The surge in focus on genomic research is expected to reinforce the growth of the next generation sequencing market. Reports that evaluate the healthcare industry have been made accessible by Market Research Future, which produces reports on numerous industry verticals that analyze the market progress and options. The market is expected to observe a stellar CAGR growth in the upcoming years.
The accelerated rate of innovations in high throughput sequencing technology is projected to encourage the next generation sequencing market. The benefits achieved by providing speed and decreasing sequencing cost in the sequencing process is expected to create a strong base for the expansion of the next generation sequencing market in the approaching period.
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Segmental Analysis
The segmentation of the next generation sequencing market has been carried out on the basis of service and product, technology, region, application, and end-user. Based on the type of technology, the next generation sequencing market has been segmented into whole exome sequencing, whole genome sequencing, methyl sequencing, RNA sequencing, CHIP sequencing, targeted resequencing, and de novo sequencing. The segmentation on the basis of service product comprises of consumables, sample preparation, platforms and services for platforms and sequencing services. Based on application, the next generation sequencing market has been segmented into genetic screening, diagnostics, drug discovery, agriculture and animal research, and others. Based on end-users, the next generation sequencing market is segmented into hospitals and clinics, academic institutes and research centers, pharmaceutical and biotechnology companies and others. By region, the next generation sequencing market is segmented into the Asia Pacific, the Americas, the Middle East, Europe, and Africa.
Competitive Analysis
The competitors have adopted diversified plans to increase their chances for success in the market. The creation of great competitive advantages is expected to aid in the development of the market. A substantial ascent in the number of promoters in the market is anticipated to shape a beneficial state of activities for the growth of the market in the forecasted period. The access to vital planned prospects imperative to the resultant stabilization of inflation is likely to produce a promising option for advancement in the forthcoming years. The growth of the market is influenced by the presence of factors that are stimulating the growth of the market. The need to create a sustainable competitive advantage has accelerated the progress of the market in the forecast period. The diversified consumer tastes and trends in the market are anticipated to lead to an escalated development rate in the market. The use of strategic tools to further the development of the market in the coming years.
The central players operating in the next generation sequencing market are Illumina, Inc. (US), Pacific Biosciences of California, Inc. (US), Thermo Fisher Scientific, Inc. (US), BGI (China), PerkinElmer (US), Oxford Nanopore Technologies, Ltd. (UK), Agilent Technologies (US), QIAGEN N. V. (Germany), Macrogen Inc. (South Korea), and Eurofins Scientific (Luxembourg).
Detailed Regional Analysis
The regional evaluation of the next generation sequencing market covers regions such as the Asia Pacific, the Americas, the Middle East, Europe, and Africa. The North American region is likely to be accountable for the chief market segment. The presence of factors such as the growth in customer necessities and augmented competition among players is estimated to push the growth of the next generation sequencing market. The upsurge in the number of funds and initiatives implemented by the government to reduce the cancer cases and the need to enhance the healthcare sector is expected to boost the market’s development.
The European market is anticipated to control the second principal market share owing to the incidence of groundbreaking next-generation sequencing technology, a very sophisticated and educated population intent on next-generation technology (NGS). However, the presence of diverse rules and regulations and a split market all over the European region is likely to curb the growth of the market. The market portion in the Asia Pacific region is also likely to undergo growth in the near future owing to access to ideal treatment facilities and rising demand for advanced technology, improved adoption rate, upsurge in disposable income, and intensifying investments by pharmaceutical companies. The Middle Eastern and African region is foreseen to be responsible for the minimum share of the next generation sequencing market owing to a weak healthcare sector and underprivileged medical facilities.
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