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Global NGS Market Size To Grow USD 10.13 Bn BY 2027

The global market for next-generation sequencing is expected to grow at an annual rate of 18.66% from USD 4.31 billion in 2022 to USD 10.13 billion in 2027.

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COVID-19 is a recently found coronavirus that produces an infectious disease. COVID-19, which was largely unknown before the outbreak in Wuhan, China, in December 2019, has evolved from a regional issue to a global pandemic. Following the declaration of COVID-19 as a pandemic by the World Health Organization (WHO), a diverse group of established pharmaceutical and biopharmaceutical companies, as well as major players and smaller start-ups in the NGS market, have stepped forward to assist with global research efforts to develop test kits, treatments, and vaccines. Companies have increased their research and development efforts in order to create vaccinations and treatments to combat the virus. For example, using Oxford Nanopore Technologies’ MinION Mk1C, researchers in Fuyang City (China) were the first to sequence COVID-19 samples. NGS diagnostic technology offers the capacity to determine a virus’s genomic sequence and assist scientists in understanding mutations. Throughout the COVID-19 epidemic, governments around the world have been collaborating with the corporate sector to bring NGS technology to the market as a viable diagnostic tool. The FDA has authorised the Illumina COVIDSeq Test for qualitative detection of SARS-CoV-2 RNA.As a result, NGS technology is projected to become more widely used throughout the pandemic.

MARKET DYNAMICS:

Diverse Diagnostic Applications of Next-Generation Sequencing, which is significantly promoting the global NGS market growth.

The lower cost of sequencing has led to an increase in the use of NGS in illness diagnosis. The development of numerous test kits and testing services for non-invasive prenatal testing, cancer diagnosis, genetic testing, and other applications is driving the global market. Furthermore, active government support for such diagnostic tests through product approval and enhanced reimbursement coverage is projected to open new market growth potential.

DNA testing is becoming more common and is promoting the growth rate of the next-generation sequencing market.

Due to developments in whole genome and exome sequencing technologies, faster results, and lower costs of the process when compared to genotyping-based DNA microarray, DNA testing is becoming more popular. The sequencer detects DNA by measuring the electrical conductivity of DNA strands passing through a biological pore.

Large-scale sequencing needs public and private support, which is expected to boost the NGS market.

To better understand the link between genetics and disease, many countries are investing in their own national population sequencing programmes. Millions of genomes are being sequenced by government groups to progress research and discover better ways to identify and cure cancer, uncommon disorders, and other ailments. As a result, considering the large-scale deployment of NGS devices and the utilisation of consumables necessary in such endeavours, big sequencing projects are projected to create lucrative growth prospects for market players.

R&D activity for innovative next-generation sequencing technologies is on the rise.

Increasing R&D activities for developing treatments used in the treatment of genetic disorders will increase the demand for next-generation sequencing methods over the period of the research. A substantial market demand will be created as R&D investments increase and the number of studies related to the treatment of genetic disorders among individuals grows. Governments in developed countries have put in place a variety of programmes and policies to encourage scientists and researchers to investigate solutions for chronic and uncommon diseases.

Legal and ethical restrictions are a significant challenge to the NGS market.

Addressing privacy risks has gotten more difficult as technology advances and channels for accessing personal data expand. The use of next-generation sequencing (NGS) in research and clinical contexts has prompted concerns about data protection, informed consent, and the return of results for these reasons.

In addition, the use of NGS data for interpretation is becoming more common, necessitating the development of a multidisciplinary team that includes a qualified genetic counsellor. Single gene disorders require little counselling and testing however, heterogeneous genetic disorders such as glutaric aciduria type I (GA1), Canavan Disease, cancer, and neuromuscular problems are more complex and require competent guidance.

Lack of skilled workers and lack of funds for R&D are further estimated to hamper the growth rate of the global NGS market.

Despite the fact that governments and private bodies try to fund research programmes, many research firms and academic institutes face budget constraints and are unable to afford advanced and high-priced equipment and technologies, which has a negative impact on the growth of these industries and their expansion in developing countries. Furthermore, there is a scarcity of skilled individuals in this area, which further impedes its expansion. As a result, interpreting complicated data takes time, and researchers confront challenges, resulting in delayed market growth.

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KEY MARKET INSIGHTS:

  • Based on the product, the market is divided into Software and Services. Due to advancements in technology based on SMRT sequencing and increased use of cloud computing for NGS data storage, the services segment is likely to see significant next generation sequencing market expansion over the forecast period.
  • Based on the technology, the market is divided into Targeted Re-Sequencing, Whole Genome Sequencing, De Novo Sequencing, Exome Sequencing, RNA-Seq, ChIP-Seq, Methyl-Seq. From 2021 to 2028, the Whole Genome Sequencing technology is expected to grow at a high rate. The usage of WGS to combat Covid-19 has increased due to sector growth. Furthermore, businesses such as Illumina offer microbial WGS as the first NGS approach for infectious disease surveillance on the market. This technology can deliver high-quality data and quick results. It can also be used to detect, track, and respond to disease outbreaks throughout a region.
  • Based on the application, the market is divided into Diagnostics, Drug Discovery, Biomarker Discovery, Personalized Medicine, Agriculture and Animals Research. The personalised medicine segment is expected to see significant next generation sequencing market growth over the forecast period, owing to increased demand for drug treatment, advancements in R&D in the healthcare sector, and increased awareness of NGS testing in the pharmaceutical and biotechnological industries.
  • North America dominated the global market. The regional market is driven by the presence of multiple clinical laboratories that employ NGS to provide genetic testing services. Furthermore, prominent firms in North America are developing and launching new products, boosting market growth. Within North America, the United States is predicted to have a significant share of the market, and this trend is expected to continue in the coming years. With the COVID-19 pandemic in this region, next-generation sequencing (NGS) technology is gaining prominence as a regular clinical diagnostic tool. The increase in the number of strategic advancements by leading market players operating in the region has aided market expansion.
  • Agilent Technologies, Inc., BGI Group, F. Hoffmann-La Roche AG, Illumina Inc, Precigen Inc., Pacific Biosciences of California, Inc., PerkinElmer, Inc., PierianDx Inc., Qiagen N.V., and Thermo Fisher Scientific Inc. are some of the key players in the market.

Recent developments in this market:

  • Agilent Technologies Inc. released three new microarrays in 2020 to satisfy the demands of cytogenetic laboratories doing prenatal and postnatal research.
  • Twist Bioscience Announces New Next-Generation Sequencing Solutions and Highlights Customers at the 2020 Advances in Genome Biology and Technology Conference.
  • In 2022, Illumina, Inc. partnered with Agendia N.V., a global leader in precision oncology for breast cancer, to co-develop in vitro diagnostic (IVD) assays for oncology testing.
  • QIAGEN and Sysmex developed a strategic cooperation for cancer companion diagnostics in 2021.

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