by The global Next Generation Sequencing market is estimated to be valued at US$12,870.5 million in 2023 and is expected to exhibit a CAGR of 18.3% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights
Market Overview:
Next Generation Sequencing refers to a high-throughput DNA sequencing technology that allows researchers to sequence millions of DNA molecules simultaneously. This technology provides faster and cost-effective sequencing of the entire genome, enabling researchers to better understand genetic variations, mutations, and disease susceptibility. The need for accurate and precise genetic testing and diagnosis in the healthcare industry is driving the demand for Next Generation Sequencing products.
Market Key Trends:
One key trend in the Next Generation Sequencing market is the increasing adoption of this technology in precision medicine. Precision medicine aims to tailor medical treatments to individual patients based on their genetic makeup. Next Generation Sequencing plays a crucial role in identifying genetic mutations and variations that can help in selecting the most effective treatment options for individual patients. This technology enables personalized and targeted therapies, resulting in improved patient outcomes. Therefore, the growing focus on precision medicine is expected to drive the demand for Next Generation Sequencing products in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Next Generation Sequencing (NGS) market is relatively high. The high growth rate and potential profitability of the market make it attractive for new players to enter. However, the presence of established key players with strong brand recognition and significant investments in research and development creates barriers for new entrants.
Bargaining power of buyers: The bargaining power of buyers in the NGS market is moderate. Buyers have the ability to compare prices and services among different suppliers, which gives them some leverage. However, the high cost of switching suppliers and the critical nature of NGS technology in research and diagnostics limit the bargaining power of buyers to some extent.
Bargaining power of suppliers: The bargaining power of suppliers in the NGS market is moderate to high. Key players in the market have established supply chains and partnerships with suppliers, which gives them an advantage in negotiating prices and terms. Additionally, the complexity of NGS technology and the need for specialized reagents and consumables give suppliers some leverage.
Threat of new substitutes: The threat of new substitutes in the NGS market is low. NGS technology has become the industry standard for genomic analysis due to its high accuracy, speed, and scalability. While there are alternative technologies available, such as microarray-based methods, they do not offer the same level of performance and are less widely adopted.
Competitive rivalry: The competitive rivalry in the NGS market is intense. The market is dominated by a few key players, such as Thermo Fisher Scientific Inc., Illumina, Inc., and Roche, who compete fiercely for market share. These players invest heavily in research and development to develop innovative products and technologies, creating a competitive environment.
Key Takeaways
The Global Next Generation Sequencing Market Demand is expected to witness high growth, exhibiting a CAGR of 18.3% over the forecast period. This growth is driven by increasing demand for precision medicine, rising investments in genomics research, and advancements in sequencing technologies. The NGS market is dominated by North America, with the United States being the largest market due to the presence of well-established healthcare infrastructure and a high adoption rate of advanced technologies.
Key players operating in the NGS market include Thermo Fisher Scientific Inc., Agilent Technologies, Inc, bioMérieux SA, F. Hoffmann-La Roche Ltd, QIAGEN, Illumina, Inc., Oxford Nanopore Technologies plc., BGI, PerkinElmer Genomics, and Pierian. These companies focus on strategic partnerships, product launches, and technological advancements to gain a competitive edge. For example, Illumina recently launched the NovaSeq 6000, a high-throughput sequencer, while Roche acquired Kapa Biosystems to expand its NGS portfolio.
In conclusion, the Next Generation Sequencing market is set to experience significant growth in the coming years. Factors driving this growth include increasing demand for precision medicine and advancements in sequencing technologies. Key players in the market are continuously innovating and forming strategic partnerships to maintain their market dominance.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
