August 2024 – Meticulous Research®, a globally recognized leader in market research, has released a new report titled “NGS Library Preparation Market By Product, Sequencing Type, Application, End User, and Region – Global Forecast to 2030.” The report offers a comprehensive analysis of the next-generation sequencing (NGS) library preparation market, highlighting significant growth opportunities in the coming years.
According to the report, the global NGS library preparation market is poised to reach $6.47 billion by 2030, growing at a robust compound annual growth rate (CAGR) of 16% from 2023 to 2030. Key factors driving this growth include the rapidly declining costs of sequencing, the rising prevalence of cancer and genetic disorders, and the expanding use of NGS in disease diagnostics and precision medicine. Additionally, increased R&D investments and healthcare expenditures are further fueling market expansion.
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Market Drivers and Opportunities
The report identifies several critical factors propelling market growth:
- Declining Sequencing Costs: Advances in technology have significantly reduced the cost of NGS, making it more accessible for research and clinical applications.
- Rising Prevalence of Genetic Disorders: The increasing incidence of genetic disorders and cancers is driving demand for NGS technologies, particularly in diagnostics and precision medicine.
- Growing R&D Investments: Increased investments in research and development by pharmaceutical and biopharmaceutical companies are boosting the adoption of NGS technologies.
Moreover, the expanding applications of NGS technology and collaborations between industry players to develop automated library preparation protocols are expected to create substantial growth opportunities. However, the market faces challenges, including the availability of alternative technologies and the limited success rate of identifying actionable mutations for precision medicine. Regulatory concerns and the limited sequencing capabilities of smaller laboratories also pose challenges to market growth.
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Market Segmentation and Key Insights
The report segments the NGS library preparation market by product, application, sequencing type, end user, and geography:
- By Product: The reagents & consumables segment is expected to hold the largest market share in 2023, driven by the high demand for library preparation kits, reagents, and the widespread application of NGS in fields such as drug discovery and diagnostics.
- By Application: The research & other applications segment is projected to dominate the market, supported by the increasing demand for gene-based medicines and growing investments in drug R&D and personalized medicine initiatives.
- By Sequencing Type: The targeted sequencing segment is anticipated to capture the largest market share, thanks to its cost-effectiveness, quick turnaround time, and ease of interpreting results in disease-related gene studies.
- By End User: Pharmaceutical and biotechnology companies are expected to lead the market in 2023, driven by rising R&D expenditures, growing demand for new drug discoveries, and the increased use of NGS technology for biomarker identification.
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Geographic Insights
The report provides a detailed analysis of the market across major regions:
- North America is expected to lead the NGS library preparation market in 2023, followed by Europe and Asia-Pacific. The region’s dominance is attributed to substantial government investments in genome sequencing infrastructure, increased R&D activities by pharmaceutical companies, and the presence of key market players.
Key Market Players
The competitive landscape of the NGS library preparation market features several prominent players, including Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V. (Germany), Agilent Technologies, Inc. (U.S.), Danaher Corporation (U.S.), Pacific Biosciences of California, Inc. (U.S.), PerkinElmer Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), New England Biolabs, Inc. (U.S.), Tecan Group Ltd. (Switzerland), Merck KGaA (Germany), Diagenode S.A. (Belgium), and Beijing Genomics Institute (BGI) (China).
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Key Questions Addressed in the Report:
- Which market segments are experiencing the highest growth in terms of product, application, sequencing type, end user, and region?
- What are the historical market trends and future projections for the NGS library preparation market globally?
- What are the key drivers, restraints, opportunities, and challenges impacting the market?
- Who are the leading players, and what strategies are they employing to maintain their market position?
- What are the latest developments in the NGS library preparation market?
For a deeper understanding and detailed insights, download a sample report here.
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