The Global Next Generation Sequencing Market accounted for $2.8 billion in 2014 and is expected to grow at a CAGR of 21.7 % to reach $13.5 billion by 2022. Next-generation sequencing enables rapid sequencing and produces millions of DNA and RNA sequences. It is used in personalized medicines, clinical applications, animal research and other applications. The growing adoption of sequencing technologies in clinical applications and low cost DNA sequencing are likely to drive the market growth. However, factors such as accuracy and standardization issues and lack of skilled labor are inhibiting the market growth. The rise in personalize medicine and cloud computing are likely to create more opportunities for this market during the forecast period.
The Global next generation sequencing market is segmented on the basis of technology, end user, application and geography. Based on the technology, the market is categorized into Whole Exome Sequencing, Whole Genome Sequencing, RNA Sequencing, Targeted Resequencing and Chip Sequencing. By end user, the next generation sequencing market is segregated into hospitals and clinics, Biotech & Pharma Firms and research institutions. On the basis of application, the market is segmented into personalized medicines, Drug Discovery, diagnostics and others. By geography, it is segmented into North America, Europe, Asia Pacific and Rest of the World. North America followed by the Europe dominates the global next generation sequencing market, due to rising government support towards research and development. Asia Pacific is expected to grow at a faster rate during the forecast period due to the unmet market demand and increasing investments for development of healthcare.
Some of the prominent players in the next generation sequencing market include Roche Holding Ag, Biomatters, Ltd., Agilent Technologies, Inc., Illumina, Inc., Life Technologies Corporation, Qiagen N.V., Pacific Biosciences, GATC Biotech Ag., Macrogen Inc. and Oxford Nanopore Technologies, Ltd.
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