Next Generation Sequencing (NGS) Market Size, Share and Trends Analysis, By Product and Service (NGS Platforms, Services, and Data Management and Interpretation), By Technology, By Application (Research and Clinical Applications), By End-Use, and By Region, Forecast 2024-2031

Global Next Generation Sequencing (NGS) Market Overview and Key Insights:

The global next generation sequencing (NGS) market size reached USD 11.56 Billion in 2023 and is expected to register a revenue CAGR of 19.6% during the forecast period. Next generation sequencing (NGS) is used to sequence genomes quickly. It is used commercially to identify family tree and mitochondrial DNA. This technology generates massive amounts of data by monitoring the insertion of tagged nucleotides as the DNA chain is duplicated in parallel.

Market Drivers:

Increase in prevalence of genetic disorders is a key driver of revenue growth in the global Next Generation Sequencing (NGS) market. According to the Global Cancer Observatory (GLOBOCAN), cancer is a serious societal, public health, and economic issue in the twenty-first century, accounting for about one in every six fatalities (16.8%) and one in every four deaths from noncommunicable diseases (22.8%) worldwide. Lung cancer is the most often diagnosed cancer in the globe (12.4% of all cases), followed by malignancies of the female breast (11.6%), colorectum (9.6%), prostate (7.3%), and stomach (4.9%). Lung cancer is also the top cause of cancer death, accounting for 18.7% of all cancer fatalities, followed by colorectal (9.3%), liver (7.8%), female breast (6.9%), and stomach (6.8%). Breast cancer is the most diagnosed cancer in women and the leading cause of cancer death, trailing only lung and colorectal cancer in terms of both cancer incidence and deaths.

Furthermore, technological advancements in NGS platforms are also augmenting the growth of the market. On October 2023, Illumina, Inc., a global leader in DNA sequencing and array-based technologies, has revealed its MiSeq i100 Series of sequencing devices, which provide unrivaled benchtop speed and simplicity to enhance next-generation sequencing (NGS) in labs. The two new benchtop instruments, the MiSeq i100 and MiSeq i100 Plus Systems, will enable clients to gain strong insights by providing a cheap, complete solution that is easy to comprehend and use, especially for people with limited NGS experience. With room-temperature storage and shipment, labs can sequence on demand, with no thaw time delays, and analyze samples on the same day.

Market Opportunity:

Advancements in bioinformatics and cloud computing as an opportunity for the global Next Generation Sequencing (NGS) market. Bioinformatics pipelines are essential components of next-generation sequencing (NGS). NGS creates large volumes of data that require numerous computationally costly stages to be analysed properly. The NGS bioinformatics pipeline refers to bioinformatics algorithms that are conducted in a preset order to process NGS data.

On January 2024, QIAGEN unveiled a five-year strategy plan to increase investments in its market-leading QIAGEN Digital Insights (QDI) division. These investments would help QDI, the bioinformatics industry leader with sales of around USD 100 million in 2023, expand its capabilities into new geographic regions and market segments while providing improved customer insights and new products. The investment will also strengthen QDI’s existing augmented molecular intelligence approach by adding Artificial Intelligence (AI) and Natural Language Processing (NLP) capabilities, as well as a new regulatory-compliant secondary analysis solution for rapid next-generation sequencing (NGS) analysis in clinical labs.

Recent Trends:

The integration of artificial intelligence (AI), advancements in bioinformatics and cloud computing, and CRISPR-based sequencing technologies are some of the recent trends for next generation sequencing (NGS) market.

The combination of AI and NGS data processing accelerates the discovery of clinically relevant mutations and variations. Machine learning algorithms can analyse vast datasets, extracting relevant patterns, and providing physicians with actionable insights. This AI-NGS partnership improves diagnostic efficiency and accuracy. Combining AI and NGS allows clinicians to create individualized treatment plans based on each patient’s unique genomic profile. AI algorithms can recommend the most effective medicines based on genomic abnormalities, biomarkers, and treatment response data, boosting the likelihood of good treatment results.

Restraints & Challenges:

However, the high cost of NGS systems is a significant challenge that could limit market revenue growth. High throughput systems often require high initial investments ranging from thousands of dollars. NGS generates massive dataset requiring robust computational infrastructure and technical knowledge is required to access the samples, reagents, as well as the systems. Sample preparation for high quality sequencing often involves specialized reagents, further increasing the expense.

Product and Service Segment Insights and Analysis:

Based on the product and service, the next generation sequencing (NGS) market is segmented into the NGS Platforms, Service, and Data Management and Interpretation.

