According to the latest publication from Meticulous Research®, the global next-generation sequencing (NGS) market is projected to reach $27.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 15.8% from 2023 to 2030. This impressive growth is primarily driven by the rising prevalence of cancer and the increasing application of NGS technologies in cancer research and treatment. As the costs of genome sequencing continue to decline and technological advancements in sequencing procedures improve, more researchers and healthcare providers are turning to NGS for insights into genetic data.
Furthermore, increased pharmaceutical research and development expenditures, the proliferation of genome mapping programs, and improvements in regulatory frameworks and reimbursement policies for NGS-based diagnostic tests are fueling the market’s expansion. These factors collectively create a conducive environment for the growth of NGS technologies.
However, the market does face significant challenges. The high costs associated with NGS systems and consumables can limit access for some institutions. Additionally, the presence of alternative technologies and the low likelihood of identifying actionable mutations for precision medicine can hinder growth. Ethical and legal issues surrounding NGS-based diagnoses also pose challenges that need to be addressed.
Despite these obstacles, opportunities for growth remain abundant. The increasing application of NGS, along with the rising adoption of bioinformatics and genomic data management solutions, presents favorable conditions for industry players. Government initiatives supporting large-scale genomic sequencing projects further bolster market prospects. Key trends shaping the NGS market include the demand for automation, the development of portable sequencing technologies, and enhanced collaborations among NGS instrument manufacturers aimed at expanding product offerings.
