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Next Generation Sequencing Market Size

Report ID: GMI3247
Published Date: Apr 2023
Report Format: PDF

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Next Generation Sequencing Market Size

Next Generation Sequencing Market size is anticipated to reach USD 8 billion in 2022. The industry is anticipated to grow at over 19% CAGR from 2023 to 2032 driven by favorable regulatory scenarios, especially in North America.

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Rapid advancements in next-generation sequencing in developed nations are likely to stimulate business landscape. NGS is a potent instrument for a variety of applications, including medical diagnostics, personalized treatment, and scientific research, and these technical improvements are fostering the market outlook. For instance, long-read sequencing techniques offered by Oxford Nanopore and PacBio can produce reads as long as several kilobases, making it possible to sequence parts of the genome that are challenging to sequence, such as repetitive sections, structural variants, and epigenetic changes.

Next Generation Sequencing Market Report Attributes
Report Attribute	Details
Base Year:	2022
Next Generation Sequencing Market Size in 2022:	USD 8 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	19.4%
2032 Value Projection:	USD 47 Billion
Historical Data for:	2018 to 2022
No. of Pages:	315
Tables, Charts & Figures:	409
Segments covered:	Product, Application, Type, Technology, End-use, and Region
Growth Drivers:	Technological advancements in next generation sequencing in developed countries Increasing research and development activities in North America and Europe Growing use of NGS technology by pharmaceutical and biopharmaceutical companies in advanced economies Favorable regulatory scenario in North America
Pitfalls & Challenges:	Dearth of skilled professionals High cost of next generation sequencing

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market for next generation sequencing was valued at USD 8 billion in 2022 and is primed to progress at over 19% CAGR between 2023 and 2032 propelled by rapid advancements in next-generation sequencing in developed nations.

The exome sequencing segment is poised to be worth more than USD 20 billion in revenue by the end of 2032 as a result of its benefits including the complete coverage of coding regions and the capability to detect changes across a wide range of applications.

The academic institutes & research centers segment is anticipated to reach a valuation of USD 12 billion by 2032 owing to extensive experiments carried out in laboratories to create breakthrough next-generation sequencing treatments.

North America next generation sequencing (NGS) market is slated to reach over USD 21 billion in revenue by 2032 driven by rising incidences of genetic and cancer disorders in the region.