Provided by BIS Research
The first sequencing technology, Sanger sequencing technology, was utilized for the sequencing of the first human genome, which took around 1.5 decades to complete the process while costing approximately $2.7 billion. Since then, the advancements in molecular biology and biotechnology have increased the efficiency while decreasing the cost of DNA sequencing. Impressive progress in the fields of biotechnology, molecular biology, and technical engineering have paved the way for the development of massively parallel, high-throughput sequencing technology, known as Next Generation Sequencing (NGS). The progress in NGS technology has decreased the cost of sequencing from $10 million to $1000 presently, and with the current rate of evolution and research of this technology, it is estimated to decrease to $100.
Next-generation sequencing (NGS) is also known as high-throughput sequencing which includes a number of different sequencing technologies. NGS is a disruptive technological development in the life science industry which has paved the path for the development of several breakthrough medical procedures, aimed to address the primary concern for the global health.
The recent development in NGS has allowed quick and cheap sequencing of DNA and RNA while revolutionizing the study of genomics and molecular biology. NGS allows sequencing and annotating genomes at a much faster rate, with unprecedented throughput and scalability, which has helped researchers to study variations, expressions and DNA binding at a genome-wide level.
The NGS technologies are being implemented in various applications namely pharmaceuticals, diagnostics, forensics, agriculture and animal research. Hence, the market for NGS is experiencing a healthy growth across the globe, which is being further fuelled by the rise in the demand for precision medicine, liquid biopsy tests, and Non-Invasive Prenatal Testing (NIPT), among others.
According to a new market research report by BIS Research, titled 'Global Next Generation Sequencing (NGS) Market - Analysis and Forecast (2017-2024)', the market was valued at $4.14 billion in 2016, and this value is expected to increase and reach over $11.92 billion by 2024. The future growth of the market is being driven by the factors such as the escalating demand for non-invasive diagnosis, growing prominence for personalized treatments, technological developments in the field of computational biology, and considerable R&D activities undertaken in the field of Immunogenetics, among others. However, the market has to overcome some hurdles, such as high cost of sequencing procedures, uncertain reimbursement and regulatory policies, high capital requirement hampering the expansion of global reach, and extensive dependency on skilled personnel, which can hinder the growth of the market.
Considerable investments are being made by the key players in the market to develop the best sequencing technology with the ability to sequence long reeds, in short process time and with great accuracy. The development of sequencing technologies with aforementioned abilities would accelerate technological innovations in different fields of life sciences. Some of the lucrative opportunities for the investors, to venture into are Gene therapy and Immunogenetics. A paradigm shift in the dynamics of the market is expected to be witnessed around the year 2020 with the introduction of portable technologies in full scale. The leading players in the market are undertaking the necessary steps to tackle the shift in dynamics and sustain the competition.
With a substantial increase in the demand for genome mapping programs and their applications, companies have the opportunity to expand their offerings and explore the untapped potential of the market through different strategies. The strategies followed by various prominent companies, to gain significant market share, have been varying from product launch to collaborations and partnerships. Tracking and analyzing the major developments witnessed in the market in the past three years, it has been acknowledged that companies try to expand their market share through technological innovation and collaborations with service providers.
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