technologies like sequencing by ligation, reversible terminator sequencing, single-molecule, ion semiconductor sequencing technology, real-time sequencing (SMRT), and nanopore sequencing technology. The constant technological advancements and a wide range of diagnostic applications are making user-friendly and more efficient. Such factors are further bolstering the market growth across the globe.
Moreover, NGS is used to execute applications like oncology studies, biomarker discovery, agricultural & animal research, personalized medicine, and others. It has extensively replaced conventional tools of genomics. The demand has further increased across the world due to the increasing R&D investments by several market giants.
On the contrary, lack of skilled workforce in order to store and manage the huge amount of data appropriately, proper healthcare infrastructure, and the high cost associated with the technology are some of the top barriers predicted to vitiate the market growth in the coming years. Moreover, the complications associated with data storage is likely to dampen the market growth to a certain extent.
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Global Next Generation Sequencing Market: Segmental Analysis
The global next generation sequencing market has been segmented on the basis of service and product, technology, end-user, and application.
By mode of technology, the global next-generation sequencing market has been segmented into whole exome sequencing, whole genome sequencing, methyl sequencing, CHIP sequencing, RNA sequencing, targeted resequencing, and de novo sequencing.
By mode of service and product, the global next-generation sequencing market has been segmented into consumables, sample preparation, sequencing services, and platforms and services for platforms. Among these, the consumables segment is likely to occupy the largest market share owing to the increasing sequencing procedures, advancements in the sequencing technologies, rising adoption and installation of NGS platforms, and launch of easy to use consumables.
By mode of application, the global next-generation sequencing market has been segmented into the genetic screening, drug discovery, agriculture and animal research, diagnostics, and others. Among these, the diagnostic segment is predicted to experience the highest growth rate owing to the rising number of new cancer cases globally, growing focus of key market players, and favorable reimbursement policies for NGS-based tests.
By mode of end-users, the global next-generation sequencing market has been segmented into hospitals and clinics, academic institutes and research centers, pharmaceutical and biotechnology companies, and others.
Geographically, the next generation sequencing market spans across regions namely, Europe, North America, Asia Pacific, and the Middle East & Africa.
Among all the regions, the North American region is predicted to occupy the largest market share and is anticipated to retain its dominance in the coming years. The growth is credited to the rising consumer requirements and growing competition among the market players through mergers and acquisitions. Moreover, the increasing number of funds coupled with the initiatives adopted by the government in order to reduce the cases of cancer are some of the other factors likely to trigger the market growth across the globe.
The European region is anticipated to occupy the second largest share in the global market. The growth is credited to the presence of pioneer NGS technology, and a refined population interested in NGS technology. On the other hand, diverse mandates coupled with a fragmented market across Europe is presumed to limit the market growth in this region.
The Asia Pacific region is considered to register significant growth in the coming years owing to the access to optimal treatment facilities coupled with the rising demand for advanced technology, increasing disposable income, better adoption rate, and growing investments by the pharmaceutical companies.
February 18, 2019: QIAGEN N.V. has recently announced an agreement with the Ares Genetics in order to develop innovative bioinformatics and assay solutions to augment research targeting the global health challenges posed by antibiotic-resistant bacteria.
The prominent players operating the global next-generation sequencing market are Thermo Fisher Scientific Inc. (US), Macrogen Inc. (South Korea), BGI (China), Oxford Nanopore Technologies Ltd. (UK), PerkinElmer (US), QIAGEN N. V. (Germany), Agilent Technologies (US), Illumina Inc. (US), Eurofins Scientific (Luxembourg), and Pacific Biosciences of California Inc. (US).