Next Generation Sequencing Market Size ,Share Report, 2024-2033
The global next generation sequencing market size was estimated at USD 9.19 billion in 2023 and is projected to hit around USD 66.04 billion by 2033, growing at a CAGR of 21.8% during the forecast period from 2024 to 2033.
Key Takeaways:
Next Generation Sequencing Market Growth
Next Generation Sequencing (NGS) refers to the huge DNA sequencing methods that aid in genomic discovery. Following the World Health Organization's (WHO) declaration of COVID-19 as a pandemic, a diverse group of recognized pharmaceutical and biotechnology companies, have decided to step forward in order to boost the global research efforts to develop test kits and vaccines.
Furthermore, major companies across the globe have increased their research and development capacities. This substantial focus on COVID-19 vaccine development offered a lucrative opportunity for the adoption of NGS during the pandemic period. For instance, a group of researchers in China utilized MinION Mk1C, a product by Oxford Nanopore Technologies (U.K.) for the sequencing of COVID-19 samples. In addition, factors such as extensive adoption of NGS technologies in clinical diagnostics due to rapid result time and faster processing are also projected to offer a favorable environment for market growth during the forecast period. For instance, in August 2020, Pediatrix Medical Group, GeneDx Inc., and OPKO Health signed an agreement to provide state-of-the-art, next generation gene-sequencing to enhance clinical diagnosis in uncommon disorders for newborn intensive care units.
Moreover, growing technological developments in NGS instruments and technologies are further likely to offer significant market growth over the coming years. For instance, in January 2020, the Intelligence Advanced Research Projects Activity in the U.S. awarded a grant of USD 23 million to the Harvard University, DNA Script, and Broad Institute. The institutes are conducting collaborative research to develop a novel technology that will combine enzymatic DNA synthesis and NGS into a single instrument.
To better understand the link between genetics and disease, several countries have invested in their own national population genome mapping projects. Furthermore, millions of genomes are being sequenced by government groups to progress research and discover better ways to identify and cure cancer, uncommon disorders, and other ailments. Efforts are being undertaken by the EU to improve the region’s large-scale genomic data with projects such as France’s French Plan for Genomic Medicine 2025 and the UK’s 100,000 Genomes Project. Such initiatives have resulted in the growth of NGS informatics services in the region.
Certain advantages offered by NGS such as cost-effectiveness, rapid and accurate sample analysis, and technological advancements are estimated to boost the adoption of NGS technologies during the forecast period. In addition, the development of genomics programs in a number of countries is projected to benefit the NGS market. The advent of next generation sequencing-based diagnoses, along with proactive government support, are also some of the key market growth factors.
The NGS market is experiencing lucrative growth, propelled by the increasing demand for testing and services worldwide. NGS testing has become instrumental in genomics research, clinical diagnostics, and personalized medicine, driving the expansion of the market. NGS data analysis, a critical component in deriving meaningful insights from vast genomic datasets, has witnessed a surge in demand, further fueling market growth.
As researchers and healthcare professionals seek comprehensive solutions, NGS services, including sequencing and data interpretation, are becoming necessary. The advent of NGS panels, designed for targeted sequencing of specific genomic regions, has revolutionized genetic analysis, offering cost-effective and efficient solutions for various applications. The synergy between advancements in NGS technologies and the increasing awareness of their potential across diverse sectors ensures a promising future for the NGS market, focusing on its pivotal role in shaping the future of genomics and precision medicine.
Next Generation Sequencing Market Report Scope
| Report Attribute | Details |
| Market Size in 2024 | USD 11.19 Billion |
| Market Size by 2033 | USD 66.04 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 21.8% |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Technology, product, application, workflow, end-use, region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Companies Profiled | Illumina; QIAGEN; Thermo Fisher Scientific, Inc.; F. Hoffman-La Roche Ltd.; Oxford Nanopore Technologies; Genomatix GmbH; PierianDx; DNASTAR, Inc.; Eurofins GATC Biotech GmbH; Perkin Elmer, Inc.; BGI; Bio-Rad Laboratories, Inc. |
Segments Insights:
Application Insights
The oncology segment held the highest market share of 28.72% in 2023. A gradually growing prevalence of cancer that warrants use of latest technology to enable oncologists better understand the mechanics of cancer and tumor cells and the application of NGS for DNA & RNA sequencing, epigenetics, and analyzing chromosomal abnormalities account for over three fourths of the global sequencing data are factors responsible for high market share. Companies like Myriad, through its myRisk product, offer genetic testing to identify people who may be at higher risk of developing certain cancers in the future. In January 2021, Merus N.V.; a clinical stage immuno-oncology company; collaborated with National Cancer Center, Japan and Erasmus University Medical Center, Netherlands to evaluate its HER2/3-targeting bispecific antibody in solid tumors.
