Next Generation Sequencing Market Size to Reach USD 66.04 Bn by 2033

In the rapidly growing field of the global next generation sequencing market size was valued at USD 9.19 billion in 2023 and is projected to reach USD 66.04 billion by 2033, growing at a CAGR of 21.8% from 2024 to 2033 according to a new report by Nova One Advisor.

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Next Generation Sequencing (NGS) refers to the huge DNA sequencing methods that aid in genomic discovery. Following the World Health Organization’s (WHO) declaration of COVID-19 as a pandemic, a diverse group of recognized pharmaceutical and biotechnology companies, have decided to step forward in order to boost the global research efforts to develop test kits and vaccines.

Furthermore, major companies across the globe have increased their research and development capacities. This substantial focus on COVID-19 vaccine development offered a lucrative opportunity for the adoption of NGS during the pandemic period. For instance, a group of researchers in China utilized MinION Mk1C, a product by Oxford Nanopore Technologies (U.K.) for the sequencing of COVID-19 samples. In addition, factors such as extensive adoption of NGS technologies in clinical diagnostics due to rapid result time and faster processing are also projected to offer a favorable environment for market growth during the forecast period. For instance, in August 2020, Pediatrix Medical Group, GeneDx Inc., and OPKO Health signed an agreement to provide state-of-the-art, next generation gene-sequencing to enhance clinical diagnosis in uncommon disorders for newborn intensive care units.

Moreover, growing technological developments in NGS instruments and technologies are further likely to offer significant market growth over the coming years. For instance, in January 2020, the Intelligence Advanced Research Projects Activity in the U.S. awarded a grant of USD 23 million to the Harvard University, DNA Script, and Broad Institute. The institutes are conducting collaborative research to develop a novel technology that will combine enzymatic DNA synthesis and NGS into a single instrument.

To better understand the link between genetics and disease, several countries have invested in their own national population genome mapping projects. Furthermore, millions of genomes are being sequenced by government groups to progress research and discover better ways to identify and cure cancer, uncommon disorders, and other ailments. Efforts are being undertaken by the EU to improve the region’s large-scale genomic data with projects such as France’s French Plan for Genomic Medicine 2025 and the UK’s 100,000 Genomes Project. Such initiatives have resulted in the growth of NGS informatics services in the region.

Certain advantages offered by NGS such as cost-effectiveness, rapid and accurate sample analysis, and technological advancements are estimated to boost the adoption of NGS technologies during the forecast period. In addition, the development of genomics programs in a number of countries is projected to benefit the NGS market. The advent of next generation sequencing-based diagnoses, along with proactive government support, are also some of the key market growth factors.

The NGS market is experiencing lucrative growth, propelled by the increasing demand for testing and services worldwide. NGS testing has become instrumental in genomics research, clinical diagnostics, and personalized medicine, driving the expansion of the market. NGS data analysis, a critical component in deriving meaningful insights from vast genomic datasets, has witnessed a surge in demand, further fueling market growth.

Key Takeaways:

• North America dominated the NGS market with a share of 49.35% in 2023.
• The Asia Pacific region is estimated to be the fastest growing region
• The oncology segment held the highest market share of 28.72% in 2023.
• The consumer genomics segment is anticipated to be the fastest-growing segment with a CAGR of 24.84% during the forecast period.
• The consumables segment held the larger market share in 2023 and will continue to grow at a faster CAGR of 22.48% from 2024 to 2033.
• The targeted sequencing & resequencing segment held the highest market share in 2023.
• Thus, this segment is expected to grow in tandem with WGS segment throughout the forecast period.
• The academic research segment held the highest market share in 2023.
• Clinical research segment is anticipated to be the fastest growing segment with a CAGR of 22.93% during the forecast period.

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Next-generation Sequencing Market Size in the U.S. 2023 To 2032

The U.S. next generation sequencing market size was estimated at USD 4.10 billion in 2023 and is projected to hit around USD 25.71 billion by 2033, growing at a CAGR of 20.15% during the forecast period from 2024 to 2033.

North America dominated the NGS market with a share of 49.35% in 2023. The regional market is driven by the presence of multiple clinical laboratories that employ NGS to provide genetic testing services. Furthermore, due to the presence of high R&D investment, availability of technologically advanced healthcare research framework, the development of WGS in the region is also expected to serve as a critical factor for the growth of North America NGS market throughout the forecast period.

The Asia Pacific region is estimated to be the fastest-growing region owing to the presence of significant developments by China and Japan for technological integration of NGS methodologies, and the development of healthcare, R&D and clinical development frameworks of emerging economies such as India and Australia have poised the Asia Pacific NGS market to witness lucrative opportunities o growth throughout the forecast period.

Next-generation Sequencing Market Revenue Share (%), by Geography, Global, 2023

• North America - 49.35%
• Europe - 28.3%
• Asia-Pacific - 18.9%
• South America - 7.8%
• Middle East and Africa - 4.5%

Next Generation Sequencing Market Trends

• Decreasing Costs: One of the most significant trends in NGS has been the continuous reduction in the cost of sequencing. This decline in costs has made sequencing more accessible to researchers, clinicians, and even consumers, fostering a broader adoption of NGS technologies across various fields.
• Rapid Technological Advancements: The field of NGS has been characterized by rapid technological advancements, leading to improvements in sequencing speed, accuracy, and scalability. New sequencing platforms and technologies with enhanced capabilities, such as long-read sequencing and single-cell sequencing, have emerged, enabling researchers to tackle previously challenging genomic analyses.
• Applications in Clinical Settings: NGS has been increasingly adopted in clinical settings for applications such as genetic testing, personalized medicine, and cancer diagnostics. The technology’s ability to analyze large amounts of genomic data quickly and accurately has paved the way for more precise diagnoses, prognoses, and treatment decisions in healthcare.
• Integration with Data Analytics and Artificial Intelligence (AI): With the massive amounts of data generated by NGS, there has been a growing need for advanced data analytics and AI techniques to analyze and interpret genomic data effectively. Integration with bioinformatics tools and AI algorithms has become crucial for deriving meaningful insights from NGS data, driving further innovation in this space.
• Expansion of NGS Services: Alongside the sale of sequencing instruments, there has been a notable expansion in the provision of NGS services by companies and research institutions. These services include sequencing, data analysis, and interpretation, catering to customers who may not have the expertise or infrastructure to perform sequencing in-house.
• Focus on Standardization and Quality Control: As NGS becomes more prevalent in clinical and diagnostic settings, there has been a growing emphasis on standardization and quality control measures to ensure the accuracy and reliability of sequencing results. Efforts to establish standards and guidelines for NGS workflows, data analysis, and reporting have gained traction within the scientific community.
• Emergence of Point-of-Care Sequencing: Advances in miniaturization and portable sequencing technologies have paved the way for point-of-care sequencing applications. These developments hold the potential to revolutionize healthcare delivery by enabling rapid and decentralized genomic testing outside of traditional laboratory settings.

Segments Insights:

Application Insights

The oncology segment held the highest market share of 28.72% in 2023. A gradually growing prevalence of cancer that warrants use of latest technology to enable oncologists better understand the mechanics of cancer and tumor cells and the application of NGS for DNA & RNA sequencing, epigenetics, and analyzing chromosomal abnormalities account for over three fourths of the global sequencing data are factors responsible for high market share. Companies like Myriad, through its myRisk product, offer genetic testing to identify people who may be at higher risk of developing certain cancers in the future. In January 2021, Merus N.V.; a clinical stage immuno-oncology company; collaborated with National Cancer Center, Japan and Erasmus University Medical Center, Netherlands to evaluate its HER2/3-targeting bispecific antibody in solid tumors.

