The next-generation sequencing market is expected to reach USD 23.55 billion in 2029 from USD 12.65 billion in 2024, at a CAGR of 13.2% during the forecast period. The main factors behind the expansion of this market are the increasing government funding for sequencing projects, rising applications of NGS in chronic disorders, and growing applications of NGS in clinical diagnostics. The next-generation sequencing market is competitive with key players such as Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), and Agilent Technologies, Inc. (US). These players have implemented organic and inorganic growth strategies to strengthen their position in the next-generation sequencing market.
Key factors driving the growth of the next-generation sequencing market are continuous development in bioinformatics and data analytics, which facilitate sequencing data processing and interpretation, thus increasing its deployment in research and clinical domains. Declining costs of sequencing technologies have made access possible by a wide range of applications. Government initiatives and funding programs for genome research and personalized medicine are further accelerating the market growth. Increased interest in population genomics and large-scale sequencing projects is enhancing the understanding of genetic diversity and disease predisposition, which further fuels the demand for sequencing solutions. Moreover, the incorporation of AI and ML into NGS workflows is enhancing accuracy and efficiency, thus accelerating innovations in the field.
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The global next-generation sequencing market is consolidated including its key players are Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), QIAGEN (Netherlands), Agilent Technologies, Inc. (US), Revvity (US), Eurofins Scientific (Luxembourg), PacBio (US), Oxford Nanopore Technologies plc. (UK), Takara Bio Inc. (Japan), BGI Group (China), Merck KGaA (Germany), BD (US), 10X Genomics (US), New England Biolabs (US), Promega Corporation (US), Novogene Co., Ltd. (China), LGC Limited (UK), WuXi Biologics (China), MGI Tech Co. Ltd. (China), Tecan Trading AG (Switzerland), Twist Biosciences (US), Azenta US, Inc. (US), GenScript (US), SD Biosensor, Inc. (South Korea), Fulgent Genetics (US), Hamilton Company (US), Zymo Research Corporation (US), NeoGenomics Laboratories (US), and Psomagen (US).
Illumina, Inc. (US)
Illumina is the global market leader in the NGS segment, known for its powerful sequencing platforms and an exhaustive portfolio of consumables and services. Proprietary SBS technology remains the backbone behind the company's dominance, allowing for high accuracy, scalability, and cost-effectiveness for applications as diverse as whole-genome sequencing, transcriptomics, and epigenetics. Illumina's set of platforms NovaSeq, NextSeq, MiSeq, iSeq, as well as NovaSeq X-series, are optimized for a number of throughput possibilities, from modest research to expansive clinical and population genomics activities. Illumina also offers reagents, library preparation kits, and bioinformatics tools in addition to instruments. Its leadership in clinical diagnostics, including oncology and genetic testing, is further supported by partnerships and regulatory approvals, making it a keystone of the NGS market.
Thermo Fisher Scientific Inc. (US)
Thermo Fisher Scientific Inc. is one of the leading NGS companies with a wide variety of sequencing platforms, reagents, and bioinformatics solutions. Its Ion Torrent technology, for example, Ion GeneStudio S5 and Ion Proton, is known to be fast and economical, mainly in targeted sequencing applications such as oncology, infectious diseases, and inherited disorders. The portfolio of Thermo Fisher includes high-quality reagents for library preparation, amplification, and sequencing workflows, which are designed to streamline and optimize the NGS process. In addition, the company also focuses on ease of use with end-to-end solutions tailored for both research and clinical applications. The company implemented organic and inorganic growth strategies to support its business growth. For instance, in June 2024 company launched the Stellar MS, which combines speed and sensitivity to allow researchers to advance their translational omics research.
Agilent Technologies, Inc. (US)
Agilent Technologies, Inc. is an NGS major company, popular for its groundbreaking inventions in support of various stages in the sequencing workflow. The organization is specialized to offer high quality reagents and sample preparation kits with automation solutions to enhance efficiency and accuracy during an NGS experiment. Agilent's flagship SureSelect and target enrichment platforms offer tools for designing gene panels and exome sequencing toward precise and efficient capture of genomic regions of interest. These solutions are very useful in applications to oncology, rare disease research, and genetic testing. Its solutions are compatible with leading sequencing platforms, making Agilent an essential partner for researchers and clinicians that aim toward achieving reliable high-quality results in genomics and precision medicine. The company spends on innovation and implements strategies such as product launches, partnerships, and collaborations. For instance, In July 2023, the company launched new Gen6 software for BioTek detection instrument for data analysis.
Related Reports:
Next-Generation Sequencing Market by Product Type (Consumables, Platforms, Bioinformatics), Technology (SBS, Nanopore), Workflow (Sequencing, Data Analysis), Services, Application (Drug Discovery, Diagnostic, Agriculture) - Global Forecast to 2029
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