Next gen sequencing market to grow at a CAGR of 12.45% from 2022-27

The next-generation sequencing market size is forecast to increase by USD 3,409.76 million from 2022 to 2027, at a CAGR of 12.45%, according to the recent market study by Technavio. Technavio has extensively analyzed 15 major vendors, including 10X Genomics Inc., Azenta Inc., BGI Genomics Co. Ltd., Bio Rad Laboratories Inc., Eurofins Scientific SE, F. Hoffmann La Roche Ltd., Illumina Inc., Konica Minolta Inc., Laboratory Corp. of America Holdings, Merck KGaA, Nabsys Inc., OPKO Health Inc., Oxford Nanopore Technologies plc, Perkin Elmer Inc., PierianDx Inc., Psomagen Inc., QIAGEN NV, Standard BioTools Inc., Takara Bio Inc., and Thermo Fisher Scientific Inc.

Next generation sequencing market – Segmentation assessment
The market is segmented by end-user (academic research, clinical research, pharma & biotech companies, and others), product (consumables and equipment), and geography (North America, Europe, Asia, and the Rest of the World (ROW))

The market share growth by the academic research segment will be significant during the forecast period. Academic research institutions come under the end-users segment and it includes universities and research institutions, which are major users of NGS technologies for various applications. Furthermore, various tasks such as basic research, drug discovery, personalized medicine, and clinical diagnostics are done by academic researchers using NGS technology. The declining cost of sequencing, the availability of easy-to-use software and analytical tools, and the growing demand for personalized and precision medicine are some of the key factors driving the adoption of NGS technology in segment growth. Hence, these factors are expected to drive market growth during the forecast period. Technavio