The broad range of DNA sequencing techniques employed in genomic research are referred to as "next-generation sequencing." Numerous pharmaceutical and biotechnology businesses have backed the global search for immunisations and test kits. These techniques outperform the Sanger DNA and RNA sequencing that was previously used and transformed molecular biology and genomics research in terms of speed and cost.
According to SPER market research, ‘Next Generation Sequencing Market Size- By Product Type, By Type of Sequencing Technology, By Application, By End-User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Next Generation Sequencing Market is predicted to reach USD 129.58 billion by 2033 with a CAGR of 22.44%.
Large applications in clinical diagnostics, disease treatments, and laboratory research in the healthcare industry are responsible for the growth of the NGS market. Quick sample analysis and cost-effectiveness are two advantages of NGS. Pharmacogenomics frequently makes use of NGS to quicken the drug discovery process. Also, expanding genomics programmes across a number of countries to predict the expansion of the market for next-generation sequencing. The global market for next-generation sequencing is expected to increase significantly due to rising applications in clinical diagnosis. The development of diagnostics based on next-generation sequencing and encouraging government support are the market drivers for next-generation sequencing.
However, massive volumes of genomic data are produced by NGS, yet it is still difficult to manage, analyse, and derive insights from this data. Complex bioinformatics techniques, computing power, and knowledge are needed for the analysis. The inability to fully utilise the potential of NGS technology and convert genetic data into useful therapeutic insights is a result of a lack of highly qualified bio-informaticians as well as the ongoing need for improvements in data processing methods. It is essential to get through this obstacle if NGS is to be widely used and integrated into standard clinical practise.
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Impact of COVID-19 on Global Next Generation Sequencing Market
The introduction of telemedicine and remote healthcare services during the COVID-19 pandemic raised demand for NGS technology that may enable remote data analysis and interpretation. Governments all across the world have expanded financing and assistance in response to the need for genomics and NGS technology in pandemic response. Along with encouraging alliances and cooperation between NGS businesses, academic institutions, and healthcare organisations, the epidemic also sparked industry consolidation and knowledge-sharing. As awareness and interest in genomics rise, it is anticipated that the pandemic's emphasis on the importance of genetics and personalised treatment will fuel long-term growth in the NGS market.
Next Generation Sequencing Market Key Players:
North America accounted for the largest revenue share in the next-generation sequencing market. A huge number of clinical labs that employ NGS to offer genetic testing services are fueling the region's expansion. The North American area has a robust network for performing medical research in industrialised nations and is investing more in R&D facilities. The next-generation sequencing industry is expected to experience the fastest CAGR growth in the Asia Pacific region over the course of the forecast period, thanks to technological improvements made in developing nations like China and Japan. Aside from that, expanding healthcare sectors, clinical development frameworks, and R&D in developing nations like Australia and India are anticipated to present this market with attractive potential opportunities. Additionally, some of the market key players are Agilent Technologies Inc., BGI, Bio-Rad Laboratories Inc., CD Genomics, Pacific Biosciences of California Inc., PerkinElmer Inc., Pillar Biosciences Inc., PierianDx 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.
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Next Generation Sequencing Market Future Opportunities
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