Meticulous Research®’s latest report on the global Next Generation Sequencing (NGS) market projects it to reach $27.5 billion by 2030, growing at a CAGR of 15.8% from 2023 to 2030. Key factors driving this growth include the increasing prevalence of cancer, the growing application of NGS in oncology and personalized medicine, the declining costs of sequencing, technological advancements, and rising pharmaceutical R&D investments. Furthermore, government initiatives supporting large-scale genomic sequencing projects offer additional opportunities.
Challenges include high NGS system costs, limited actionable mutations for precision medicine, and regulatory concerns. The market is also hindered by the lack of skilled professionals in the field.
In 2023, consumables are expected to dominate the market, with targeted genome sequencing leading in sequencing types due to its cost-effectiveness and application in cancer research. The sequencing by synthesis technology is anticipated to hold the largest share due to its high accuracy and throughput. North America is expected to maintain the largest market share due to strong R&D spending, the presence of key market players, and favorable reimbursement and regulatory environments.
Leading players in the NGS market include Illumina, Thermo Fisher Scientific, Roche, and others.
