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The global next-generation sequencing market size is poised to reach USD 14.8 billion by 2030 with a CAGR of 12.4% from 2022 to 2030. The market totaled a valuation of USD 4.84 billion in 2021. The growth of the market is attributed to the growing research activities for developing test kits and vaccines. NSG refers to DNA sequencing methods that cater the genomic discovery. DNA and RNA sequencing, epigenetics, and examination of chromosomal abnormalities accumulate more data in global sequencing, and these are the factors responsible for the higher market share of NSG. Installation of NSG in clinical laboratories, testing, and disease diagnostics in the healthcare sector is creating opportunities for key players to focus on indulging investments in NSG solutions and R&D activities.
To attain an understanding of the linkage between genetics and disease, some countries have started investments in their mapping projects of their people. Additionally, governments across the globe are focusing on millions of genomes for research and intervention of options to test and cure cancer, complex disorders, and other yet-to-cure ailments. For instance, in Europe, France’s French Plan for Genomic Medicine 2025 initiative is undertaken by the EU to enhance the large-scale genomic data of the region.
The outbreak of COVID-19 had enforced various pharmaceutical and biotechnology companies to step forward to investigate and pen down research activities to develop vaccines and test kits. The substantial involvement in the COVID-19 vaccine development has created lucrative opportunities for the adoption of NSG solutions during the pandemic. For instance, during the pandemic, in China, MinION Mk1C a product by Oxford Nanopore Technologies (U.K.) for the sequencing of COVID-19 samples has been utilized by a group of researchers. Moreover, the technology of NSG for faster processing and rapid result time has been extensively utilized in clinical diagnostics. This, in turn, is poised for the market to witness growth in future years. For instance, Pediatrix Medical Group, GeneDx Inc., and OPKO, major companies operating in the market signed an agreement in August 2020 to offer state-of-the-art, next-generation gene-sequencing to improve clinical diagnosis in uncommon disorders for the newborn intensive care units.
Increasing technological advancement in NSG instruments and solutions is anticipated to fuel the market growth during the forecast period. For instance, Harvard University, DNA Script, and Broad Institute are contributing to collaborative research to develop technology for combining enzymatic DNA synthesis and NGS into a single instrument. Thus, the Intelligence Advanced Research Projects Activity in the U.S. granted USD 23 million to these institutes in January 2020.
Cost-effectiveness, rapid and accurate sample analysis, and technological advancements are the factors contributing to market growth. Additionally, genomics program development is increasing in almost all countries. Hence, the advent of NSG-based diagnoses along with government support will create a favorable environment for market expansion across the globe.
Research Support Specialist, USA