PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182903
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182903
Clinical Next-Generation Sequencing (NSG) Testing Market size was valued at USD 680.4 Million in 2022, expanding at a CAGR of 18.7% from 2023 to 2030.
The term "NGS" refers to the extensive DNA sequencing techniques that support genomic research. A wide range of reputable pharmaceutical and biotechnology businesses have agreed to step up to support the global research efforts to create test kits and vaccinations in the wake of the World Health Organization's (WHO) declaration of COVID-19 as a pandemic.
The clinical Next-Generation Sequencing (NSG) testing market is growing with the advancements in R&D activities. Additionally, Major companies now have increased their spending on research and development. The development of the COVID-19 vaccine was given a lot of attention, which created a lucrative potential for the use of NGS during the pandemic. For the sequencing of COVID-19 samples, a team of researchers in China used Oxford Nanopore Technologies (U.K.) MinION Mk1C product. A favorable environment for market expansion is also anticipated to be provided by factors like the widespread use of NGS technologies in clinical diagnostics because of their quick turnaround times and expedited processing throughout the forecast period.
Further, the usage of NGS technologies is anticipated to increase during the projection period due to a few benefits provided by NGS, including cost-effectiveness, quick and accurate sample analysis, and technological developments. Additionally, the next-generation sequencing industry is anticipated to gain from the growth of genomics projects in a number of nations. Next-generation sequencing-based diagnostics are now available, and proactive government backing is one of the main drivers of market expansion. Due to the application of NGS in cancer research, particularly in the identification of changes, analysis of tumor heterogeneity, and finding of new cancer-related genes is expected to boost the market growth.
The Global Clinical Next-Generation Sequencing (NSG) Testing Market is segmented on the basis of Technology, Application, End User, and Region.
The market is split into three categories based on Technology: WGS, whole exome sequencing, targeted sequencing & resequencing. The targeted sequencing & resequencing segment dominates the market. Growing demand for DNA and RNA-based sequencing is mainly contributing to segment growth.
The market is segmented into six categories based on application: oncology, clinical investigation, reproductive health, consumer genomics, HLA typing/ immune system monitoring, and others. The oncology segment dominates the market and will likely maintain its dominance during the forecast period. This is partly due to an increase in the demand for therapy-based diagnostics.
The market is segmented into five categories based on end users: academic research, clinical research, hospitals, pharma & biotech, and others. The educational research segment dominates the market and will likely maintain its dominance during the forecast period. This is partly due to an increase in research project activities in clinical Next-Generation Sequencing (NSG) testing, which is boosting segment growth.
The worldwide market for Clinical Next-Generation Sequencing (NSG) Testing is highly fragmented and comprised of large and small-sized market players with a few large ones dominating the global market share. The companies in the market emphasize adopting aggressive strategies to reach out large consumer base. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new technology launches, partnerships, distribution network development, R&D spending, and mergers and acquisitions.
For instance, in March 2021, Integrated DNA Technologies (IDT) announced the acquisition of Swift Biosciences, a pioneer in the development of NGS library preparation genomics kits for clinical, academic, and translational research.
The scope of this report covers the market by its major segments, which include as follows: