Fact.MR, a Market Research and Competitive Intelligence Provider - According to a recent report released on the industry by award-winning consulting firm Fact.MR, the worldwide NGS sample preparation market is likely to outpace a valuation of US$ 8.5 Billion by 2032, widening at a CAGR of 7.3% over the forecast period of 2022-2032.
The NGS Sample Preparation Market Will Reach At US$ 8.5 Billion By 2032 And Is Projected To Increase At a CAGR of 7.3% Over The Forecast Period.
Notable NGS Sample Preparation Product Makers Are Venturing Into Unknown Territory by Foraying Into Areas Such As Animal and Plant Health to Produce Highly Advanced Diagnostic Procedures and Handle Different Diseases, Broadening Their Expansion Potential
Fact.MR, a Market Research and Competitive Intelligence Provider - According to a recent report released on the industry by award-winning consulting firm Fact.MR, the worldwide NGS sample preparation market is likely to outpace a valuation of US$ 8.5 Billion by 2032, widening at a CAGR of 7.3% over the forecast period of 2022-2032. Next generation sequencing (NGS) has revolutionized genomic research, laying the foundation for remarkably effective diagnosis of myriad chronic and infectious diseases, an obvious truth that is boding well for the future.
From 2015 to 2021, demand for NGS sample preparation experienced an incline at a CAGR of 7.5%, concluding at a value of US$ 3.8 Billion. NGS has been widely used in clinical oncology to promote customized cancer treatment in recent years. The method has been shown to be effective in discovering novel and uncommon cancer mutations, locating cancer mutation carriers in families, and giving molecular basis for targeted therapy.
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As a result, leading manufacturers are launching a wave of sample preparation solutions, with prospects aplenty across Asia. For example, in May 2021, BGI Group and Ethiopian Biotechnology Institute (EBiT) signed a Memorandum of Understanding to execute an HPV genotyping pilot project and complete 2,000 sample screenings in Ethiopia in order to build a new paradigm of HPV screening, diagnosis, and treatment.
Key Takeaways from NGS Sample Preparation Market Study
- Global NGS sample preparation market is likely to double from 2022-2032
- By product type, NGS sample preparation kits, reagents & consumables to hold 41% revenue
- Drug & biomarker discovery to remain dominant application area, accounting for over 2/5th revenue
- U.S to be the most opportunistic market, expected to flourish at a 7.1% CAGR
- India to generate significant prospects, flourishing at a CAGR of 6.6% until 2032
What is the Growth Outlook for NGS Sample Preparation in the U.S?
Presence of a Strong Healthcare System widening Growth Opportunities
NGS sample preparation adoption prospects in the United States are largely bolstered by the presence of a strong healthcare system. The use of NGS to study illness development and epidemiology by large clinical laboratories is increasing the usage of diverse sample preparation products.
The oncology area is likely to use the majority of NGS sample preparation products, with major firms like Illumina Inc. working nonstop to create NGS-based in vitro diagnostic solutions for cancer. Bio-Rad Laboratories, Agilent Technologies, and Thermo Fisher Scientific are among the other major companies. A CAGR worth 7.1% is projected for the U.S market.
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Competitive Landscape
The worldwide NGS sample preparation market looks to be fragmented, as evidenced by the existence of various regional and global market competitors. Introduction of cutting-edge testing kits, partnership with current manufacturers, and acquisition of other businesses are all major expansion tactics.
- F. Hoffmann-La Roche’s subsidiary Geronimo Acquisition Corp. bought shares in GenMark Diagnostics Inc. in a tender offering in April 2021 to expand its in-class molecular diagnostics range and advance research in antibiotic resistance and infectious illnesses.
- Agilent Technologies finalized and released a CE-IVD certified qRT-PCR in vitro diagnostic kit for the detection of SARS-CoV-2 RNA in March 2021, which was validated using a number of commercially available RNA extraction kits.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global NGS sample preparation market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (instruments and kits, reagents & consumables), application (drug & biomarker discovery, diagnostics, precision medicine and others (agriculture and animal research)) and end user (hospitals & diagnostic centers, biotechnology & pharmaceutical companies, academic & research institutes and others (CROs and CMOs)) across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa).
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Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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