Connect with us

Market Foresight

Next-generation sequencing market to grow 19.2 percent

The global next-generation sequencing (NGS) market is projected to reach USD 16.35 billion by 2024 from USD 5.70 billion in 2018, at a CAGR of 19.2 percent, according to MarketsandMarkets. Factors such as advancements in NGS platforms, declining NGS capital cost coupled with the decreasing cost of sequencing, and improving regulatory and reimbursement scenario for NGS-based diagnostic tests are the key factors driving the growth of the NGS market. The NGS consumables segment is expected to account for the largest share of the market in 2018. Advancements in sequencing technologies, growing sequencing procedures, and launch of easy to use consumables, and growing adoption or installations of NGS platforms are the major factors driving the growth of this segment.

The diagnostics segment is expected to register the highest growth rate. Growth in this segment is attributed to the growing number of new cancer cases across the globe, favorable reimbursement scenario for NGS-based tests in the United States of America, and increasing focus of key market players on developing NGS-based products and services for cancer and NIPT. Geographically, North America is expected to account for the largest share of the NGS market in 2018, followed by Europe. The large share of North America is attributed to the increasing application of NGS in diagnostics and genomics research, development of NGS data analysis solutions, and availability of research funding in the region.

Copyright © 2024 Medical Buyer

error: Content is protected !!