The global next generation sequencing market is expected to reach USD 19.70 billion by 2025 registering a CAGR of 12.78%, according to a new report by Grand View Research, Inc. Growing application of NGS methodologies due to rising number of strategic developments initiated by the market participants is one of the key drivers of the market. These novel strategies mark the presence of intense competition between the key firms. Companies are further increasing their installation base by providing sequencing services in different emerging countries. For instance, in April 2018, Illumina entered into a partnership with Loxo Oncology for the development of Illumina TruSight Tumor 170 NGS test as a companion diagnostic for Loxo Oncology’s LOXO-292 and larotrectinib for tumor profiling.
Similarly, in March 2018, PierianDx partnered with cancer genetics to offer NGS-based tests for oncology precision medicine. NGS technologies experience significant growth due to rapid automation in the pre-sequencing protocols and advancements in clinical diagnosis and disease testing. Wide application of this technique in oncology, reproductive screening, infectious disease, noninvasive prenatal testing, and pharmacogenomics is also expected to positively impact the market growth. Reduced costs of genetic sequencing has also significantly enhanced the adoption of these technologies. Reduced installation costs of NGS platforms and easy availability of proteomic and genomic data has also resulted in an increased demand, thereby propelling the market development.
To request a sample copy or view summary of this report, click the link below:
www.grandviewresearch.com/industry-analysis/next-generation-sequencing-market
Further key findings from the study suggest:
- NGS-based platforms & related products account for the dominant market share due to the presence of sequencing platforms and instruments required for clinical applications
- Growing awareness related to NGS services is likely to boost growth of the services segment
- Cancer-related genes have a high level of genomic heterogeneity that can be easily detected by NGS, thus resulting in maximum revenue flow from the oncology field
- On the basis of workflow, sequencing vertical accounted for the largest revenue share of the NGS market in 2018 and is said to continue its dominance over the forecast period
- High demand for this technology and usage of NGS platforms for several research projects and Ph.D. programs contributes to academic research segment’s growth
- Whereas, clinical research segment will witness a significant CAGR owing to emergence of NGS applications in clinical research and studies
- North American held the maximum revenue share in 2018 due to the presence of a number of NGS technology providers, such as Illumina and Thermo Fisher
- Asia Pacific is expected to emerge as the fastest-growing region due to continuous improvements laid by key participants in emerging economies, such as China and India
- Prominent companies in the global market include Illumina Inc.; QIAGEN; F Hoffman-La Roche Ltd.; Thermo Fisher Scientific Inc.; and Bio-Rad Laboratories, Inc.
- Product development and M&A are some of the key strategies adopted by these companies, for instance, Illumina acquired Edico Genome to improve the overall efficiency of NGS solutions provided by Illumina
Access press release by Grand View Research: https://www.grandviewresearch.com/press-release/global-next-generation-sequencing-market
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
No comments:
Post a Comment