Next-generation sequencing (NGS) is an enormously parallel sequencing technology that proposes ultra-high throughput, speed, and scalability. The technology is utilized to determine the order of nucleotides in whole genomes or targeted economies of DNS or RNA. NGS has transfigured has biological sciences, enabling labs to function a broad variety of applications and study the biological systems at a level never conceivable. In addition, NGS is progressively being integrated into clinical laboratory analysis, testing, and syndromes diagnostics in healthcare segments, globally. NGS has been extensively utilized in pharmacogenomics to quicken the drug discovery process.
NGS is of thrilling importance to medical practice as it delivers a definitive diagnosis for countless clinically heterogeneous syndromes. Consequently, it allows a more specific disease prognosis and delivers the guidance towards the selection of the greatest therapeutic choices for the affected patients. Much of its present promise comes from its ability to scrutinize the human genome at countless stages, from chromosome to single-base changes.
According to the report analysis, ‘Next-Generation Sequencing Market: Current Analysis and Forecast (2021-2027)’ states that the NGS market is increasing exponentially on account of augmenting the advancements in NGS technology, growing cancer incidences and augmenting the applications of NGS in countless sectors. Further, the study of genomics is fascinating attention from investors as well as from the public as it impacts the very core of lives and all living things across the globe.
Based on product/services, the market is segmented into consumables, platforms, services, and bioinformatics. The consumables sector generated revenue of USD XX million during 2020. The market is projected to augment at a CAGR of XX% throughout the forecast period to reach a market valuation of USD XX million by 2027F due to the growing demand of the reagents and several other consumables utilized for preparation of sample for sequencing of the genomes.
In addition, the growth of the global next generation sequencing market is majorly propelled by augment in genome mapping programs; growth in applications of next generation sequencing; augment in healthcare expenditure; and technological improvements in sequencing platforms. Moreover, the R&D connected to NGS has been escalating to new heights through higher investment in NGS technologies throughout the globe. Surge in requirement for genome mapping program and augment in application of NGS boom up the growth of the market.
North America is predicted to hold the greates share in the NGS market. The increasing focus of the foremost market players is on conveying the advanced, efficient NGS technologies to underdeveloped countries to cater to the requirement for genomic medicines and whole-genome sequencing for customized medicine. In addition, the growing implementation of NGS technology by the non-government and government bodies, along with augmented funding by the federal government and the private players, is predicted to propel the market growth. All these developments, along with the increasing healthcare expenditure and growing geographic footprints of the players, are propelling the growth of the market in the region.
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Global Next-Generation Sequencing Market
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