Next Generation Sequencing Market Size, Share, Report 2032

The global next-generation sequencing market reached USD 10 billion in 2022 and is projected to hit around USD 44.69 billion by 2032, poised to grow at a remarkable CAGR of 16.20% from 2023 to 2032.

Key Takeaway:

By application, the oncology segment accounted 28.8% revenue share in 2022.
By technology, the targeted sequencing and resequencing segment accounted 75% revenue share in 2022.
The sequencing segment harnered market share of over 54.9% in 2022.
North America region hit revenue share of over 49.4% in 2022.

The procedure of DNA sequencing known as next-generation sequencing determines the exact arrangement of nucleotides within a DNA molecule. The next-generation sequencer creates a million DNA molecules and RNA sequences per second, allowing for rapid sequencing. The high-throughput sequencing is referred to as next-generation sequencing (NSG).

The use of next-generation sequencing in the development of customized therapeutics at the generic level is expected to increase demand for next-generation sequencing in the future years. The increased applications of next-generation sequencing (NSG) in chronic diseases and oncology are projected to drive the next-generation sequencing market.

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Regional Snapshot

North America is the largest segment for next-generation sequencing market in terms of region. The regional market is driven by the existence of a number of clinical laboratories that employ next-generation sequencing (NGS) to provide genetic testing services. Furthermore, the leading firms in North America are developing and launching new products, which are fueling the next-generation sequencing market growth.

Europe region is the fastest growing region in the next-generation sequencing market. The key market players are increasingly focusing on offering cost-effective next-generation sequencing (NGS) technologies to developing nations in order to meet the demand for genomic therapeutics and whole-genome sequencing for personalized medicine.

Report Highlights

Based on the product, the consumables segment dominated the global next-generation sequencing market in 2020 with highest market share. The consumables have a short lifespan, resulting in a high replacement rate, which drives increasing demand for them. The consumables are also ordered in large quantities from many manufacturers because it has been demonstrated to be cost-effective method for researchers and scientists to increase market value.
Based on the application, the biomarker and cancer segment dominated the global next-generation sequencing market in 2020 with highest market share. Due to an increase in the occurrence of different kind of cancers, the global next-generation sequencing market is predicted to develop significantly during the forecast period.

Table of Contents

Scope of the Next Generation Sequencing Market

Report Coverage	Details
Market Size In 2023	USD 11.57 Billion
Growth Rate	CAGR of 16.20%
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Product, Application, Technology, Region

Market Dynamics

Drivers – Rising research and development activities

The increasing research and development activities for developing therapies used in the treatment of genetic disorders will increase the demand for next generation sequencing methods over the course of the study. Increased investments in research and development activities, as well as an increase in the number of studies on the treatment of genetic disorders in individuals, will create a massive market demand. Governments in developed economies have implemented a number of policies and enacted legislation to encourage scientists and researchers to find solutions to chronic and rare diseases. Thus, the rising research and development activities are driving the growth of next-generation sequencing (NGS) market.

Restraints – Lack of clinical validation

Due to a lack of scientific evidence, the clinical validity of direct-to-consumer genetic tests has been consistently questioned. This has an adverse effect on the commercialization of predisposition tests. Single-gene testing by Sanger sequencing is used in direct-to-consumer tests because it is the most cost-effective method for studying inherited disorders with low phenotypic and genetic heterogeneity. With the increase in heterogeneity, it is more efficient to use next-generation sequencing (NGS) panels to study multiple targets at the same time. Furthermore, direct-to-consumer genetic tests have limited accuracy and frequently produce false-positive or false-negative results, which can have a negative impact on consumer health and cause emotional and mental distress. This has compelled regulatory authorities to scrutinize vendors and mandate the disclosure of risk information and instructions.

Opportunities – Advancement in next-generation sequencing (NGS) platforms

The continuous technological advancements in sequencers have enabled the introduction of efficient, portable, and simple-to-use of next-generation sequencing (NGS) platforms capable of providing rapid and accurate results and boasting improved turnaround times. The launch of next-generation sequencing (NGS) technologies provides key market players with a benefit; as a result, the market companies are highly investing on research and development of new technologies to drive the market growth. As a result, the advancement in of next-generation sequencing (NGS) platforms is creating lucrative opportunities for the growth of the market.

Challenges – End user budget constraints

In developing countries, the academic research is mostly reliant on outside financing. Despite private and government sector attempts to offer funding for research around the world, numerous research and academic institutes have budget limits when it comes to the purchase and use of innovative and high-priced equipment and technology. As a result, advanced research facilities in academic and research institutes in underdeveloped countries are being installed at a slow pace. Thus, end user budget is a big challenge for the market growth.

Some of the prominent players in the global next-generation sequencing market include:

BGI Group
F. Hoffmann-La Roche AG
Pacific Biosciences of California Inc.
Thermo Fisher Scientific Inc.
Agilent Technologies Inc.
Precigen Inc.
Illumina Inc.
Qiagen N.V.
PerkinElmer Inc.
PierianDx Inc.

Segments Covered in the Report

By Product

NGS Consumables
Sequencing Services
- Exome & Targeted Resequencing & Custom Panels
- Whole-Genome Sequencing & De Novo Sequencing
- RNA Sequencing
- Other Sequencing Services
Presequencing Products & Services
- Library Preparation & Target Enrichment
- Quality Control
NGS Platforms
- Illumina
  - Novaseq Systems
  - Nextseq Systems
  - Miseq Systems
  - Miniseq Systems
  - iSeq Systems
- Thermo Fisher Scientific
  - ION PGM Systems
  - ION Proton Systems
  - ION Genestudio Systems
  - Ion Torrent Genexus Systems
- Oxford Nanopore Technologies
- Pacific Biosciences
- Other Platforms
Bioinformatics
- Data Analysis Services
- NGS Data Analysis Software & Workbenches
- NGS Storage, Management, & Cloud Computing Solutions
Services for NGS Platforms

By Application

Diagnostics
- Cancer Diagnostics
- Infectious Disease Diagnostics
- Reproductive Health Diagnostics
- Other Diagnostic Applications
Biomarkers and Cancer
Reproductive Health
- NIPT
- Aneuploidy
- Microdeletions
- PGT
- Newborn Genetic Screening
- Single Gene Analysis
Personalized Medicine
Agriculture and Animal Research
HLA Typing/Immune System Monitoring
Metagenomics, Epidemiology & Drug Development
Consumer Genomics
Others