What is the current market size and future outlook for the next generation sequencing market?
The next generation sequencing market size has grown rapidly in recent years. It will grow from $14.52 billion in 2024 to $17.21 billion in 2025 at a compound annual growth rate (CAGR) of 18.5%. The growth in the historic period can be attributed to rise in funding, increased healthcare expenditure, emerging markets growth, rapid technological advances and rapid growth in elderly population.
The next generation sequencing market size is expected to see rapid growth in the next few years. It will grow to $33.89 billion in 2029 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to aging population, increase in healthcare access, rising prevalence of chronic diseases and increasing demand for next generation sequencing due to COVID-19 . Major trends in the forecast period include focusing on using artificial intelligence to reduce costs and time, studying rare diseases in a cost-effective manner to maintain a competitive edge over other technologies, offering NGS technologies for newborn screening and adopting big data technologies to analyze large genomic data.
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How has the next generation sequencing market evolved, and what factors have shaped its growth?
The growing number of cases with chronic conditions such as cancer, AIDS, and thalassemia contributed to the growth of the next-generation sequencing market. Chronic illnesses and disorders are on the rise around the world, an aging population and shifts in social behavior led to a gradual increase in these widespread and expensive long-term medical issues. Next-generation sequencing (NGS) is a versatile development tool utilized by researchers and clinicians across various cancer studies to recognize biomarkers that give guidance on treatments. The prevalence of chronic diseases is also expected to increase significantly, according to the World Health Organization. Hence, the increase in the number of chronic disease cases will increase the requirement for NGS sequencing and boosts revenues for the growth of next generation sequencing market.
What are the major segments of the next generation sequencing market?
The next generation sequencing market covered in this report is segmented –
1) By Product: Instruments, Reagents And Kits, Software
2) By Technology: Sequencing by Synthesis, Ion Semiconductor Sequencing, Single-molecule Real-time Sequencing, Nanopore Sequencing, Other Sequencing Technologies
3) By Application: Diagnostics, Drug Discovery, Other Applications
Subsegments:
1) By Instruments: Sequencing Systems, Library Preparation Instruments, Quality Control Instruments
2) By Reagents And Kits: Sequencing Reagents, Library Preparation Kits, Amplification Kits
3) By Software: Data Analysis Software, Bioinformatics Software, Workflow Management Software
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Which companies dominate the next generation sequencing market?
Major companies operating in the next generation sequencing market include Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Agilent Technologies, Inc., Pacific Biosciences of California Inc., Oxford Nanopore Technologies, 10x Genomics, Bio-Rad Laboratories, Inc., MGI Tech Co., Ltd., Oxford Gene Technology, Hoffmann-La Roche Ltd, BGI, PerkinElmer Inc., Macrogen Inc., Genotypic Technology Pvt. Ltd., Beijing Genomics Institute, SciGenom Labs Pvt. Ltd (India), Dante Labs, Roche, First Genetics JCS, Helix, Tempus, Massive Bio, Genetricsinc and King Abdullah International Medical Research Center, Inqaba biotec
How will evolving trends contribute to the growth of the next generation sequencing market?
Major companies operating in the next-generation sequencing market are focused on developing innovative technologies such as next-generation sequencing (NGS) platform technology to enhance speed, accuracy, and cost-effectiveness. Key advancements include improved accuracy, higher throughput, and AI integration for data analysis. Next-generation sequencing (NGS) platforms are advanced technologies that enable rapid and cost-effective sequencing of DNA and RNA by processing millions of fragments simultaneously. They are used in various applications, including whole-genome sequencing and targeted resequencing, transforming genomic research, and personalized medicine. For instance, in April 2022, Thermo Fisher Scientific, a US-based biotechnology company, launched an IonTorrent Genexus Dx Integrated Sequencer, that enables rapid, automated next-generation sequencing in clinical laboratories, delivering results in as little as 24 hours. Its user-friendly design and flexibility support both diagnostic testing and research, advancing precision medicine efficiently.
What are the key regional dynamics of the next generation sequencing market, and which region leads in market share?
The countries covered in the next generation sequencing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
What Does The Next Generation Sequencing Market Report 2025 Offer?
The next generation sequencing market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Next-generation sequencing is a sequencing technology that offers ultra-high throughput, scalability, and speed. The technology is used to determine the genetic variation associated with diseases or other biological phenomena.
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