Global Next Generation Sequencing (NGS) Market - Analysis and Forecast (2017-2024)

Report Description

The Next Generation Sequencing (NGS) Industry is a multibillion market which consists of multitudinous companies involved in the manufacturing of instruments, kits & consumables, and development of software to bolster the NGS workflow. 

Advancements in sequencing chemistry, molecular biology, and technical engineering over the years have profoundly increased the sequencing efficiency while decreasing the cost. Impressive progress in these fields have paved the way for development of massively parallel, high-throughput sequencing technology, known as Next Generation Sequencing (NGS).

The purpose of this study is to gain a holistic view of the NGS market in terms of various influencing factors, such as recent trends, technological advancements, role of service providers, and funding scenario in the market. The scope of this report constitutes of an in-depth study of the global next generation sequencing market, including a thorough analysis of the products across different regions. The market has been segmented into ‘technology’, ‘product’, ‘application’ and ‘geographical regions’. The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well informed strategic decisions. The research uncovers some of the substantial parameters that must be taken into consideration before entering into the market.

This research report aims at answering various aspects of the global NGS market with the help of key factors driving the market, restraints and challenges that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion. The report includes an in-depth examination of the key ecosystem players and key strategies & developments taking place in this market. In addition, the report includes market dynamics (market drivers, opportunities and challenges) and industry analysis. 

The research study considers the market share analysis for a comprehensive understanding of the global NGS market and assesses the factors governing the same. Funding scenarios, Porter’s five force analysis, opportunity matrix, detailed product mapping and R&D analysis have been included in the report.

The market by region has been further sub-segmented in countries and in each sub-segments, key market trends, list of key players, and recent developments were listed.

The key players which have been contributing significantly  to the NGS market include 10x Genomics, Agilent Technologies, Inc., bioMerieux SA, Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG, GenapSys, Inc., Illumina, Inc., New England Biolabs, Inc., NuGEN Technologies Inc., Oxford Nanopore Technologies Limited, Pacific Biosciences of California, Inc., Partek, Inc., PerkinElmer, Inc., QIAGEN, and Thermo Fisher Scientific, among others.

Key Questions Answered in this Report

The answers to the following key questions can be derived from this report:

•    What are the major market drivers, challenges and opportunities in the global next generation sequencing market?
•    How did the next generation sequencing market evolve and what is its scope in the future?
•    What are the key developmental strategies which are being implemented by the key players to stand out in this market? Among these strategies which strategy is currently dominating the market?
•    What is the total addressable market (TAM), segmental addressable market (SAM) and the potential market opportunity of the global next generation sequencing market?
•    What is the market share of different leading segments and sub-segments of the market for the years 2017 and 2024?
•    How will each segment of the global next generation sequencing market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2024?
•    Who are the key players dominating the global next generation sequencing market and their respective share in the market?
•    Who are the key players dominating the next generation sequencing market, in different product segments namely instruments and kits & reagents?
•    What are the influencing factors that may affect the market share of the key players?
•    What is the perception of investors worldwide towards the market and which type of companies are receiving significant investments?
•    Who are the leading service providers of sequencing tests and what is their contribution to the market? What is the concentration of service providers worldwide?
•    How the market has been segmented on the basis of technology?  Which technology is leading and and what is its share in the market?
•    Which geographical location will contribute to the highest sales of sequencing products and how regions have been further segmented into countries?
•    Who are the key players dominating the next generation sequencing market, in different regions namely North America, Europe, and Asia Pacific and their respective share?
•    What is the market share of companies by different segments, namely products, technology, and geography, along with the global share analysis of market?
•    What is the investors’ perception towards the market?
•    What is the frequency of service providers’ presence in different geographical regions?

Market Overview

Sanger sequencing technology was utilized for the sequencing of first human genome, which took around 1.5 decades while costing approximately $2.7billion. Advancements in sequencing chemistry, molecular biology, and technical engineering over the years have profoundly increased the sequencing efficiency while decreasing the cost. Impressive progress in these fields have paved the way for development of massively parallel, high-throughput sequencing technology, known as Next Generation Sequencing (NGS). As compared to Sanger sequencing, NGS technology allows sequencing of millions of fragments in a single run, while decreasing the time and cost per run. Till date, progress in NGS technology has decreased the cost of sequencing from $10 million to $1000 and further evolution of this technology is aimed at decreasing the cost of sequencing to $100.

