World News: 11:45 GMT Wednesday 17th April 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, April 17, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.
The global next-generation sequencing market was $4.93 billion in 2018 and is estimated to grow over $9.91 billion by 2024. The global next-generation sequencing market is expected to grow with a double-digit compound annual growth rate between the years 2019 and 2024.
With a substantial increase in the demand for genome mapping programs and diagnostics tests based on sequencing, the NGS market is expected to witness impressive growth and promises to be a lucrative field for investment. In terms of products, the kits and consumables sub-segment dominated the global next-generation sequencing market in 2018. However, the software sub-segment is expected to witness the highest CAGR in the forecast period from 2019 to 2024.The reversible terminator sequencing technology currently dominates the global NGS market. Nanopore technology is estimated to witness the highest CAGR in the forecast period.And by application, presently, the pharmaceuticals field holds the largest share of the global next-generation sequencing market and is expected to grow at 13.22% CAGR in the forecast period from 2019 to 2024. However, with the growing demand for non-invasive diagnostic procedures, the diagnostic field is expected to witness an impressive CAGR in the forecast period from 2019 to 2024.
The global next-generation sequencing market is segmented by geographical regions into North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World (RoW). North America is the leading contributor to the global next-generation sequencing market and contributed to 48% of the global market values in 2018. However, Asia-Pacific is expected to grow at a CAGR of 17.25% in the forecast period 2019-2024. Moreover, the Asia Pacific market contributed approximately 18.95% of the total global market value in 2018.A paradigm shift in the dynamics market is expected in 2023 with the introduction of portable technologies in full scale. The leading players in the market are taking necessary steps to tackle the shift in the dynamics and sustain in the competition. The global next-generation sequencing market is majorly dominated by U.S. players. Companies belonging to the U.S., such as Illumina, Inc., and Thermo Fisher Scientific, contributed to more than 70% of the market value in 2018.
The key players which have significant contributions to the NGS market are 10x Genomics, Agilent Technologies, Inc., bioMrieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, F. Hoffmann-La Roche AG, GenapSys, Inc., Illumina, Inc., New England Biolabs, Inc., NuGEN Technologies Inc., Oxford Nanopore Technologies Limited, Pacific Biosciences of California, Inc., PerkinElmer, Inc., QIAGEN, and Thermo Fisher Scientific, among others.The field of service providers for sequencing tests and the applications based on genome sequencing are perceived to be a lucrative business across the globe. With the impressive rise in the demand for sequencing-based diagnostics applications, namely non-invasive prenatal testing, companion diagnostics, and liquid biopsy, the service providing companies have gained popularity and acceptance across the globe. Additionally, substantial investments are being made in bioinformatics startups and service providing companies.
With the growing demand for genome mapping programs, a large pool of genomic data is being generated, and the key players of the market are seeking help from the bioinformatics startups to meet the market requirement. Service providing companies help in expanding the global reach of the key players of the market and also play a significant role in increasing the adoptability of sequencing technologies across the globe.Some of the opportunities on which significant work is being carried out presently in the market are a hybridization of technologies and development of portable technologies. The best sequencer is the one with the ability to sequence long reeds, in short run time and with great accuracy. The present available sequencers on the market possess any one of the mentioned features, but not all three.
In spite of the substantial investments made by prominent companies to develop the instruments with the aforementioned features, it is not expected to be the reality at any time soon. Thus, the hybridization of available technologies, such as SMRT and reversible semiconductor sequencing technology, is acknowledged to be a promising approach to cater to the needs of the market.
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Related Topics: Molecular Diagnostics
Globe Newswire: 11:45 GMT Wednesday 17th April 2019
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