Next-Generation Sequencing (NGS) Market, Global Forecast by End User, Type of Test, Disease, Informatics, Reimbursement, Company Analysis, Platform, Consumable
The next-generation sequencing industry is a huge market which comprises of innumerable companies involved in the engineering of instruments, kits & consumables and the development of improved software to boost the NGS system and the market as well. Over the years, the advancement in the sequencing chemistry, molecular biology, and technical manufacturing have profoundly increased the sequencing efficiency while decreasing the cost. Impressive progress in these fields has paved the way for the expansion of immensely parallel, high-throughput sequencing technology, termed as Next-generation sequencing (NSG). Next-Generation Sequencing (NGS) Market is expected to exceed USD 30 Billion by the year 2025.
Next-generation sequencing is also known by the name of high-throughput DNA sequencing is a technique that is opening attractive new opportunities in the field of life sciences. With the advent of advanced technologies, the application of NGS in the field of biomedicine today becomes a reality as next-generation sequencing technologies offer a unique and quick way for genome-wide classification and profiling of small RNAs, mRNAs, the structure of chromatin, transcription factor regions and DNA methylation patterns, metagenomics, and microbiology. A few years earlier, Sanger enzymatic dideoxy technique and the Maxam and Gilbert chemical degradation method were the only methods that are used for the sequencing.
Introduction of improved and rapid sequencing technologies for clinical processes is anticipated to take the next-generation sequencing market to the new height glory in the forthcoming years. In addition, the adoption of NGS platform in the field of advanced bioinformatics for the diagnosis and analysis of the rare indication, identifying therapeutic targets and for parental testing further expected to drive the next-generation sequencing market growth over the projection period. Witnessing the increasing demand of NGS methodologies in the field of genomics research, clinical diagnosis and in the treatment of various personalized diseases are further expected to drive the growth of next-generation sequencing market during the forecast period.
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Furthermore, due to the evolution of companion diagnostics that offer personalized medicine and advanced genomic, are among the other factors poised to fuel the growth of NSG market in the near future. The NSG panel is capable of evaluating various biomarkers in one go; hence, it has become one of the most preferred diagnostic techniques in oncology for targeted therapies and other such therapies in agricultural & animal research. With the growing cancer cases across the globe and the need for advanced diagnostic technique, consequently boosting the NGS market growth.
In addition, low cost, high adoption rate, reduced test duration, precise result, and high accuracy are among the other factors which are responsible for the growth next-generation sequencing market during the forecast period. On the other hand, difficulty in managing the huge data and complications, related with Big Data management, lack of consumer awareness and ethical issues with whole-genome sequencing further expected to restrain the growth potential of next-generation sequencing market over the forthcoming years.