Next generation sequencing, also known as high-throughput sequencing, is a DNA sequencing technology that has revolutionized genomic research. Due to its ability to sequence DNA, NGS technologies have drawn attention in scientific research. The global next generation sequencing market was valued at USD 4.01 billion in 2015 and is projected to reach USD 12 billion by 2021, at a CAGR of 20% during the forecast period from 2016 to 2021.
*Values in this graph are adjusted. Actual values available in the report
The technology is emerging at a rapid pace, due to its increasing application in clinical diagnosis. Speed, cost, and accuracy of the technology, efficient replacement of traditional technologies (microarrays), and drug discovery applications demanding NGS technology are few factors driving the growth of this market. Legal & ethical issues are likely to hamper the market growth. Interpretation of complex data and lack of skilled professionals are the other major factors restraining the NGS market growth.
The global next generation sequencing market has been segmented by -
The drug discovery/personalized medicine segment dominates the application segment. However, diagnostics/infectious diseases segment is the fastest growing of the NGS Market.
RNA Sequencing accounted for the largest market revenue in 2015. However, whole genome sequencing is expected to grow at the highest CAGR during the forecast period.
The reagents and consumables segment had the highest market share in 2015. However, services segment is expected to grow at a high CAGR through 2021.
*Values in this graph are adjusted. Actual values available in the report.
The largest share in 2015 was held by the academics segment, but the pharmaceuticals segment is expected to hold the largest share by 2021.
North America is currently the largest market for NGS, followed by Europe. This is due to the increased awareness about the quick return on investment and accuracy of the technology. Asia-Pacific is one of the fastest growing segments.
Many players in this market are trying to expand their product portfolio to top the global market. Few companies have adopted product innovation and new product launches as their key business strategies, to ensure their dominance in the market.
The major players operating in the NGS market are -
Key Deliverables in the Study