Next Generation Sequencing Market by Technology, Product, End-users, and Geography - Global Forecast and Analysis 2019-2023
Global Next Generation Sequencing Market: About this market
Technavio’s next generation sequencing market analysis considers sales from both consumables and equipment products. Our analysis also considers the sales of next generation sequencing in Asia, Europe, North America, and ROW. In 2018, the consumables segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as technological advances, and repetitive purchase of a broad range of NGS consumables such as test kits, assays, buffers, and reagents will play a significant role in the consumables segment to maintain its market position. Also, our global next generation sequencing market report looks at factors such as increased utilization of NGS methods, G rowing demand for early diagnosis of genetic disorders, availability of wide range of NGS products. However, lack of clinical validation on direct-to-consumer genetic tests, limited reimbursement policies, and challenges in implementing NGS workflow may hamper the growth of the next generation sequencing industry over the forecast period.
Global Next Generation Sequencing Market: Overview
Growing demand for early diagnosis of genetic disorders
The need to prevent physical disabilities and health conditions in newborns is increasing the demand for early diagnosis among expecting parents. Pre-implantation diagnostic tests facilitates the determination of genetic disorders, such as cystic fibrosis, congenital hearing loss, and thalassemia. Thus, parents are increasingly opting for preimplantation testing, which increases the adoption of NGS techniques. Sequencing technology allows for a simple PGS workflow with flexible sample throughput for consistent and quick aneuploidy detection. Thus, the growing demand for early diagnosis of genetic disorders will drive the growth of the next generation sequencing market at a CAGR of over 19% during the forecast period.
Reduced costs of gene sequencing
Advances in high-throughput genetic testing procedures, biochip, and new generation sequencing (NGS) techniques have reduced the costs of gene sequencing significantly. This has led the vendors to offer low-cost services and overcome cost-related challenges . The adoption of next generation sequencing and fluorescence-based dully automated sequencing technologies have also reduced the cost of sequencing and improved the accuracy in gene sequencing. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global next generation sequencing market during the forecast period 2019-2023, click here.
With the presence of several major players, the global next generation sequencing market is moderately fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading next generation sequencing manufacturers, that include Bio-Rad Laboratories Inc., Eurofins GSC Lux Sarl, F. Hoffmann-La Roche Ltd., Illumina Inc., Invitae Corp., Laboratory Corp. of America Holdings, Merck KGaA, PerkinElmer Inc., QIAGEN Group, Thermo Fisher Scientific Inc.
Also, the next generation sequencing market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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