Next Generation Sequencing (NGS) Market to reach USD 40.78 billion by 2031,Business growth, trends

Next Generation Sequencing (NGS), also identified as high-throughput sequencing, is a powerful technology used for rapidly sequencing DNA and RNA. Unlike traditional sanger sequencing, which is slower and more expensive, NGS allows for the simultaneous sequencing of millions of DNA fragments, enabling researchers to quickly and efficiently analyze large genomes, identify genetic variations, and study gene expression patterns. NGS has revolutionized genomics research, enabling new visions into the genetic basis of diseases, the diversity of microbial communities, and the evolution of species.

View Detailed Report: https://www.databridgemarketresearch.com/reports/global-next-generation-sequencing-ngs-market

Data Bridge Market Research analyzes that the global next generation sequencing (NGS) market is growing with a CAGR of 15.1% in the forecast period of 2024 to 2031 and is expected to reach USD 40.78 billion by 2031 from USD 13.88 billion in 2023.

The global next generation sequencing (NGS) market is driven by the increasing demand for personalized medicine and the growing adoption of NGS technologies in clinical diagnostics and research applications. However, one restraint for market growth is the high cost associated with NGS procedures, limiting its accessibility in developing regions. An opportunity in this market lies in the advancements in NGS technologies, such as improved data analysis tools and faster sequencing platforms, which can enhance the efficiency and accuracy of sequencing processes. One challenge is the need for standardized protocols and regulations for NGS-based tests to ensure consistency and reliability across different laboratories and healthcare settings.

Opportunity

Increasing Advancement in NGS Technology

Enhanced sequencing speed, accuracy, scalability, and cost-effectiveness, have significantly expanded the applications of NGS across various fields such as genomics, oncology, and infectious diseases. This expansion of applications has not only increased the demand for NGS technologies but has also opened up new markets. In addition, the decreasing cost of sequencing has made NGS more accessible to researchers, clinicians, and patients, further driving its adoption in clinical diagnostics and personalized medicine. Furthermore, ongoing technological innovations, such as the development of long-read sequencing technologies and portable sequencing devices, continue to recover the performance and usability of NGS platforms, enhancing their value proposition for customers.

Technology

Sequencing by Synthesis (SBS)

Sequencing by Ligation (SBL)

Others

On the basis of technology, the global next generation sequencing (NGS) market is segmented into Sequencing by Synthesis (SBS), Sequencing by Ligation (SBL), and others.

Application

Pharmaceuticals Microbiology

Drug & Biomarker Discovery

Diagnostics

Precision Medicine

Agricultural & Animal Research

Food Pathogen Screening

Others

On the basis of application, the global next generation sequencing (NGS) market is segmented into pharmaceuticals microbiology, drug & biomarker discovery, diagnostics, precision medicine, agricultural & animal research, food pathogen screening, and others.

Some of the major players operating in the global next generation sequencing (NGS) market are Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Merck KGaA, Charles River Laboratories, Revvity, Promega Corporation., Agilent Technologies, Inc., Takara Bio Inc., Eurofins Scientific, Hamilton Company, BGI, Azenta US, Inc., Beckman Coulter, Inc., Bio-Rad Laboratories, Inc., PacBio., Macrogen, Inc., Gilson Incorporated, New England Biolabs, Oxford Nanopore Technologies plc., LGC Biosearch Technologies, PCR Biosystems, ACT Genomics, Quantabio, DNASTAR, and NimaGen. among others.

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