Next Generation Sequencing Market 2024-2028: Industry Insights, Key Players, and Regional Trends

The next generation sequencing market is set to expand significantly, with a projected growth of USD 4.61 billion at a CAGR of 14.49% from 2024 to 2028. Increasing adoption of NGS in academic and clinical research, coupled with rapid advancements in sequencing technologies, is driving market growth. The industry is witnessing declining costs in gene sequencing, a rising demand for personalized medicine, and an increasing focus on oncology and molecular diagnostics.

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Market Segmentation by End-User

1. Academic Research

• The academic research segment is a dominant force in the NGS market, valued at USD 1.55 billion in 2018.
• Universities and research institutions leverage NGS for drug discovery, precision medicine, and clinical diagnostics.
• The adoption of affordable sequencing instruments and analytical tools is accelerating in academic research.

2. Clinical Research

• Growing demand for genomic profiling and biomarker discovery is propelling the adoption of NGS in clinical research laboratories.
• Advances in Molecular diagnostics and Bioinformatics enhance research capabilities for disease diagnostics.

3. Pharmaceutical and Biotechnology Companies

• Pharmaceutical firms utilize NGS for genetic research, drug development, and companion diagnostics.
• Integration of NGS-based precision medicine is boosting pharmaceutical R&D initiatives.

4. Others

• Includes hospitals, diagnostic centers, and contract research organizations (CROs) focused on genomic research and clinical applications.

Market Segmentation by Product

1. Consumables

• Dominating the market, consumables such as sequencing kits, reagents, and bioinformatics tools are crucial for NGS workflows.

2. Equipment

• NGS equipment, including high-throughput sequencers, is witnessing increasing demand in research and clinical applications.

Regional Market

1. North America

• United States
• Canada
• The region leads due to widespread genome mapping programs, rising cancer research, and the presence of major players like Illumina, Thermo Fisher Scientific, and PerkinElmer.

2. Europe

• United Kingdom
• Germany
• France
• Rest of Europe
• The European market is expanding due to government-funded genomic research and increased NGS adoption in healthcare.

3. Asia-Pacific

• China
• India
• Rapid growth is fueled by government-backed precision medicine programs and increasing adoption of NGS in academic research.

4. Rest of the World (ROW)

• Australia
• Argentina
• Rest of the World
• Growing demand for genomic sequencing applications in agriculture and infectious disease research is driving market growth in ROW.

Market Growth Drivers and Challenges

Key Market Drivers

• Increased Utilization of NGS Technologies – Advances in whole-genome sequencing and targeted sequencing are accelerating market adoption.
• Declining Costs in Gene Sequencing – Affordable high-throughput sequencing platforms are making genomic research accessible.
• Government Initiatives – Programs like Intelligence Advanced Research Projects Activity (IARPA) are driving funding for genomic advancements.

Market Challenges

• Lack of Clinical Validation for Direct-to-Consumer Genetic Tests – Regulatory scrutiny and concerns over false-positive and false-negative results hinder market expansion.
• Data Privacy and Ethical Concerns – Increased genomic data collection raises challenges in data security and ethical compliance.

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Key Companies in the Next Generation Sequencing Market

Some of the key companies of the Next Generation Sequencing Market are as follows:

• 10X Genomics Inc.
• Azenta Inc.
• BGI Genomics Co. Ltd.
• Bio Rad Laboratories Inc.
• Eurofins Scientific SE
• F. Hoffmann La Roche Ltd.
• Illumina Inc.
• Konica Minolta Inc.
• Laboratory Corp. of America Holdings
• Merck KGaA
• Nabsys Inc.
• OPKO Health Inc.
• Oxford Nanopore Technologies plc
• Perkin Elmer Inc.
• PierianDx Inc.
• Psomagen Inc.
• QIAGEN NV
• Standard BioTools Inc.
• Takara Bio Inc.
• Thermo Fisher Scientific Inc.

Key Market Developments

• January 2024 – Illumina Inc. introduced an advanced sequencing platform, aimed at reducing sequencing turnaround time and improving throughput.
• February 2024 – PerkinElmer Inc. launched a new high-efficiency sequencing kit, enhancing accuracy in genetic testing.
• February 2024 – Oxford Nanopore Technologies plc expanded its NGS solutions, providing real-time sequencing technology for faster disease diagnostics.
• March 2024 – Bio-Rad Laboratories Inc. unveiled a novel sequencing reagent, streamlining bioinformatics workflows.
• March 2024 – 10X Genomics Inc. introduced a spatial genomics platform, revolutionizing single-cell analysis