Next Generation Sequencing Global Market Report 2024

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 observed in the historical period can be attributed to the rise in funding, increased healthcare expenditure, emerging markets growth, rapid technological advances, and rapid growth in the 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 anticipated growth in the forecast period can be attributed to the aging population, increased healthcare access, rising prevalence of chronic diseases, and the growing demand for next-generation sequencing due to COVID-19. Major trends in the forecast period include a focus 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 growth of the next-generation sequencing market has been fueled by the increasing incidence of chronic conditions such as cancer, AIDS, and thalassemia. The prevalence of chronic illnesses is on the rise globally due to factors such as an aging population and shifts in social behavior, leading to an escalation in widespread and costly long-term medical issues. Researchers and clinicians employ next-generation sequencing (NGS) as a versatile tool in various cancer studies to identify biomarkers that guide treatment decisions. The World Health Organization anticipates a significant increase in the prevalence of chronic diseases. Consequently, the growing number of cases with chronic conditions is expected to drive the demand for NGS sequencing, contributing to the revenue growth of the next-generation sequencing market.

The next-generation sequencing market is set to experience growth driven by the increasing demand for personalized medicine. Personalized medicine, also known as precision medicine, is an innovative healthcare approach that considers an individual's unique genetic, environmental, and lifestyle factors to tailor medical decisions and treatments. Next-generation sequencing plays a foundational role in personalized medicine by enabling the precise assessment of an individual's genetic makeup and the development of customized healthcare strategies. Reports from October 2022 indicate a significant presence of over 75,000 genetic testing products and 300 personalized medicines, highlighting the rising demand for personalized medicine as a key driver for the growth of the next-generation sequencing market.

Major companies in the next-generation sequencing market are focusing on innovation with the introduction of new technologies such as the AVENIO Edge System to enhance profitability. The AVENIO Edge System is a fully automated solution designed for the preparation of samples for next-generation sequencing, encompassing target enrichment, pooling, normalization, and quantification steps. In December 2021, Roche Holding AG, a Switzerland-based pharmaceutical company, launched the AVENIO Edge System. This system streamlines the sequencing process, allowing researchers to concentrate on data processing and interpretation, providing high-quality sequencing results with reduced hands-on time.

Strategic partnerships are a key strategy employed by major companies in the next-generation sequencing market to boost profitability. In October 2022, Illumina Inc., a US-based biotechnology company, formed a partnership with GenoScreen. The collaboration aims to enhance access to genetic testing for multidrug-resistant TB and accelerate global efforts to eradicate the disease. Utilizing NGS technology, the alliance plans to develop and commercialize a novel tuberculosis test for the identification of drug-resistant TB strains.

Major companies operating in the next generation sequencing market report are Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Agilent Technologies, Inc., Pacific Biosciences of California Inc., Oxford Nanopore Technologies, 10x Genomics, Bio-Rad Laboratories, Inc., MGI Tech Co., Ltd., Oxford Gene Technology, Hoffmann-La Roche Ltd., BGI, PerkinElmer Inc., Macrogen Inc., Genotypic Technology Pvt. Ltd., Beijing Genomics Institute, SciGenom Labs Pvt. Ltd (India), Sysmex, Dante Labs, Roche, First Genetics JCS, Helix, Tempus, Massive Bio, Genetricsinc and King Abdullah International Medical Research Center, Inqaba biotec, Pacibo, Microsoft.

North America was the largest region in the next generation sequencing market in 2023. Asia-Pacific was the second largest region in the global next generation sequencing market share. The regions covered in the next generation sequencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the next generation sequencing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain. The next generation sequencing market consist of sales of genetic sequencing equipment with advanced features and technologies such as ion semiconductor sequencing, nano-pore sequencing, single-molecule real-time sequencing, and other technologies that are used for next generation sequencing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The primary products in the next-generation sequencing market include NextSeq systems, MiniSeq systems, NovaSeq systems, iSeq 100 systems, ion PGM Systems, Ion Proton systems, ion GeneStudio S5 systems, PacBio RS II Systems, Sequel systems, and others. The MiniSeq system combines load-and-go operation with an intuitive user interface for a fast and easy NGS workflow. It integrates clonal amplification, sequencing through synthesis, and base calling into a single benchtop instrument, eliminating the need for additional equipment. Various technologies in next-generation sequencing include sequencing by synthesis, ion semiconductor sequencing, single-molecule real-time sequencing, nanopore sequencing, and other sequencing technologies applied in diagnostics, drug discovery, and other applications.

The next generation sequencing market research report is one of a series of new reports that provides next generation sequencing market statistics, including next generation sequencing industry global market size, regional shares, competitors with a next generation sequencing market share, detailed next generation sequencing market segments, market trends and opportunities, and any further data you may need to thrive in the next-generation sequencing industry. This next generation sequencing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.