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The growing need for fast and accurate DNA sequencing is driving the Global Next-Generation Sequencing Market. Fortune Business Insights in a new study, titled “NEXT-GENERATION SEQUENCING: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” predicts that the above factor is responsible for the adoption of next-generation sequencing platforms. Next-generation sequencing has the ability to sequence a massive amount of DNA and simultaneously facilitate the diagnosis of research and rare diseases. The analysts of Fortune Business Insights use several tools and techniques to offer qualitative and quantitative information in the report. As per their observation, the global market is anticipated to exhibit a stupendous CAGR of 22.2% during the forecast period. In addition to this, the global market was valued at US$ 6,335.2 Mn and is anticipated to reach US$ 31,411.3 Mn by 2026.
Diagnostics Exhibits Higher Demand than Other Application-based Segments
Next-generation sequencing is used across several applications such as research, diagnostics among others. Of these, diagnostics cover the majority of the share in the global market. The growth of this segment is attributable to the rising adoption of genetic tests and the increasing number of service providers. Furthermore, the segment is expected to grow owing to the increasing demand for cancer treatment. For instance, Centers for Medicare and Medicaid Services or CMD announced a new initiative called National Coverage Determination in May 2018. This initiative aims at covering next-generation sequencing-based test for cancer patients. Initiatives like these are expected to accelerate the segment’s growth. This will further help the next-generation sequencing market to grow at a significantly higher CAGR.
The demand for next-generation sequencing platforms is increasing across end-users such as diagnostic centers, healthcare facilities, biotechnological companies, contract research organizations, and pharmaceuticals.
Illumina’s New Launch Aids in Market Expansion
QIAGEN, Illumina, Inc., Thermo Fisher Scientific Inc., Eurofins Scientific, BGI, PerkinElmer Inc., F. Hoffmann-La Roche Ltd, Macrogen, Inc., PierianDx, and Agilent Technologies, Inc. are some of the leading players in the global next-generation sequencing market. Of these, companies such as F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., and Illumina, Inc. are likely to lead the global market. Influenced by factors such as strong geographical presence and customer reach, these companies are leading. In addition to this, these companies have a diversified product portfolio and make strategic decisions to stay ahead of others. For instance, the NextSeq 550Dx instrument, launched by Illumina Inc. received FDA approval in November 2017. It is the company’s second CE marked and FDA approved next-generation sequencing platform. This launch aims at diversifying the company’s product portfolio, which will eventually strengthen its position in the market.
Genomics Projects and Active Government Support Will Bear Fruits for the Global Market
Introduction of genomic projects especially in countries such as Qatar, the U.K. among others is favoring the growth of the market. Governments around the world are actively supporting private players and other institutions, which will help the market to expand. Next-generation sequencing-based diagnostic tests is emerging at a rapid pace, contributing to the growth of the market. The rising research activities and clinical application of next-generation sequencing are boosting the market. Also, technological advancements in bioinformatics and the rapid adoption of personalized medicines are enabling growth in the market.
Presence of High Number of MNCs in North America Backs its Dominance at a Global Scale
From a geographical standpoint, the market in North America is anticipated to expand considerably in the forecast period. In 2018, the market was valued at US$ 2,331.4 Mn and is likely to rise significantly owing to government support in the region. Other factors such as the presence of some of the major manufacturers and increasing prevalence of cancer in North America are creating growth opportunities for the market. Recent FDA approvals in the region accelerate the growth of the market. Rising emphasis on precision medicine and increasing research investment are factors responsible for positively impacting the market in Europe. The market in this region is expected to expand at a remarkable rate owing to the increasing number of strategic collaborations. The market in Asia Pacific is also growing considerably with the rising prevalence of genetic disorders. This region witnesses an increasing number of research activities and people are becoming more aware of reproductive health. These factors, together with improving healthcare infrastructure, are likely to drive the market in Asia Pacific.
The global next-generation sequencing market can be segmented into the following categories:
· Instruments & Software
By End User
· Research Institutes
· Healthcare Facilities & Diagnostic Centers
· Pharmaceutical & Biotechnological Companies
· Contract Research Organization (CROs)
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)