Meticulous Research®– a leading global market research company, published a research report titled "Europe NGS Market by Offering (Kits [Library Prep, QC, DNA Extraction], System), Type (Genome, Exome, Targeted), Application (Reproductive, Oncology, Infectious, CVD, Drug Discovery), Technology (SBS, Nanopore, Nanoball, SMRT Seq, DNB) – Forecast to 2030. "
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In the ever-evolving field of genomic technologies, Europe’s Next-Generation Sequencing (NGS) market is poised for significant growth, projected to reach $6.40 billion by 2030, with a robust CAGR of 14.8%. This analysis, provided by Meticulous Research®, delves into the key drivers, challenges, and opportunities shaping the market's future.
Key Drivers
Several factors are driving the expansion of Europe’s NGS market. The increasing prevalence of cancer and the broadening applications of NGS in cancer treatment and research are major contributors. Additionally, the declining costs of genome sequencing, technological advancements enhancing sequencing processes, and rising pharmaceutical R&D expenditures are propelling market growth. However, challenges such as the high costs associated with NGS systems and consumables, as well as competition from alternative technologies, persist.
Emerging Opportunities
Despite these challenges, the market offers numerous opportunities. The growing adoption of bioinformatics and genomic data management solutions, along with government support for large-scale genomic sequencing projects, presents promising growth avenues. Nevertheless, obstacles such as a shortage of skilled professionals and regulatory concerns in diagnostic testing remain.
Key Market Players
Leading companies in Europe’s NGS market include Thermo Fisher Scientific Inc., Illumina, Inc., Qiagen N.V., and F. Hoffmann-La Roche Ltd. These firms are at the forefront of innovation, driving the advancement of genomic technologies.
Market Segmentation and Outlook
The European NGS market is segmented by offering, sequencing type, technology, application, end user, and geography. Among these, consumables play a crucial role, with the targeted genome sequencing segment leading the way. Sequencing by synthesis technology holds the largest market share due to its accuracy and high throughput.
Geographic Insights
Germany emerges as the leading region in Europe’s NGS market, holding the largest share. This dominance is attributed to the growing number of sequencing projects, increasing applications in research, and heightened awareness of NGS-based tests.
As Europe’s NGS market continues to expand, stakeholders are well-positioned to capitalize on the opportunities through innovation and strategic collaborations, unlocking the full potential of this burgeoning industry.
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