The global Next Generation Sequencing Market Growth Accelerated by Emerging Applications

Next generation sequencing technology allows researchers to sequence whole genomes and identify gene mutations associated with various diseases. It enables high-throughput, cost-effective sequencing for clinical diagnostics, drug discovery, genomics, epigenomics, transcriptomics, and more. Next generation sequencing equipment provides faster and cheaper genome sequencing compared to traditional Sanger sequencing. This enables researchers to identify new drug targets and develop personalized medicines.

The global Next Generation Sequencing Market is estimated to be valued at US$ 678.13 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The emergence of new applications for next generation sequencing is driving market growth. Life sciences companies are increasingly using sequencing for applications like agriculture, animal research, and infectious disease preparedness. For example, genomic sequencing is being used to breed crops that are more robust, productive and can withstand extreme climate conditions. DNA sequencing technologies are also finding new applications in forensics for human identification and tracing the spread of infectious diseases. Development of portable and affordable sequencing devices is also expanding the market scope for point-of-care sequencing and out-of-lab applications.

Segment Analysis

The global next generation sequencing market is dominated by the whole genome sequencing segment. Whole genome sequencing allows sequencing of an entire genome of an organism in one experiment, enabling detection of genetic variants related to disease diagnosis, drug response, disease risk assessment, and ancestry testing. The decreasing costs of genome sequencing are making whole genome sequencing affordable and accessible to more customers and patients.

Key Takeaways

The global next generation sequencing market size is expected to witness high growth over the forecast period of 2024 to 2031. The market is projected to grow at a CAGR of 5.2% during this period and reach a size of US$ 1,342.73 Mn by 2031 from US$ 678.13 Mn in 2024.

Regional analysis: North America currently dominates the global next generation sequencing market and is expected to continue its dominance through the forecast period. Early adoption of advanced genomic technologies along with favorable government funding for genomic research drives the market growth in the region. Asia Pacific is expected to be the fastest growing regional market owing to the large patient population and rising healthcare expenditure in the region.

Key players: The global next generation sequencing market is highly consolidated. The top players operating in the market include Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., Cronos Group, Hexo Corp., Organigram Holdings Inc., Curaleaf Holdings, Inc., Cresco Labs, Green Thumb Industries. These players are focusing on new product launches, technological innovations, partnerships and acquisitions to gain a competitive edge in the market.

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