Next Generation Sequencing Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Next Generation Sequencing by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Next Generation Sequencing, The next generation sequencing market size has grown rapidly in recent years. It will grow from $10.44 billion in 2023 to $11.83 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. 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 $19.75 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. 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.

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.

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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

Major companies operating in the next generation sequencing market are innovating new technologies such as AVENIO Edge System to increase their profitability in the market. The AVENIO Edge System is a completely automated system for the steps of preparing samples for next-generation sequencing (NGS), target enrichment, pooling, normalizing, and quantification. For instance, in December 2021, Roche Holding AG, a Switzerland-based pharmaceutical company launched AVENIO Edge System. The system is employed for pooling, normalizing, quantification, and target enrichment. With the AVENIO Edge System, researchers may concentrate on data processing and interpretation since it is designed to offer high-quality sequencing findings with less hands-on time.

The next generation sequencing market report table of contents includes: