According to FutureWise analysis the market for next generation sequencing in 2023 is US$ 8.48 billion, and is expected to reach US$ 41.3 billion by 2031 at a CAGR of 21.90%.
Improvements in the reimbursement and regulation for Next Generation Sequencing (NGS) -based tests coupled with the declining costs of platforms created for NGS are some of the important factors responsible for the growth of the market. The Sequencing By Synthesis (SBS) segment is predicted to proliferate with a remarkable growth rate owing to the increased demand for systems developed by Illumina, who are the primary providers of NGS platforms that are integrated with SBS technology. Moreover, with an ongoing research for developing advanced NGS platforms, this segment is poised to grow further over the forecast period. North America accounts for the largest market share, which is followed by Europe. This is primarily due to factors like the availability of funds that can be utilised for research in diagnostics and genomics. Furthermore, the development of solutions for analysing NGS data shall boost the growth of the market in this region.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Next Generation Sequencing Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Next Generation Sequencing Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.