Next Generation Sequencing Market: By Product (Consumables, Instruments, Software, and Services), By Technology (Sequencing By Synthesis, Ion Semiconductor, Sequencing By Ligation, Pyrosequencing, Single-Molecule Real-Time Sequencing, Nanopore Sequencing, Whole Targeted NGS, Whole Genome Sequencing, Whole Exome Sequencing, Chip Sequencing, and Others), By Workflow (Library Preparation, Cluster Generation, Sequencing, and NGS Data Analysis), By Application (Diagnostics, Drug Discovery & Development, Biomarker Discovery, Agriculture & Animal Health Research, and Personalised Medicine), By End User (Academic Institutes & Research Centers, Hospital/Clinical Laboratories, Biotech/Pharmaceuticals Companies, and Others), and Geography

Next generation sequencing market size was valued at USD 8,792.6 million in 2022 and is anticipated to grow at a CAGR of 14.1 % from 2023-2029. Next generation sequencing stands as a massively parallel sequencing innovation renowned for its exceptional throughput, scalability, and swiftness. This cutting-edge technology finds application in discerning the precise sequence of nucleotides in complete genomes or specific segments of DNA or RNA. NGS has ushered in a transformative era in the field of biological sciences, granting laboratories the capability to conduct a diverse array of experiments and explore biological systems with an unprecedented depth of analysis. Cancer research and treatment play a pivotal role in driving the next generation sequencing market. NGS technologies have revolutionized our understanding of cancer genetics by enabling the rapid and comprehensive profiling of tumor genomes. This has led to the discovery of critical cancer-associated mutations, and the identification of biomarkers for early detection, prognosis, and treatment response prediction. As the demand for precision medicine in oncology continues to grow, the next generation sequencing market sees a continuous surge in adoption, research funding, and the development of advanced sequencing technologies and bioinformatics tools tailored to cancer genomics, all contributing to the market's expansion and innovation. Moreover, research and clinical applications are primary drivers of sales for next generation sequencing technologies. In research, NGS is an indispensable tool for studying genomics, transcriptomics, epigenomics, and metagenomics, allowing scientists to unlock new insights into genetics, disease mechanisms, and biological processes. In clinical applications, NGS is used for diagnosing genetic disorders, profiling cancer genomes, conducting non-invasive prenatal testing, and assessing infectious disease outbreaks. As the demand for genomic information in healthcare and research continues to grow, the next generation sequencing market experiences consistent expansion.

However, NGS technologies can be expensive to acquire and operate, especially for smaller research institutions and clinical labs. Hence, high costs for equipment, reagents, and data analysis can limit widespread adoption. Meanwhile, the increase in the inclination of drug developers and scientists toward the next generation sequencing technology for the development of personalized medicine can offer significant opportunities for market growth. The next generation sequencing market is further experiencing significant growth owing to developments, acquisitions, and collaborations made by the key players. For instance, in December 2021, Singular Genomics Systems launched its next generation sequencing G4 benchtop sequencer for research in oncology and immunology.

Next Generation Sequencing Market Key Developments:

• In June 2017, FDA approved Illumina’s next generation sequencing cancer companion diagnostic test kit, which was developed together with Amgen.
  
  
• In April 2016, Oxford Nanopore Technology released a USB 3.0-interfaced sequencer, the MinION a newer method for multiplexed target enrichment of NGS libraries using the PCR-generated baits.
  
  
• In May 2015, Pacific Biosciences and RainDance Technologies partnered to co-develop and commercialize novel solution for De Novo whole genome assembly