NGS Platforms segment contributed largest share in 2023. The growing demand for accurate, quick, and low-cost DNA sequencing is driving the development of next-generation sequencing (NGS) technology. NGS can provide valuable insights to help researchers and doctors discover the best therapeutic alternatives. These technologies are extremely valuable in decoding life’s mysteries, enhancing crop quality, detecting infections, and improving living quality.

Furthermore, launch of new NGS platforms with automated library preparation is also augmenting the growth of the market. For instance, on September 2023, INTEGRA Biosciences has announced MIRO CANVAS, a tiny digital microfluidics technology for completely automated NGS sample preparation, to help expedite genomics discovery. This breakthrough gadget does fully automated library preparation and target enrichment hybridization, significantly simplifying NGS operations and allowing for additional walk-away time. Its verified techniques span both long-read sequencing (e.g., PacBio sequencing) and short-read sequencing applications, such as whole genome sequencing (WGS) and target enrichment. These preconfigured procedures provide correctness, precision, and dependability for high-quality final outcomes.

Data Management and Interpretation segment is expected to have the fastest CAGR throughout the forecasted period. Advances in NGS technology generating large datasets requiring the demand for efficient data management infrastructure, including high-capacity storage, high speed computation, and secure transfer systems. While most of these are used in research laboratories, the technology is being used in clinical settings, thereby demanding the use of NGS software and tools. Furthermore, visualization tools and genomic dashboards, make data interpretation access to clinicians and researchers.

Technology Segment Insights and Analysis:

Based on the Technology, the next generation sequencing (NGS) market is segmented into Targeted Sequencing, Whole Genome Sequencing, Sequencing by Synthesis (SBS), Nanopore Sequencing, Ion Torrent Sequencing, and Others.

Targeted Sequencing segment contributed largest share in 2023. Targeted sequencing (TS) has become a popular routine procedure in both clinical and research contexts, with benefits like as high confidence and accuracy, a quick turnaround time, a low cost, and fewer data burdens compared to the degree of bioinformatics or computational demand. It gives cost-effective findings for investigations of disease-related genes. Delivers accurate, easy-to-interpret results by recognizing variations at low allele frequencies.

Furthermore, launch of new targeted sequencing methods and systems is also driving the market growth during the forecasted period. For instance, on October 2024, Element Biosciences, Inc., a developer of cutting-edge technologies to empower science, has introduced Trinity, an innovative solution that simplifies target capture sequencing by eliminating or moving traditionally time-consuming steps to the AVITI System and giving customers the option to significantly reduce hybridization time without sacrificing cost or quality. Trinity employs a novel flow cell and matched reagents to perform the capture, wash, and sequencing stages on the AVITI System, removing the need for specialized equipment and saving up to five hours of human labor.

Sequencing by Synthesis (SBS) segment accounted for the fastest growth rate during the forecasted period. Most SBS technologies use a procedure in which individual DNA molecules to be sequenced are distributed to millions of different wells or chambers, or anchored to specific spots on a solid substrate. Current SBS methods differ from the original Sanger sequencing method in that they use significantly shorter reads (up to roughly 300-500 bases). Furthermore, they have a higher inherent error rate than Sanger sequencing and rely on high sequence coverage of millions to billions of short DNA sequence reads (50-300 nucleotides) to obtain an accurate sequence based on the identification of a consensus (agreement) sequence.

On September 2022, Illumina Inc., a global leader in DNA sequencing and array-based technologies, has announced the release of the NovaSeq X Series (NovaSeq X and NovaSeq X Plus), new production-scale sequencers that will push the boundaries of genomic medicine by enabling faster, more powerful, and more sustainable sequencing. Using groundbreaking new technology, NovaSeq X Plus can output over 20,000 whole genomes per year – 2.5 times the throughput of previous sequencers – dramatically increasing genomic discoveries and clinical insights, allowing us to better understand disease and, ultimately, alter patient lives.

Application Segment Insights and Analysis:

Based on the Application, the next generation sequencing (NGS) market is segmented into the Clinical Applications and Research Applications.

