Global Next Generation Sequencing Informatics Market - Segmented by Services Type, Applications and End Users - Growth, Trends and Forecasts (2018 - 2023)
The global next generation sequencing informatics market is expected to register a CAGR of about 22.0% during 2018-2023 (the forecast period). North America is dominating the market, due to the growing demand for NGS informatics product & services in the region.
Growing Demand for NGS Service and Rising Investment by Key Players
The next generation sequencing (NGS) informatics services have gained popularity in the recent years, owing to the growth in demand for the NGS services in screening and early detection of chronic diseases, globally. Adoption of informatics tools in NGS has led to a reduction in cost and quick turnaround time, which has propelled the uptake of NGS services over the traditional microarray, capillary electrophoresis (CE), and Sanger methods. This factor is likely to drive the demand for NGS service in the detection of chronic diseases, such as cancers, diabetes, chronic kidney disease, and cardiovascular disease, among others. Increasing investment from private players toward the development of new low-cost NGS systems and development of novel software tools in analysis and interpretation have further augmented the growth of NGS informatics service market. In addition, increase in clinical applications of NGS, technological advancement in NGS informatics tools, rising preference toward personalized medicines are the factors fuelling the next generation sequencing informatics market.
Lack of Skilled Technicians
The inadequacy of skilled professionals for analysis and data interpretations of NGS data and the lack of knowledge of new informatics tools among medical professionals are likely to limit the growth of next generation sequencing informatics market. Additionally, high cost, involved in maintenance and security of informatics tools, is likely to restrict the growth of NGS informatics market.
Lack of reimbursement, ethical challenges, and the high cost of some advanced next generation sequencing systems and tools are likely to restrain the market growth.
North America to Dominate the Market
The next generation sequencing informatics market has been segmented on the basis of service type, application, end user, and geography. By geography, this market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Due to the presence of well-established healthcare facilities and the growth in demand for high-speed informatics tools, owing to the launch of high-throughput sequencing equipment and population-scale genome sequencing projects in the region, North America is dominating the next generation sequencing informatics market. The Asia-Pacific next generation sequencing informatics market is also expected to grow owing to the factors, such as increasing accessibility to healthcare facilities in the region, rising rate of adoption of next generation sequencing in drug discovery, growing investment from public and private sectors for genome sequencing projects, and the entrance of global players in this lucrative market.
Key Developments in the Market