The next generation sequencing market is fragmented on account of technologies, applications, workflows and geographical regions. The technologies market includes whole exon sequencing, whole genome sequencing and targeted sequencing and resequencing. The applications market is sliced into oncology, prenatal testing, HLA testing, infectious diseases, idiopathic diseases and others.
Augmented demand for next generation sequencing (NGS) across all these sectors is predicted to drive the demand for the market. The workflows next generation sequencing market is divided into NGS sequencing, NGS pre-sequencing and NGS data study. The market, on account of geographical regions, is fragmented into Asia Pacific, North America, rest of the world and Europe.
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The next generation sequencing market is projected to attain a value of about USD 27.8 billion by 2022. It is anticipated to grow further in the future. Next generation sequencing is a procedure of DNA sequencing to find out the exact order of structural units of nucleic acids inside a DNA molecule. The worldwide market was anticipated at about USD 2 billion in 2014. It is predicted to expand at a double digit CAGR (40 percent) through the forecast period.
Trends And Opportunities
The next generation sequencing market is developing fast. Huge innovations are happening to augment the precision and speed of NGS and decrease the sequencing costs. NGS is the most rapidly expanding and profitable sector of genomics. It is anticipated to experience a growth of about 23 percent. Expansion of the next generation sequencing market is furthered by constant innovations intended at reasonable costs and growing precision.
However, high dependency on governmental finances and allowances and reduction in fiscal expenses from educational establishments are hampering the market. Moreover, the analysis of big data produced by sequencers and consequent administration and storage of studied information are also the other hindrances of the next generation sequencing market. Future prospects for the market include innovations in cloud computing, pre-sequencing and NGS bioinformatics solutions.
Rising alteration of next generation sequencing methods and escalating technological developments in human genome sequencing are also predicted to increase the demand for the next generation sequencing market through the forecast period. The significantly reducing time and costs to sequence human genomes owing to developments in overall genome sequencing is yet another imperative factor which drives demand for the market.
Rising worldwide population and increasing cancer incidences and infectious diseases are also anticipated to steer the next generation sequencing market further. This is on account of increased applications of next generation sequencing in infectious illnesses and oncology. Constant R and D activities are also predicted to decrease the sequencing costs of human genomes. This is likely to increase the next generation sequencing market infiltration rates around the globe.
The worldwide market was leaded by North America in 2014. The region is also anticipated to experience high expansion during the coming years. The Asian Pacific next generation sequencing market is also predicted to rise significantly in the future. The market infiltration rates of next generation sequencing in the developing nations of China and India are estimated to improve in the years ahead.
Information Source: Grand View Research