Furthermore, the consumer genomics segment is anticipated to be the fastest-growing segment with a CAGR of 24.84% during the forecast period. Continuous introduction of new products by the key players is driving growth in the consumer genomics segment. Presence of companies such as 23andMe that are involved in the provision of the “Personal Genome Service” can be attributed to growth in the coming years. Moreover, Ancestry.com, Color Genomics, Cloud Health (which purchased a HiSeq X Ten), National Geographic and several Japanese consumer companies, as well as a nascent consumer business, Helix, which was launched by Illumina are expected to impact revenue generation in this segment. Rapid proliferation in genealogy, paternity testing, and personal health awareness is expected to drive the growth in the consumer genomics, as an application of NGS.
Product Insights
The consumables segment held the larger market share in 2023 and will continue to grow at a faster CAGR of 22.48% from 2024 to 2033. The larger share and exponential growth rate of this segment is mainly attributed to the recurrent usage and high demand of the consumables in the commercial as well as research applications of NGS. These consumables include sample preparation kits as well as kits for target enrichment. The adoption of NGS consumables has increased as most of the pharmaceutical companies and research institutes are utilizing NGS for several diagnostic applications and cancer research.
Another import factor contributing to the growth of the consumables market is the involvement of key companies in development of innovative products, focus on regulatory approvals, along with strategic initiatives to ensure the constant supply of consumables that can meet the increasing demand. These efforts also strengthen the company’s product portfolio, thus, maintaining the leading position in the market. For instance, in June 2022, PerkinElmer, Inc. launched three sample preparation kits for research purpose only, which include PG-Seq Rapid Kit v2, NEXTFLEX Small RNA-Seq Kit v4, and NEXTFLEX Rapid XP V2 DNA-Seq Kit. All these factors along with increasing R&D activities in the sequencing market will continue to boost the market growth.
Technology Insights
The targeted sequencing & resequencing segment held the highest market share in 2023. This segment is expected to witness growth in demand subsequent to the growth of whole genome sequencing, as the availability of a large amount of whole genome data will required to be analyzed at specific gene locations and isolated genetic expressions. There are many companies in the NGS market offering targeted sequencing services. Thus, this segment is expected to grow in tandem with WGS segment throughout the forecast period.
Illumina offers targeted resequencing with its gene panel and array finder, whereas Pacific Biosciences of California’s Sequel System with its SMRT technique allows targeted sequencing and accurate detection of variants. Targeted sequencing panels are expected to remain the workhorse for cancer molecular diagnostics and are projected to become the routine part of the heme malignancies and solid tumor.
End use Insights
The academic research segment held the highest market share in 2023. Application of NGS solutions in research projects that are carried out in the universities and research centers can be attributed to the largest share of this segment in the market. Furthermore, scholarships offered for PhD projects in NGS are anticipated to drive demand for NGS products and services, thereby resulting in lucrative growth over the forecast period. Provision of on-site bioinformatics courses that include workshops on practical implementation of NGS sequencing and data analysis are also expected to boost revenue generated through academic research segment in the coming years.
Clinical research segment is anticipated to be the fastest growing segment with a CAGR of 22.93% during the forecast period. Owing to the use of NGS in cancer research and, more specifically, in discovery of new cancer-related genes, studying tumor heterogeneity, and identification of alterations that are contributive in tumorigenesis the segment is expected to witness significant growth through to 2030. In addition, availability of clinical research solutions through market entities such as Illumina, Thermo Fisher Scientific Corporation, and Agilent Technologies for the purpose of target enrichment & detection is anticipated to provide this segment with high growth opportunities over the forecast period.
Regional Insights
North America dominated the NGS market with a share of 49.35% in 2023. The regional market is driven by the presence of multiple clinical laboratories that employ NGS to provide genetic testing services. Furthermore, due to the presence of high R&D investment, availability of technologically advanced healthcare research framework, the development of WGS in the region is also expected to serve as a critical factor for the growth of North America NGS market throughout the forecast period.
Recent Developments
Some of the prominent players in the Next Generation Sequencing Market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Next Generation Sequencing market.
By Technology
By Product
By Application
By Workflow
By End-use
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers