The global Next-Generation Sequencing (NGS) market is projected to grow at a robust compound annual growth rate (CAGR) of 15.8%, reaching $27.5 billion by 2030, according to the latest publication from Meticulous Research®. This growth is driven by increasing cancer prevalence, advancements in sequencing technologies, declining costs of genome sequencing, and rising investments in pharmaceutical research and development. Additionally, the expansion of genome mapping programs and improvements in regulatory and reimbursement frameworks for NGS-based diagnostics are expected to fuel market expansion.

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Despite its promising trajectory, the market faces challenges including the high costs associated with NGS systems and consumables, competition from alternative technologies, limited actionable mutation identification for precision medicine, and various ethical and legal concerns surrounding NGS-based diagnostics.

Market Dynamics and Segmentation
The NGS market is segmented by offering, sequencing type, technology, application, end user, and geography:

By Offering: The market is divided into consumables, NGS platforms/instruments, software, and services. In 2023, the consumables segment is anticipated to hold the largest market share due to the recurring demand for consumables driven by NGS-based diagnostics and applications in oncology and drug discovery. However, the NGS systems segment is expected to show the highest growth rate due to advancements in technology and increasing automation.

• By Sequencing Type: The targeted genome sequencing segment is expected to dominate in 2023, attributed to its rapid, cost-effective methods and applications in cancer research and gene-drug associations. This segment’s growth is supported by its efficiency in identifying somatic mutations in complex samples.

• By Technology: Sequencing by synthesis is anticipated to lead the market in 2023, driven by its high accuracy and error-free throughput. This technology is widely incorporated in NGS products due to its superior performance and reliability.

• By Application: The research and other applications segment is expected to capture the largest market share, driven by the growing prevalence of genetic disorders, increasing demand for personalized medicine, and extensive NGS-based research activities.

• By End User: Pharmaceutical and biotechnology companies are expected to lead the market in 2023. This dominance is driven by increased R&D expenditure and a rising incidence of chronic diseases, which boost the adoption of NGS technologies.

Geographic Insights
Geographically, North America is projected to account for the largest share of the NGS market in 2023. The region’s growth is attributed to high R&D spending by the pharmaceutical and biotechnology sectors, the presence of leading NGS technology players, supportive government initiatives for genomics research, and a favorable reimbursement landscape.

The report also highlights that the Asia-Pacific region is expected to experience the highest growth rate during the forecast period due to rapid population growth, urbanization, and increasing investment in genomic research.

Key Market Players
Prominent players in the global NGS market include:
• Illumina, Inc. (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)
• F. Hoffmann-La Roche Ltd. (Switzerland)
• PerkinElmer, Inc. (U.S.)
• Qiagen N.V. (Netherlands)
• Agilent Technologies, Inc. (U.S.)
• Pacific Biosciences of California, Inc. (U.S.)
• Danaher Corporation (U.S.)
• Bio-Rad Laboratories, Inc. (U.S.)
• Oxford Nanopore Technologies Plc. (U.K.)
• 10X Genomics, Inc. (U.S.)
• Beijing Genomics Institute (BGI) (China)

Future Outlook
The NGS market is set for substantial growth, driven by technological advancements, increased adoption of genomic data management solutions, and government support for large-scale sequencing projects. However, addressing high costs, regulatory hurdles, and the need for skilled professionals will be crucial for sustaining market expansion.

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