Next-generation sequencing (NGS) is an advanced DNA sequencing technology that allows for rapid and parallel sequencing of millions to billions of DNA fragments simultaneously. It offers significant improvements over traditional sequencing methods in terms of speed, throughput, and cost-efficiency. NGS platforms generate short DNA sequence reads, which are assembled to reconstruct the complete DNA sequence. NGS has revolutionized genomics research and applications, enabling comprehensive analysis of genomes, transcriptomes, and other genetic elements.
Global Next Generation Sequencing Market Driving Factors and Challenges
Advancements in next-generation sequencing (NGS) technology, including increased capacity, improved accuracy, and reduced costs, have made NGS more accessible and affordable, driving its adoption across various sectors. The decreasing cost of sequencing, attributed to technological advancements, improved efficiency, and economies of scale, has made NGS more cost-effective compared to traditional methods. NGS has revolutionized genomic research by enabling comprehensive analysis of the genome, transcriptome, and epigenome, finding applications in oncology, rare genetic diseases, infectious diseases, agriculture, and pharmacogenomics. The growing demand for precision medicine, which tailors’ healthcare interventions based on individual genetic makeup, has fuelled the adoption of NGS in clinical settings.
The global next-generation sequencing (NGS) market faces several challenges. Firstly, the high initial costs associated with NGS technologies can be a barrier for smaller research laboratories or healthcare institutions with limited financial resources. Secondly, the generation of massive amounts of genomic data poses challenges for storage, management, and analysis, requiring robust bioinformatics expertise and computational resources. Lack of standardization in protocols and quality control measures can lead to data variability and hinder result comparability. Ethical and legal considerations arise due to the sequencing of an individual's entire genome, including concerns about privacy, consent, and the use of genetic information. Complex regulatory landscapes and reimbursement processes can also limit the adoption of NGS technologies in clinical settings.
Impact of COVID-19 on Global Next Generation Sequencing Market
The COVID-19 pandemic significantly impacted the global next-generation sequencing (NGS) market. The outbreak led to a surge in demand for NGS-based diagnostic testing to detect and monitor the virus. Research institutions and biotech companies shifted their focus to COVID-19-related research, utilizing NGS technology to study the virus and develop treatments and vaccines. The pandemic caused temporary disruptions in the supply chain, delaying the delivery of NGS instruments and consumables. Additionally, non-COVID-19 research projects using NGS technology were postponed due to resource reallocation and laboratory restrictions. As a result, the market experienced a shift in research priorities and some growth limitations. However, with the gradual easing of restrictions and restoration of supply chains, the market is expected to rebound.
Next Generation Sequencing Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Agilent Technologies Inc., BGI, Bio-Rad Laboratories Inc., CD Genomics, DNASTAR Inc., Eurofins GATC Biotech GmbH, F. Hoffmann-La Roche AG, Genomatix GmbH, Illumina Inc., Intrexon Bioinformatics Germany GmbH (Precigen Inc.), Macrogen Inc., Oxford Nanopore Technologies, Pacific Biosciences of California Inc., PerkinElmer Inc., Pillar Biosciences Inc., PierianDx Inc., QIAGEN N.V., Thermo Fisher Scientific Inc., Others.
Global Next Generation Sequencing Market Segmentation:
By Product Type: Based on the Product Type, Global Next Generation Sequencing Market is segmented as; Reagents and Consumables, Software, Products & Services, Instruments.
By Type of Sequencing Technology: Based on the Type of Sequencing Technology, Global Next Generation Sequencing Market is segmented as; CHIP Sequencing, De Novo Sequencing, Methyl Sequencing, RNA Sequencing, Targeted Resequencing, Whole Exome Sequencing, Whole Genome Sequencing.
By Application: Based on the Application, Global Next Generation Sequencing Market is segmented as; Agriculture and Animal Research, Diagnostics, Drug Discovery, Genetic Screening, Personalized Medicine, Other Applications.
By End-User: Based on the End-User, Global Next Generation Sequencing Market is segmented as; Academics and Research Centres, Contract Research Organizations, Hospitals and Healthcare Institutions, Pharmaceutical and Biotechnology Companies, Others.
By Region: This research also includes data for Asia-Pacific, Europe, the Middle East and Africa, North America, and Latin America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.