Next-generation Sequencing (NGS) Market

The report "Next-Generation Sequencing Market by Product Type (Consumables, Platforms, Bioinformatics), Technology (SBS, Nanopore), Workflow (Sequencing, Data Analysis), Services, Application (Drug Discovery, Diagnostic, Agriculture) - Global Forecast to 2029 ", is expected to reach USD 23.55 billion in 2029 from USD 12.65 billion in 2024, at a CAGR of 13.2% during the forecast period. The increased demand for NGS-based diagnostics and personalized treatment approaches, and the advancements in sequencing platforms with improved speed, accuracy, and cost-efficiency drive their adoption across research and clinical settings. However, the high capital investment for the sequencing at initial stage is restraining the market growth.

Browse 1064 market data Tables and 64 Figures spread through 713 Pages and in-depth TOC on "Next-Generation Sequencing Market by Product Type (Consumables, Platforms, Bioinformatics), Technology (SBS, Nanopore), Workflow (Se quencing, Data Analysis), Services, Application (Drug Discovery, Diagnostic, Agriculture) - Global Forecast to 2029"
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The products segment accounted for the largest share by offerings segment in the NGS market in 2023.

By offerings, the NGS market is segmented into products and services. The products segment accounted for the largest share of the NGS market in 2023. The large share of the product segment can be attributed to recurring revenue for the consumables, and the high cost of NGS instruments contributes significantly to the revenue share of products in the market. However, the services segment accounted for the second largest share in the segment.

The sequencing by synthesis technology segment accounted for the largest share by platforms technology segment in the NGS market in 2023.

By platforms technology, the NGS products market is segmented into sequencing by synthesis, ion semiconductor sequencing, single-molecule real time sequencing, nanopore sequencing, and other sequencing technologies. The sequencing by synthesis segment accounted for the largest share of the NGS market in 2023. The large share is due to diverse applications, including genomics, transcriptomics, epigenomics, and metagenomics, enhancing its market penetration. The ion semiconductor sequencing technology accounted for the second largest share in the segment.

The sequencing service segment accounted for the largest share by service type segment in the NGS market in 2023.

By service type, the NGS market is segmented into sequencing services, presequencing services, bioinformatics and data analysis services, and services for NGS platforms. The sequencing service segment accounted for the largest share in 2023. The large share of the segment is due to large-scale genomic studies and initiatives by governments and private organizations often rely on established service providers to handle high-throughput sequencing demands. However, the bioinformatics & data analysis service accounted for the second largest share in the market.

The diagnostics segment accounted for the largest share of the application segment in the NGS market in 2023.

By Application, the NGS market is segmented into drug discovery & development, diagnostics, agriculture and animal research, and other applications. In 2023, the diagnostics segment accounted for the largest share of the NGS market. This can be attributed to declining costs of sequencing have made NGS more accessible for routine diagnostic use in clinical labs and hospitals. Also, due to support for large-scale screening programs, such as newborn screening and population genomics projects, has driven demand for NGS diagnostics.

The academic & research institutes segment accounted for the largest share of the end user by product segment in the NGS market in 2023.

By product end user, the NGS market is segmented into academics and research institutes, pharmaceutical & biotechnology companies, clinical & diagnostics laboratories, and other end users. The academics and research institutes segment accounted for the largest share of the NGS market in 2023. This can be attributed to the flexibility of NGS workflows to support diverse and tailored experimental designs aligns well with the varied research needs of academic institutions. Also, the institutes are at the forefront of exploring emerging fields like single-cell sequencing and spatial transcriptomics, which require advanced NGS technologies and consumables.

The North American region accounted for the largest share of the NGS market in 2023.

The NGS market is segmented into six major regions, namely, North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America is the largest regional market for NGS in 2023, while Europe is the second-largest market.

The large share of North America can be attributed to the region has a well-developed healthcare and research infrastructure, supporting the adoption of advanced NGS technologies in clinical and research settings. However, The Asia Pacific is estimated to be the fastest-growing segment of the market owing to the development of infrastructure in developing countries, arge-scale population genomics projects, and the expanding pharma & biotech companies' collaborations for NGS testings and analysis.

Key players in the NGS market are Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), QIAGEN (Netherlands), Agilent Technologies, Inc. (US), Revvity (US), Eurofins Scientific (Luxembourg), PacBio (US), Oxford Nanopore Technologies plc. (UK), Takara Bio Inc. (Japan), BGI Group (China), Merck KGaA (Germany), BD (US), 10X Genomics (US), New England Biolabs (US), Promega Corporation (US), Novogene Co., Ltd. (China), LGC Limited (UK), WuXi Biologics (China), MGI Tech Co. Ltd. (China), Tecan Trading AG (Switzerland), Twist Biosciences (US), Azenta US, Inc. (US), GenScript (US), SD Biosensor, Inc. (South Korea), Fulgent Genetics (US), Hamilton Company (US), Zymo Research Corporation (US), NeoGenomics Laboratories (US), and Psomagen (US).

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