Furthermore, the consumer genomics segment is anticipated to be the fastest-growing segment with a CAGR of 24.84% during the forecast period. Continuous introduction of new products by the key players is driving growth in the consumer genomics segment. Presence of companies such as 23andMe that are involved in the provision of the “Personal Genome Service” can be attributed to growth in the coming years. Moreover, Ancestry.com, Color Genomics, Cloud Health (which purchased a HiSeq X Ten), National Geographic and several Japanese consumer companies, as well as a nascent consumer business, Helix, which was launched by Illumina are expected to impact revenue generation in this segment. Rapid proliferation in genealogy, paternity testing, and personal health awareness is expected to drive the growth in the consumer genomics, as an application of NGS.

Product Insights

The consumables segment held the larger market share in 2023 and will continue to grow at a faster CAGR of 22.48% from 2024 to 2033. The larger share and exponential growth rate of this segment is mainly attributed to the recurrent usage and high demand of the consumables in the commercial as well as research applications of NGS. These consumables include sample preparation kits as well as kits for target enrichment. The adoption of NGS consumables has increased as most of the pharmaceutical companies and research institutes are utilizing NGS for several diagnostic applications and cancer research.

Another import factor contributing to the growth of the consumables market is the involvement of key companies in development of innovative products, focus on regulatory approvals, along with strategic initiatives to ensure the constant supply of consumables that can meet the increasing demand. These efforts also strengthen the company’s product portfolio, thus, maintaining the leading position in the market. For instance, in June 2022, PerkinElmer, Inc. launched three sample preparation kits for research purpose only, which include PG-Seq Rapid Kit v2, NEXTFLEX Small RNA-Seq Kit v4, and NEXTFLEX Rapid XP V2 DNA-Seq Kit. All these factors along with increasing R&D activities in the sequencing market will continue to boost the market growth.

Technology Insights

The targeted sequencing & resequencing segment held the highest market share in 2023. This segment is expected to witness growth in demand subsequent to the growth of whole genome sequencing, as the availability of a large amount of whole genome data will required to be analyzed at specific gene locations and isolated genetic expressions. There are many companies in the NGS market offering targeted sequencing services. Thus, this segment is expected to grow in tandem with WGS segment throughout the forecast period.

Illumina offers targeted resequencing with its gene panel and array finder, whereas Pacific Biosciences of California’s Sequel System with its SMRT technique allows targeted sequencing and accurate detection of variants. Targeted sequencing panels are expected to remain the workhorse for cancer molecular diagnostics and are projected to become the routine part of the heme malignancies and solid tumor.

End use Insights

The academic research segment held the highest market share in 2023. Application of NGS solutions in research projects that are carried out in the universities and research centers can be attributed to the largest share of this segment in the market. Furthermore, scholarships offered for PhD projects in NGS are anticipated to drive demand for NGS products and services, thereby resulting in lucrative growth over the forecast period. Provision of on-site bioinformatics courses that include workshops on practical implementation of NGS sequencing and data analysis are also expected to boost revenue generated through academic research segment in the coming years.

Clinical research segment is anticipated to be the fastest growing segment with a CAGR of 22.93% during the forecast period. Owing to the use of NGS in cancer research and, more specifically, in discovery of new cancer-related genes, studying tumor heterogeneity, and identification of alterations that are contributive in tumorigenesis the segment is expected to witness significant growth through to 2030. In addition, availability of clinical research solutions through market entities such as Illumina, Thermo Fisher Scientific Corporation, and Agilent Technologies for the purpose of target enrichment & detection is anticipated to provide this segment with high growth opportunities over the forecast period.

