Next Generation Sequencing Market Outlook (2024-2034)
The global Next Generation Sequencing (NGS) market is expected to grow significantly in the coming years. Valued at US$ 10.27 billion in 2024, it is projected to rise to US$ 12.51 billion by 2025 and reach approximately US$ 73.47 billion by 2034, growing at a robust compound annual growth rate (CAGR) of 21.74% during this period. This rapid growth is driven by the increasing demand for NGS in disease diagnosis, disease analysis, the development of new treatments, and advancements in gene and cell therapies.
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Market Overview
The Next Generation Sequencing (NGS) market involves products, services, and devices used for sequencing genetic materials, as well as the research and development associated with NGS technologies. NGS is a technique that identifies DNA or RNA sequences, enabling the investigation of genetic variations linked to diseases and other biological phenomena. This technology has transformed biological sciences, allowing labs to explore complex biological systems and perform a wide range of applications. Unlike traditional DNA sequencing, which lacks the depth needed to address today’s complex genomics challenges, NGS has filled this gap and become an essential tool for solving these problems.
Next Generation Sequencing Market Trends
In May 2022, Ultima Genomics, a new player in the DNA sequencing field, secured the largest private biotech investment in the United States. Along with advancements in omics-based diagnostics and cultured leather, several leading companies are focusing on gene and cell therapies.
In October 2024, MiLaboratories raised $10 million in Series A funding to revolutionize genomic research. The company’s Platforma.bio Software Development Kit, developed by its San Francisco-based team with an R&D unit in Bilbao, is changing the way biologists interpret genetic data, accelerating drug development, and improving related medical fields.
Top Companies in the Next Generation Sequencing Market
- Illumina
- BGI
- Eurofins GATC Biotech GmbH
- PerkinElmer, Inc.
- DNASTAR, Inc.
- Genomatix GmbH
- PierianDx
- Oxford Nanopore Technologies
- Bio-Rad Laboratories, Inc.
- QIAGEN
- F. Hoffman-La Roche Ltd.
- Thermo Fisher Scientific, Inc.
Latest Announcements by Industry Leaders
In October 2024, Illumina, a leading medical equipment manufacturer, introduced a new line of smaller, benchtop gene sequencers aimed at making sequencing more affordable and accessible to research and testing labs.
Recent Developments in the Next Generation Sequencing Market
In October 2024, Illumina launched the MiSeq i100 Series of sequencing equipment, designed to enhance NGS capabilities. The new systems offer faster turnaround times and are more user-friendly, making them ideal for laboratories looking to streamline their sequencing processes.
In August 2023, as part of the Almac Group, Almac Diagnostic Services made an investment to expand Next Generation Sequencing (NGS) capabilities, providing BioPharma partners with broader access to advanced sequencing technologies.
Our Table of Content (TOC) covers key healthcare market segments, materials, technologies and trends—helping you navigate market shifts and make informed decisions: https://www.towardshealthcare.com/table-of-content/next-generation-sequencing-market-sizing
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