Next-generation Sequencing (NGS) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The next-generation sequencing market was valued at about USD 7,580 million in 2020, and it is expected to reach approximately USD 18,550 million in 2026, registering a CAGR of nearly 19. 1% over the forecast period, 2021-2026.

New York, May 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Next-generation Sequencing (NGS) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06074749/?utm_source=GNW


Next-generation sequencing (NGS) diagnostic technology has the potential advantage of determining the genetic sequence of a virus and helping scientists understand the mutation of the virus. Throughout the COVID-19 pandemic, government authorities across the world are constantly working with the private sector to bring NGS technology as the potential diagnostic tool in the market. In June 2020, the United States Food and Drug Administration (US FDA) issued an emergency use authorization (EUA) to Illumina Inc. for the first COVID-19 diagnostic test utilizing next-generation sequence technology. The FDA authorized the Illumina COVIDSeq Test for the qualitative detection of SARS-CoV-2 RNA.

The major factors such as increasing research and development activities utilizing the NGS technologies, growing applications of NGS in clinical diagnosis, and discovery applications demanding NGS technology are expected to drive the growth of the overall market.

In January 2020, in the United States, the Intelligence Advanced Research Projects Activity provided USD 23 million to the Broad Institute and Harvard University and DNA Script. The organizations have been working together to explore the possibility of combining the enzymatic DNA synthesis technology and NGS into a single instrument for more than four years. Such developments are a major boost to the clinical studies and organizations progressing with NGS as their basis of innovation.

In the recent past, NGS has been considered the most potent tool in diagnostics and in researches to understand the treatment regimen for various diseases, including cancer, infectious diseases, cardiovascular diseases, etc. According to the United States National Institutes of Health, National Human Genome Research Institute, in 2017, most of the rare diseases were genetic in nature. There has been continuous progress in understanding diseases at the genomic level and molecular level, and various companies are deploying resources in the testing of these diseases to leverage opportunities which is also fueling the market opportunities. For instance, in August 2020, GeneDx Inc., a subsidiary of BioReference Laboratories Inc., and OPKO Health entered an agreement with Pediatrix Medical Group to offer state-of-the-art, next-generation genomic sequencing to support clinical diagnosis in rare diseases for neonatal intensive care units. Also, in 2017, Myriad Genetics Inc. launched the EndoPredict test for patients with ER+ HER2- early-stage breast cancer.

The rapid speed, cost, and accuracy of the NGS technology have also helped in the growth of the market. However, the current market is facing challenges due to the difficulty in the management of large data and complications associated with Big Data management. In addition, some of the ethical issues associated with whole-genome sequencing, coupled with the lack of awareness among people, are pulling back the growth of the market.

Key Market Trends
The Whole Genome Sequencing Segment is Expected to Grow at a Good Rate Over the Forecast Period

By type of sequencing, whole-genome sequencing is expected to grow positively. Whole-genome sequencing (WGS) has been widely accepted in providing the highest possible resolution information about COVD-19 and is believed to have the potential to transform COVID-19 infectious disease management. For instance, in earlier 2020, the UK government launched a new alliance to sequence the genomes of SARS-CoV-2, the virus responsible for the current COVID-19 pandemic. The COVID-19 Genomics UK Consortium (COG-UK) is comprised of the NHS (National Health Service), public health agencies, the Wellcome Sanger Institute, and several academic institutions, helping in creating funds and developing diagnostics and treatment. In the United States, the National Institutes of Health is one of the primary organizations supporting innovative studies via sequencing by growing funds for the same.

Also, there are various technological advancements in the field of whole-genome sequencing, fueling the market growth. For instance, in February 2019, Machaon Diagnostics launched a 48-hour STAT Hemophagocytic Lymphohistiocytosis (HLH) Genetic Panel, one of the fastest NGS genetic testing panels for Hemophagocytic Lymphohistiocytosis, a rare disease in young children and infants due to cancer. Such developments by the major players and their collaborations with innovative upcoming companies in sequencing and diagnostics are propelling the growth of the whole genome sequencing segment of the market.

North America is Expected to Hold a Major Share of the Market in the Forecast Period

Next-generation sequencing (NGS) technology is gaining popularity as a routine clinical diagnostic test, particularly with the COVID-19 pandemic in this region. For instance, in August 2020, Helix Laboratory received the United States Food and Drug Administration approval for its COVID-19 NGS test, which is an amplicon-based next-generation sequencing (NGS) test intended for the qualitative detection of nucleic acid from the SARS-CoV-2 in upper respiratory specimens for COVID-19 suspected individuals.

North America is expected to hold the largest share in the NGS market. The rising focus of the major market players is on delivering advanced, efficient NGS technologies to developing countries to cater to the need for genomic medicines and whole-genome sequencing for personalized medicine. For instance, in January 2018, Thermo Fisher introduced the upgraded Ion AmpliSeq Exome RDY kit that enables cost-effective, rapid identification of copy number variations, small insertions, or deletions. These advanced technologies assist in understanding heritability and complex disorders, thereby favoring DNA sequencing growth in the forthcoming future.

In addition, the increasing adoption of NGS technology by the non-government and government bodies, along with increased funding by the federal government and the private players, is expected to drive the market growth. The National Human Genome Research Institute has launched the National Human Genome Research Institute (NHGRI) Genome Technology Program and Advanced DNA Sequencing Technology awards to provide funding and research support to players to develop advanced and novel NGC technologies.

All these developments, along with the rising healthcare expenditure and increasing geographic footprints of the players, are driving the growth of the market in this region.

Competitive Landscape
Strategic mergers and acquisitions and new product launches are the key strategies of the players in this market. Some of the developments that happened in the recent past are:
In 2019, Saphetor SA partnered with Swift Biosciences Inc. to standardize and accelerate the data interpretation solutions for next-generation sequencing panels. Further, in 2019, Qiagen launched NGS panels and liquid biopsy solutions with integrated bioinformatics to lead advances in cancer research. Also, in 2019, PierianDx signed a partnership agreement with Illumina Inc. to support cancer diagnostics and research. Each year, there are several companies collaborating to benefit and provide the best output of results from new technologies in the NGS market. These developments are enabling the companies to expand their market presence and are helping them gain a competitive advantage, thereby propelling the market growth.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p06074749/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________

CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001