Global Next-Generation Sequencing Market is Projected to Reach $9.92 Billion by 2024

As per the recent market analysis published by BIS Research, “Global Next-Generation Sequencing Market - Analysis and Forecast, 2018-2024”, the global next-generation sequencing (NGS) market was valued at $4.25 billion in 2017, and is expected to grow over $9.92 billion by 2024. The global next-generation sequencing market is anticipated to register a significant growth of 13.18% from 2019 to 2024. Owing to the outstanding development in the in the field of companion diagnostics (CDx), non-invasive prenatal testing (NIPT), liquid biopsy, and precision medicine the market for NGS is expected to show a remarkable growth in future.

Additionally, with the approval of additional allocation of funds around $2 billion to the National Institutes of Health’s (NIH’s) annual budget for 2019, will boost the further development of novel technologies in the field of precision medicine. Further, the increasing adoption of NIPT, CDx, and liquid biopsy has propelled further investments in developing non-invasive diagnostic methods for precision diagnostics. Also, Next-generation sequencing is the future of DNA research and its applications has the potential for improving patient care. 

Highlights of the compiled report:

• South Korea is anticipated to witness a high growth in the demand for NGS products during the forecast period.
• The commercialization of portable technologies in the near future is expected to disrupt the dynamics of the market. The key players of the market are improvising their product portfolio to handle the shift in the dynamics of the market.
• The pharmaceuticals segment is expected to grow at a CAGR of 13.22%, during he forecast period from 2019 to 2024

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