NGS technologies have evolved in terms of high resolution and accuracy, sequencing speed, throughput, and cost-effectiveness in genomic analysis to accelerate biological and biomedical research. The NGS technologies are implemented in several applications namely pharmaceuticals, diagnostics, forensics, agriculture and animal research. Additionally, the double digit growth rate of the NGS market was largely fuelled by the rise in the demand for precision medicine, liquid biopsy tests, and Non-Invasive Prenatal Testing (NIPT), among others.

The purpose of the study is to gain a holistic view of the next generation sequencing market in terms of various factors influencing it such as recent trends, technological advancements, and regulatory aspects of the market. The scope of this report is centred upon conducting a detailed study of the technologies allied with the next generation sequencing market. The global next generation sequencing market is segmented in to four different parts namely by product, by technology, by application and by geography. The global market value was estimated using these four different approaches and was validated with one another. These segments are further segmented into several sub-segments to ease the market estimation and to gain holistic view of the market.

The global next generation market was estimated at $4.14 billion in 2016 and is estimated to grow over $11.92 billion by 2024. The global next generation sequencing market is expected to grow with a double digit compound annual growth rate between the years 2017 and 2024. With substantial increase in the demand for genome mapping programs and diagnostics tests based on sequencing, the NGS market is expected to witness impressive growth and promises to be a lucrative field for investment. Kits & consumables sub segment dominated the product segment of global next generation sequencing market in 2016.  However, the software sub segment is expected to witness the highest CAGR in the forecast period from 2017 to 2024. 

Additionally, the reversible terminator sequencing technology currently dominates the global NGS market. ,. The emerging technologies such as Nanopore technology is estimated to witness the highest CAGR in the forecast period.

And by application, presently, the pharmaceuticals field makes up the largest dominating share of the global next generation sequencing market and is expected to grow at 11.29% CAGR in the forecast period from 2017 to 2024.  However, with the growing demand for non-invasive diagnostic procedures, the diagnostic field is expected to witness an impressive CAGR in the forecast period from 2017 to 2024. 

The global next generation sequencing market is segmented by the geographical region into North America, Europe, Asia Pacific and Rest of the World (RoW). North America is a leading contributor to the global next generation sequencing market and contributed 50% of the global market values in 2016. However, Asia Pacific is expected to grow at 17.53% CAGR in the forecast period from 2017 to 2024. Moreover, the Asia Pacific market contributed approximately 13% of total global market value in 2016.

A paradigm shift in the dynamics market is expected in the year 2020 with the introduction of portable technologies in full scale. The leading players in the market are taking the necessary steps to tackle the shift in the dynamics and sustain in the competition. The global next generation sequencing market is majorly dominated by the U.S. players. Companies belonging to the U.S. such as Illumina, Inc. and Thermo Fisher Scientific have been reported to contribute more than 60% of the market value in 2016. The key players which have significant contributions to the NGS market are 10x Genomics, Agilent Technologies, Inc., bioMerieux SA, Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG, GenapSys, Inc., Illumina, Inc., New England Biolabs, Inc., NuGEN Technologies Inc., Oxford Nanopore Technologies Limited, Pacific Biosciences of California, Inc., Partek, Inc., PerkinElmer, Inc., QIAGEN, and Thermo Fisher Scientific, among others.

The field of service providers for sequencing tests and the applications based on genome sequencing is perceived to be a lucrative business all across the globe. With the impressive rise in demand for sequencing based diagnostics applications namely NIPT and liquid biopsy, the service providing companies have gained popularity and acceptance all across the globe. Additionally, substantial investments are being made in bioinformatics startups and service providing companies. With the growing demand for genome mapping programs, a large pool of genomic data is being generated and key players of the market are seeking help from the bioinformatics startups to meet the market requirement. Service providing companies help in expanding the global reach of key players of the market and also play a significant role in increasing the adoptability of sequencing technologies all across the globe.

Some of the opportunities on which significant work is being carried out presently in the market are hybridization of technologies and development of portable technologies. A best sequencer would be the one with the ability to sequence long reeds, in short run time and with great accuracy. The present available sequencers on the market possess any one of the mentioned features, but not all three. Despite the substantial investments made by the prominent companies to develop the instrument with the features mentioned, it is not expected to be the reality at any time soon. Thus the hybridization of available technologies such as SMRT and reversible semiconductor sequencing technology, is acknowledged to be a promising approach to cater the needs of the market