Next generation sequencing is a type of advanced DNA sequencing technology that enables rapid sequencing of genomes. It enables high-throughput sequencing of genomes and is used for targeted sequencing of whole genomes or exomes for various applications such as cancer diagnosis and drug discovery. The technology enables identification of genes involved in various rare genetic disorders as well as mapping genetic variations associated with risk of complex diseases. It has significantly reduced the cost of DNA sequencing and enabled sequencing of multiple whole genomes simultaneously in a timely and cost-effective manner.

The global Next Generation Sequencing Market is estimated to be valued at US$ 678.13 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Increased diagnostic and therapeutic application presents a major market opportunity for growth of the next generation sequencing market. NGS has emerged as a promising technique for diagnosis of various cancer types by enabling identification of genetic mutations driving cancer development and progression. It allows understanding of genomic variations between healthy and diseased tissues and detection of rare mutations. This has led to development of personalized treatment options for cancer patients based on genomic profiles. Increased focus on developing NGS-based companion diagnostics for multiple cancer indications is expected to drive the next generation sequencing market growth over the forecast period.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate in the next generation sequencing market due to high capital requirements and patent protection of key technologies. However, declining costs of sequencing may reduce barriers over time.
Bargaining power of buyers: The bargaining power of buyers is high as next generation sequencing services and products are differentiated and buyers have many alternative options to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as a large number of global suppliers provide key sequencing technologies, platforms and consumables.
Threat of new substitutes: The threat of new substitutes is high as new technologies like linked read sequencing, long read sequencing are emerging as alternatives to short read sequencing.
Competitive rivalry: The competitive rivalry is high due to many global players offering sequencing technologies and services.

SWOT Analysis
Strengths: The growing applications of NGS in drug discovery, precision medicine and agricultural research. Reduced costs of sequencing due to technological advancements.
Weaknesses: Requirement of substantial infrastructure and data analysis capabilities. Long turnover time for sequencing large genomes.
Opportunities: Emerging applications in non-invasive prenatal testing, cancer research and molecular diagnostics. Growing R&D investments and funding from governments worldwide.
Threats: Ethical and legal issues related to storage and analysis of genomic data. Intense competition from global players.

Key Takeaways
The global next generation sequencing market size is expected to witness high growth during the forecast period. Rapid advancements in sequencing technologies, reduced costs and expanded applications in clinical settings and disease research are fueling market growth. The global Next Generation Sequencing Market is estimated to be valued at US$ 678.13 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Regional analysis:
The North American region currently dominates the next generation sequencing market owing to robust research funding, technology advancements and widespread adoption of NGS in clinical laboratories. Asia Pacific is projected to grow at the fastest pace during the forecast period due to rising R&D investments, increasing disease prevalence and improving healthcare infrastructure in countries like China and India.

Key players:
Key players operating in the Next Generation Sequencing market are Illumina, Thermo Fisher Scientific, Agilent Technologies, Roche, BGI, PerkinElmer, QIAGEN, Macrogen, Berry Genomics, iBio. Illumina and Thermo Fisher Scientific together hold over 70% of the market share due to their versatile product portfolio and strong global presence.

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