Research Applications segment contributed largest share in 2023. NGS has transformed genomics research by allowing scientists to explore entire genomes swiftly and cost-effectively. It has helped unravel complex genomic landscapes, discover functional regions in genomes, and better understand the genetic basis of characteristics and illnesses. Researchers can now investigate genetic variants, gene expression profiles, and epigenetic changes on a hitherto impossible scale. NGS also plays an important role in evolutionary biology research by sequencing the genomes of numerous species, revealing light on their relationships and adaptations. NGS may be used to analyse DNA in a variety of environmental samples, making it easier to monitor ecosystems, detect infections, and research microbial communities in diverse habitats. NGS is likely to play a critical role in understanding the complexity of epigenetic alterations, shedding information on how DNA methylation, histone modifications, and chromatin structure influence gene expression and cellular function.

Clinical Applications accounted for the fastest growth rate during the forecasted period. NGS has achieved substantial advances in illness detection and personalized treatment in medicine. It enables the quick and comprehensive profiling of an individual’s genetic composition. It allows clinicians to identify illness-causing mutations, predict disease risk, and customize treatment approaches based on each patient’s unique genetic profile. NGS is particularly useful in cancer genomics, where it aids in the identification of specific mutations that cause tumors and the selection of targeted therapy. Furthermore, NGS is used for prenatal testing, diagnosing genetic diseases in fetuses, and making reproductive decisions.

On August 2024, Illumina Inc., a global pioneer in DNA sequencing and array-based technologies, has announced an expansion of its oncology menu for NovaSeq X Series clients. These assays allow labs to securely increase oncology testing research using tissue and liquid biopsy samples, thanks to new transformational sequencing economics, quicker sequencing run times, and larger batch sizes on the NovaSeq X Series for the first time.

Geographical Outlook:

North America is registered highest market share in next generation sequencing (NGS) market in 2023. The regional market is propelled by the advancements in genomics, increase in prevalence of genetic disorders, and technological advancements of NGS systems and reagents. U.S. is expected to hold highest market share in North America Next Generation Sequencing (NGS) market. According to the American Lung Association, cystic fibrosis affects around 40,000 persons in the United States and an estimated 100,000 people worldwide. Approximately one in every thirty people in the United States is a carrier. There are around 1,700 identified mutations in the illness. Most genetic tests look for only the most prevalent CF mutations.

On October 2022, PathoQuest, a leader in the development and delivery of Next Generation Sequencing (NGS) testing services for the biopharmaceutical industry, has announced the formal opening of its new facility in Wayne, Pennsylvania. The 7000-square-foot facility has already begun to accept new clients from across North America and around the world, allowing life-changing biologics to be tested in this vital market.

Asia Pacific is registered the fastest growth rate during the forecasted period driven by the increase in prevalence of genetic disorders and increase in applications for cancer detection, and technological advancements in incorporating NGS technology. India is expected to have highest share in the APAC market. According to the Indian Council of Medical Research (ICMR), in 2022, the estimated number of new cancer cases in India was 1,461,427, with a crude incidence rate of 100.4 per 100,000 people. In India, around one in every nine persons will be diagnosed with cancer at some point in their lives. Notably, males were more likely to develop lung cancer than females, with breast cancer taking the top spot. Furthermore, on June 2023, AstraZeneca Pharma India Ltd. (AstraZeneca India), a science-based biopharmaceutical business, has signed a Memorandum of Understanding (MOU) with the Rajiv Gandhi Cancer Institute and Research Centre. This cooperation will result in the establishment of a Center of Excellence (CoE) at the RGCI&RC lab in Delhi to increase the availability of subsidized, high-quality, and validated NGS (Next-Generation Sequencing) molecular panel testing for eligible persons diagnosed with lung cancer in India.

Europe is to register a considerable market share in next generation sequencing (NGS) market in 2023. The regional market is propelled by the advancements in genomics, launch of new products. According to the European Commission (EU), in the EU, the standardised mortality rate for cancer was 235.4 per 100,000 people in 2021, which was lower than the rate for circulatory illnesses but higher than the rate for other causes of death, including COVID-19. In 2021, cancer was the second biggest cause of death in the EU, accounting for 1.1 million deaths, or 21.6% of total EU deaths. On March 2024, Alithea Genomics, a rising pioneer in large-scale RNA sequencing and transcriptomics, announced the completion of a CHF 2.8 million (USD 3.2 million) extension of its initial investment. The Novalis Biotech Acceleration fund led the round, which comprised new investor TechU Ventures and previous investors. The money will be used to continue commercializing and expanding manufacturing capacity for its unique RNA sequencing products, as well as to promote the development of new technologies and establish a US subsidiary.

