DELRAY BEACH, Fla., Jan. 28, 2025 /PRNewswire/ -- The next-generation sequencing market valued at US$ 13.92 billion in 2023, is forecasted to grow at a robust CAGR of 11.0%, reaching US$ 13.28 billion in 2024 and an impressive US$ 22.38 billion by 2029. The primary growth drivers of the next-generation sequencing market are the surge in the rising demand for precision medicine in identifying genetic mutations and biomarkers, enabling targeted therapies and advancing precision medicine initiatives globally. And the declining cost of sequencing has broadened its adoption in both large-scale projects and routine diagnostics.
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Based on Offerings, the market is divided into products and services segments. The products segment accounted for the largest share of the next-generation sequencing market in 2023. The large share of products in the NGS market is mainly attributed to the essential role played by consumables, instruments, and software in sequencing workflows. Consumables like reagents, library preparation kits, and sequencing flow cells are indispensable for each sequencing run, leading to consistent and recurring demand. However, the service segment accounted for the second-largest share in the market.
Based on Product Type, the NGS products market is divided into consumables, platforms, and bioinformatics tools. The consumables hold the largest share of the market in 2023. The large share of consumables due to their indispensable role in every sequencing workflow. These include reagents, library preparation kits, adapters, primers, and sequencing flow cells, which are required for sample preparation, amplification, and sequencing. Unlike instruments, which are a one-time investment, consumables are used repeatedly for each sequencing run, ensuring a steady and recurring demand.
Based on Platforms, By Technology, the market is segmented into sequencing by synthesis, ion semiconductor sequencing, single-molecule real time sequencing, nanopore sequencing, and other sequencing technologies. The sequencing by synthesis segment accounted for the largest share of the next-generation sequencing market in 2023. The large share is attributed to its high accuracy, scalability, and cost-efficiency. Widely adopted in platforms from leading companies like Illumina, SBS enables the generation of massive amounts of high-quality data, making it the preferred choice for various applications, including whole-genome sequencing, targeted sequencing, and transcriptomics. However, the ion semiconductor sequencing segment accounted for the second largest share in the segment.
Based on Service Type, the market is segmented into sequencing services, presequencing services, bioinformatics and data analysis services, and services for NGS platforms. The sequencing services segment accounted for the largest share of the next-generation sequencing market in 2023. This can be attributed to the high demand from research institutions, clinical labs, and pharmaceutical companies that lack the infrastructure, expertise, or resources to perform sequencing in-house. Outsourcing to service providers allows these organizations to access advanced sequencing technologies without the need for substantial capital investment in equipment and consumables.
Based on Application, the next-generation sequencing market is segmented into drug discovery & development, diagnostics, agriculture and animal research, and other applications. In 2023, drug diagnostics applications accounted for the largest share it is mainly attributed to increased demand for sequencing-based research in cancer, and rare diseases. Also, demand for personalized therapeutics growing, and NGS-driven drug discovery continues to gain traction, solidifying its large share in the diagnostics application segment.
Based on services end users, the NGS services market is segmented into academic & research institutes, pharmaceutical & biotechnology companies, hospitals & clinical laboratories, and other end users. In 2023, the academic & research laboratories segment accounted for the largest share of the next-generation sequencing market. The large share of academic and research institutes in the services end-user segment of the NGS market is due to their significant role in advancing genomic research and generating large-scale sequencing data. These institutes are key drivers of innovation in fields like cancer genomics, precision medicine, and evolutionary biology, requiring extensive sequencing services for exploratory and hypothesis-driven research.
The next-generation sequencing market is segmented into six major regions, namely, North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America is the largest regional market for NGS in 2023, while Europe is the second-largest market. The large share of North America can be attributed to the region's advanced healthcare infrastructure, significant investment in genomics research, and widespread adoption of precision medicine. The presence of key market players, such as Illumina and Thermo Fisher Scientific, further drives innovation and accessibility to advanced sequencing technologies in the region. However, the Asia Pacific is estimated to be the fastest-growing segment of the market owing to the presence of vast population where the sequencing initiative is being implemented to study genetic diversity and public health.
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The global next-generation sequencing market is consolidated including its key players are Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), QIAGEN (Netherlands), Agilent Technologies, Inc. (US), Revvity (US), Eurofins Scientific (Luxembourg), PacBio (US), Oxford Nanopore Technologies plc. (UK), Takara Bio Inc. (Japan), BGI Group (China), Merck KGaA (Germany), BD (US), 10X Genomics (US), New England Biolabs (US), Promega Corporation (US), Novogene Co., Ltd. (China), LGC Limited (UK), WuXi Biologics (China), MGI Tech Co. Ltd. (China), Tecan Trading AG (Switzerland), Twist Biosciences (US), Azenta US, Inc. (US), GenScript (US), SD Biosensor, Inc. (South Korea), Fulgent Genetics (US), Hamilton Company (US), Zymo Research Corporation (US), NeoGenomics Laboratories (US), and Psomagen (US).
Illumina, Inc. (US)
Illumina is the global market leader in the NGS segment, known for its powerful sequencing platforms and an exhaustive portfolio of consumables and services. Proprietary SBS technology remains the backbone behind the company's dominance, allowing for high accuracy, scalability, and cost-effectiveness for applications as diverse as whole-genome sequencing, transcriptomics, and epigenetics. Illumina's set of platforms NovaSeq, NextSeq, MiSeq, iSeq, as well as NovaSeq X-series, are optimized for a number of throughput possibilities, from modest research to expansive clinical and population genomics activities. Illumina also offers reagents, library preparation kits, and bioinformatics tools in addition to instruments. Its leadership in clinical diagnostics, including oncology and genetic testing, is further supported by partnerships and regulatory approvals, making it a keystone of the NGS market.
Thermo Fisher Scientific Inc. (US)
Thermo Fisher Scientific Inc. is one of the leading NGS companies with a wide variety of sequencing platforms, reagents, and bioinformatics solutions. Its Ion Torrent technology, for example, Ion GeneStudio S5 and Ion Proton, is known to be fast and economical, mainly in targeted sequencing applications such as oncology, infectious diseases, and inherited disorders. The portfolio of Thermo Fisher includes high-quality reagents for library preparation, amplification, and sequencing workflows, which are designed to streamline and optimize the NGS process. In addition, the company also focuses on ease of use with end-to-end solutions tailored for both research and clinical applications. The company implemented organic and inorganic growth strategies to support its business growth. For instance, in June 2024 company launched the Stellar MS, which combines speed and sensitivity to allow researchers to advance their translational omics research.
Agilent Technologies, Inc. (US)
Agilent Technologies, Inc. is an NGS major company, popular for its groundbreaking inventions in support of various stages in the sequencing workflow. The organization is specialized to offer high quality reagents and sample preparation kits with automation solutions to enhance efficiency and accuracy during an NGS experiment. Agilent's flagship SureSelect and target enrichment platforms offer tools for designing gene panels and exome sequencing toward precise and efficient capture of genomic regions of interest. These solutions are very useful in applications to oncology, rare disease research, and genetic testing. Its solutions are compatible with leading sequencing platforms, making Agilent an essential partner for researchers and clinicians that aim toward achieving reliable high-quality results in genomics and precision medicine. The company spends on innovation and implements strategies such as product launches, partnerships, and collaborations. For instance, In July 2023, the company launched new Gen6 software for BioTek detection instrument for data analysis.
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