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Recent Developments

• In December 2023, Oxford Nanopore launched TurBOT beta access in partnership with Tecan. The buyers are expected to recive the products in Q1 2024. TurBOT is a benchtop instrument offering efficient basecalling, data analysis, automated extraction, and library preparation of multiple samples in one single unit.
• In December 2023, Illumina signed a memorandum of understanding with African Society for Laboratory Medicine to increase access to genomics within the African region to fight infectious diseases.
• In December 2023, Illumina partnered with HaploX to provide locally manufactured sequencing instruments in China.
• In November 2023, MedGenome and PacBio announced De Novo Genome Assembly and Annotation grant. Such research grants are expected to promote research and development activities within the industry.
• In November 2023, Yourgene Health and PacBio announced collaboration in order to optimize the workflow of long read sequencing. PacBio approved LightBench instrument made by Yourgene Health for size selection of long DNA fragments
• In September 2023, Integrated DNA Technologies (IDT) launched its xGen NGS products, including primers, adapters, and universal blockers for the Ultima Genomics UG 100 platform

Some of the prominent players in the Next Generation Sequencing Market include:

• Illumina
• F. Hoffman-La Roche Ltd.
• QIAGEN
• Thermo Fisher Scientific, Inc.
• Bio-Rad Laboratories, Inc.
• Oxford Nanopore Technologies
• PierianDx
• Genomatix GmbH
• DNASTAR, Inc.
• Perkin Elmer, Inc.
• Eurofins GATC Biotech GmbH
• BGI

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Next Generation Sequencing market.

By Technology

• WGS
• Whole Exome Sequencing
• Targeted Sequencing & Resequencing
  • DNA-based
  • RNA-based
• Others

By Product

• Platform
  • Sequencing
  • Data Analysis
• Consumables
  • Sample Preparation
  • Target Enrichment
  • Others

By Application

• Oncology
  • Diagnostics and Screening
  • Oncology Screening
  • Sporadic Cancer
  • Inherited Cancer
  • Companion Diagnostics
  • Other Diagnostics
  • Research Studies
• Clinical Investigation
  • Infectious Diseases
  • Inherited Diseases
  • Idiopathic Diseases
  • Non-Communicable/Other Diseases
• Reproductive Health
  • NIPT
  • Aneuploidy
  • Microdeletions
  • PGT
  • Newborn Genetic Screening
  • Single Gene Analysis
• HLA Typing/Immune System Monitoring
• Metagenomics, Epidemiology & Drug Development
• Agrigenomics & Forensics
• Consumer Genomics

By Workflow

• Pre-Sequencing
  • NGS Library Preparation Kits
  • Semi-automated Library Preparation
  • Automated Library Preparation
• Sequencing
• NGS Data Analysis
  • NGS Primary Data Analysis
  • NGS Secondary Data Analysis
  • NGS Tertiary Data Analysis

By End-use

• Academic Research
• Clinical Research
• Hospitals & Clinics
• Pharma & Biotech Entities
• Other Users

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Next Generation Sequencing Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Next Generation Sequencing market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

• Analysis of key drivers Key factors that are driving the NGS market growth include exponentially decreasing costs for genetic sequencing, development of companion diagnostics and personalized medicine, rise in competition amongst prominent market entities, a rising clinical opportunity for NGS technology, technological advancements in cloud computing and data integration, growing healthcare expenditure, and increasing prevalence of cancer.), opportunities (Growth opportunities in emerging countries), restraints (High capital investments and low cost-benefit ratio and unfavourable regulatory and reimbursement scenario), and challenges (Operational barriers) influencing the growth of the Next Generation Sequencing market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the Next Generation Sequencing market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the Next Generation Sequencing market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Next Generation Sequencing market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings of leading players like Some key players operating in the NGS market include Illumina, QIAGEN; Thermo Fisher Scientific Inc.; F Hoffman-La Roche Ltd.; Oxford Nanopore Technologies; Genomatix GmbH; PierianDx; DNASTAR, Inc.; Eurofins GATC Biotech GmbH; Perkin Elmer, Inc.; BGI; and Bio-Rad Laboratories, Inc.

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