Next Generation Sequencing Kits Market: Exploring Opportunities through Market Share and Growth Projections
According to a report by TechSci Research titled "Next Generation Sequencing Kits Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028," the global Next Generation Sequencing (NGS) Kits market is poised to experience significant growth during the forecast period from 2024 to 2028. This growth can be attributed to the increasing prevalence of infectious diseases and genetic disorders worldwide. Furthermore, the exponential rise in demand for next-generation sequencing to reduce the cost of genome sequencing is expected to drive market growth. The market is also anticipated to benefit from the growing research funding in the field of genome sciences. Additionally, the application of NGS kits in precision medicine and molecular diagnostics is a major factor driving market growth. The growth in business and corporate strategies is expected to contribute significantly to market expansion. Moreover, government funding and favorable policies in various countries are projected to further boost market growth, particularly in clinical diagnosis for early disease detection.
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However, the growth of the global Next Generation Sequencing Kits market during the forecast period may be hindered by the lack of skilled professionals to manage NGS technology. Additionally, legal and ethical interpretation of complex data and the high cost of reagents may restrict market growth. The lack of infrastructure in emerging countries is another factor that could impede the growth of the Next Generation Sequencing Kits market.
The Next Generation Sequencing Kits market can be segmented based on workflow, sequencing type, usage area, application, end user, and region. In terms of application, the market can be segmented into Oncology, Rare Diseases, Genetic Disorders, Reproductive Health, and Others. The oncology segment currently dominates the market and is expected to maintain its dominance throughout the forecast period, driven by the growing number of companies manufacturing NGS kits for cancer. Additionally, the demand for non-invasive pregnancy kits is expected to contribute to market growth.
Based on end users, the market can be segmented into academic and research institutions, pharmaceutical and biotechnology companies, clinical and diagnostic laboratories, and others. The Academic and Research institutions segment is expected to dominate during the forecast period due to the increasing partnerships between NGS market players and academic research institutes for the development of diagnostic solutions for chronic diseases such as cancers, Alzheimer's disease, and cardiovascular diseases globally.?
Major companies operating in the Global Next Generation Sequencing Kits market are:?
For instance, in January 2020, the Centers for Medicare & Medicaid Services (CMS) implemented the action for including the USFDA approved or cleared laboratory diagnostic tests using next-generation sequencing (NGS) for patients with germline (inherited) ovarian or breast cancer.
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In September 2020, The Oncomine Dx Target Test, an NGS-based companion diagnostic (CDx) test to identify RET fusion-positive, metastatic non-small cell lung cancer (NSCLC) patients receiving GAVRETO (pralsetinib), a targeted therapy developed by Blueprint Medicines, received premarket approval from the US FDA.
In January 2019, PierianDx established cooperation with Illumina to develop informatics services, such as oncology products, to help Illumina with a cancer diagnosis and research.
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“North America is expected to dominate the Global Next Generation Sequencing Kits market owing to the growing number of major market players along with growing adoption of NGS in research, diagnostic labs, and synthetic biology research across the region. Similarly, the growing prevalence of infectious diseases, genetic disorders, and chronic diseases such as cancer and the development of novel library preparation kits for early detection of diseases is expected to create significant growth during the forecast period. Moreover, growing applications in drug discovery and replacing old technology such as microarrays will further drive market growth over the years. Furthermore, a growing number of clinical trials for developing novel vaccines with whole genome sequencing is required which will further drive the growth of the market. Besides, the growing adoption of advanced NGS technology by government and non-government bodies are further expected to create lucrative opportunities for market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Next Generation Sequencing Kits?Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028?Segmented By Workflow (Library Preparation, Cluster Generation, Sequencing Reagents Kits), By Sequencing Type (WES and WGS, Targeted Sequencing, Long Read Sequencing, Other Sequencing), By Usage Area (Clinical, Research), By Application (Oncology, Rare Diseases, Genetic Disorders, Reproductive Health, Others), By End User (Academic and Research Institutions, Pharmaceutical and Biotechnology Companies, Clinical and Diagnostic Laboratories, Others)?and By Region”,?has evaluated the future growth potential of global Next Generation Sequencing Kits market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Next Generation Sequencing Kits market.
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