Competition Analysis:

The next generation sequencing (NGS) market is characterized by a fragmented structure, with numerous players competing across various segments and regions. List of major players included in the next generation sequencing (NGS) market report are:

• Thermo Fisher Scientific
• Illumina Inc.
• Hoffman La Roche
• QIAGEN N.V.
• Oxford Nanopore Technologies
• Revvity, Inc.
• Eurofins Scientific
• BGI Genomics
• Bio-Rad Laboratories Inc.
• Pacific Biosciences
• Genomatix GmbH
• New England Biolabs
• Promega Corporation
• Novogene Corporation

Strategic Developments in Next Generation Sequencing (NGS) Market:

• In November 2024, QIAGEN has announced the release of two new tools for building and buying custom solutions to assist microbiological investigation of bacterial, fungal and viral targets. These new capabilities allow researchers to tailor their assays and panels for use on both the QIAcuity digital PCR system and any third-party next-generation sequencing (NGS) system.
• In April 2024, OGT, a leading global provider of genomic research and diagnostic solutions, has launched the RNA-based SureSeq Myeloid Fusion Panel, a novel next-generation sequencing (NGS) tool for identifying important fusion genes involved in acute myeloid leukemia (AML). The SureSeq Myeloid Fusion Panel assures that results satisfy the most recent clinical research recommendations by effectively identifying over 30 important disease-associated fusions in AML, including KMT2A and MECOM fusions, in a single assay. A partner-gene agnostic technique can be used to identify fusions with numerous partners, as well as novel and unusual fusions, hence improving sample classification capabilities.

Key Advantages for Stakeholders:

Navistrat Analytics’ industry report provides an in-depth quantitative analysis of various market segments, historical and current trends, market forecasts, and dynamics within the global market. The historical years covered in this report are 2021 to 2022, with 2023 serving as the base year for market size calculations. The forecast period extends from 2024 to 2031.

The report includes an executive summary and a comprehensive overview of market drivers, restraints, opportunities, and challenges (DROC), along with insights into regulatory standards. It features detailed analyses such as PORTER’s Five Forces, SWOT, and PESTLE, as well as assessments of technological trends and the competitive landscape.

PORTER’s Five Forces analysis helps stakeholders evaluate the impact of new entrants, competitive rivalry, supplier power, buyer power, and substitution threats, enabling them to assess the level of competition and the attractiveness of the global market. The competitive landscape provides stakeholders with a clear understanding of the current market positions of key players, offering valuable insights into their competitive environment.

Scope And Key Highlights Of The Next Generation Sequencing (NGS) Market Report:

The next generation sequencing (NGS) market report offers a detailed analysis of market size, including historical revenue (in USD Billion) data for 2021-2022 and revenue forecasts for 2024-2031 across the following segments:

• Product and Service Outlook (Revenue, USD Billion; 2021-2031)
  • NGS Platforms
    • Sequencing Instruments
    • Consumables and Reagents
    • Sequencing Kits
  • Services
    • Sequencing Services
    • Bioinformatics Services
  • Data Management and Interpretation
    • Bioinformatics Tools
    • Data Analysis Software
    • Cloud Computing Solutions

• Technology Outlook (Revenue, USD Billion; 2021-2031)
  • Targeted Sequencing
  • Whole Genome Sequencing
  • Sequencing by Synthesis (SBS)
  • Nanopore Sequencing
  • Ion Torrent Sequencing
  • Others

• Application Outlook (Revenue, USD Billion; 2021-2031)
  • Clinical Applications
    • Oncology
      • Tumor Profiling
      • Liquid Biopsy
      • Companion Diagnostics
    • Reproductive Health
      • Non-Invasive Prenatal Testing (NIPT)
      • Preimplantation Genetic Diagnosis (PGD)
    • Infectious Disease
      • Pathogen Identification
      • Antimicrobial Resistance Detection
    • Genetic Disorders
      • Rare Disease Diagnostics
      • Hereditary Cancer Screening

• Research Applications
  • Drug Discovery and Development
  • Evolutionary Biology
  • Agrigenomics
  • Metagenomics
  • Animal and Plant Genomics
  • Others

• End-Use Outlook (Revenue, USD Billion; 2021-2031)
  • Academic & Research Institutions
  • Hospitals and Clinics
  • Pharmaceutical & Biotechnology Companies
  • Contract Research Organizations (CROs)

• Regional Outlook (Revenue, USD Billion; 2021-2031)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Benelux
    • Nordic Countries
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Oceania
    • ASEAN Countries
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Israel
    • Turkey
    • Rest of MEA

Frequently Asked Questions (FAQ) About The Next Generation Sequencing (NGS) Market Report