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NGS Market - Industry Outlook to Reach $42.7 Billion by 2031

Next-Generation Sequencing (NGS) Market: Industry Outlook by Offering (Sample Preparation [DNA Extraction, Library Preparation, Automation], Systems, Bioinformatics, Sequencing Services) Application (Clinical, Research) End User u2014 Global Forecast to 2031<br>

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NGS Market - Industry Outlook to Reach $42.7 Billion by 2031

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  1. "Next-Generation Sequencing (NGS) Market : Industry Outlook to Reach $42.7 Billion by 2031” J

  2. NGS Market : Industry Outlook 2024-2031 Meticulous Research®, a globally recognized market research firm, has recently unveiled its latest report titled, “Next-Generation Sequencing (NGS) Market: Industry Outlook by Offering (Sample Preparation, Systems, Bioinformatics, Sequencing Services), Application (Clinical, Research), and End User - Global Forecast to 2031”. The report projects the next-generation sequencing (NGS) market to soar to $42.7 billion by 2031, with a Compound Annual Growth Rate (CAGR) of 15.7% over the forecast period from 2024 to 2031. Download Sample Report Here @ https://www.meticulousresearch.com/download-sample- report/cp_id=5957?utm_source=article&utm_medium=social&utm_campaign =product&utm_content=09-09-2024 This robust market growth is propelled by various factors, including the rising prevalence of cancer and other genetic disorders, increasing adoption of NGS in precision medicine, growing strategic partnerships between NGS service providers and pharmaceutical companies, as well as significant technological advancements within the field. Market Drivers and Growth Catalysts The continued expansion of the NGS market is largely influenced by several pivotal factors: 1.Rising Cancer Prevalence and Growing Role of NGS in Cancer Research: The increasing incidence of cancer globally has intensified the demand for personalized medicine. NGS technologies are playing a critical role in advancing precision oncology, allowing for better cancer diagnosis, personalized treatment, and patient monitoring. This rising demand is projected to remain a key growth driver for the NGS market. 2.Technological Advancements in Sequencing: Continuous improvements in sequencing technologies and bioinformatics tools have drastically increased the speed, efficiency, and affordability of NGS. These technological strides have led to the growing adoption of NGS across multiple sectors, including pharmaceuticals, healthcare, and academic research. 3.Partnerships and Collaborations: Strategic collaborations between pharmaceutical companies and NGS service providers have accelerated the application of NGS technologies in drug development and genomics research. Page 1 of 6 © Meticulous Research| sales@meticulousresearch.com

  3. NGS Market : Industry Outlook 2024-2031 These partnerships foster innovation, streamline workflows, and help bridge the gap between laboratory research and clinical applications. 4.Cost Reductions in Genome Sequencing: One of the most significant factors driving market growth is the decreasing cost of genome sequencing. NGS technology has become increasingly accessible due to a reduction in costs, enabling widespread adoption across healthcare, research, and biopharmaceutical sectors. 5.Optimized Workflows and Informatics Solutions: The market is also benefiting from improvements in NGS informatics solutions and the development of streamlined workflows. These innovations enhance the speed and accuracy of sequencing, facilitating faster decision-making and better outcomes in clinical and research settings. 6.Government Support for Genome Mapping Initiatives: Several governments worldwide are investing heavily in genome mapping projects and precision medicine initiatives, further supporting the global growth of NGS applications. Request Sample Report @ https://www.meticulousresearch.com/request- sample- report/cp_id=5957?utm_source=article&utm_medium=social&utm_campaign =product&utm_content=09-09-2024 Challenges and Restraints Despite the optimistic outlook, the NGS market faces several challenges that may hinder its growth trajectory: 1.High Costs of NGS Systems and Consumables: The initial investment required for NGS systems, consumables, and related automation workstations remains high, limiting adoption by smaller institutions and organizations with limited budgets. 2.Data Confidentiality and Privacy Concerns: As the volume of genomic data generated by NGS increases, concerns over data storage, management, and confidentiality have become more pressing. Safeguarding sensitive information and ensuring regulatory compliance pose significant challenges for NGS market participants. Page 2 of 6 © Meticulous Research| sales@meticulousresearch.com

  4. NGS Market : Industry Outlook 2024-2031 3.Availability of Alternative Technologies: While NGS offers significant advantages, alternative sequencing technologies are still widely available and may compete with NGS in certain applications, particularly in diagnostic testing and research. 4.Ethical and Legal Issues in NGS-Based Diagnostics: The growing use of NGS for diagnostics brings forward ethical and legal concerns, especially regarding the interpretation of genetic data and its potential implications for patient care. Future Opportunities in the NGS Market Despite the challenges, the NGS market is ripe with opportunities for further expansion: 1.Expanding Clinical Applications: NGS technology is being increasingly utilized in a variety of clinical applications, including reproductive health diagnostics, infectious disease detection, and oncology. This expansion of NGS into clinical settings is expected to continue driving market growth. 2.Rising Adoption of Bioinformatics Solutions: The integration of bioinformatics and genomic data management solutions for large-scale data analysis is creating new opportunities for NGS adoption. The development of advanced bioinformatics tools will be critical in addressing the growing demand for efficient data interpretation and management. 3.Collaborations to Enhance NGS Library Preparation: Collaborations between key market players are fostering the development of improved library preparation protocols, further enhancing the efficiency of NGS workflows and facilitating more streamlined research processes. 4.Government Initiatives Supporting Genomic Projects: Governments across the globe are increasing their support for large-scale genomic sequencing projects, particularly in countries like the U.S., U.K., and China. These initiatives are aimed at advancing genomics research and precision medicine, providing strong growth potential for the NGS market. Key Market Segments The NGS market is segmented based on offerings, applications, end users, and geography: Page 3 of 6 © Meticulous Research| sales@meticulousresearch.com

  5. NGS Market : Industry Outlook 2024-2031 • By Offering: The market is categorized into sample preparation, sequencing, data analysis/bioinformatics, and commercial sequencing/outsourced services. The commercial sequencing/outsourced services segment is expected to hold the largest share of 38.0% in 2024, driven by the growing demand for sequencing services from hospitals and research institutions, coupled with the decreasing cost of NGS services. • By Application: The market is further divided into clinical applications (including oncology, reproductive health, and infectious diseases) and research applications. The clinical applications segment is projected to grow significantly as NGS becomes increasingly integrated into routine diagnostics and personalized medicine. • By End User: Pharmaceutical and biotechnology companies are anticipated to account for the largest share of the NGS market (43.5%) in 2024, owing to rising R&D expenditures and the demand for NGS in drug discovery and clinical trials. Geographical Outlook In terms of geographical distribution, the NGS market spans five major regions: 1.North America: In 2024, North America is expected to dominate the global NGS market, accounting for 48.7% of the total share. The region’s leadership is attributed to increased R&D spending in the pharmaceutical and biotechnology sectors, favorable government initiatives, and the high prevalence of cancer and genetic disorders. 2.Europe: Europe follows North America in market share, driven by significant investment in genomics research and the widespread adoption of NGS technologies in countries like Germany, France, and the U.K. 3.Asia-Pacific: The Asia-Pacific region is forecasted to experience rapid growth, fueled by rising healthcare expenditures, government-backed genomics projects, and the increasing adoption of NGS in clinical settings across countries such as China, Japan, and India. 4.Latin America and the Middle East & Africa: While these regions currently account for smaller shares of the global market, they are expected to witness substantial growth due to improving healthcare infrastructure and increasing interest in genomics research. Page 4 of 6 © Meticulous Research| sales@meticulousresearch.com

  6. NGS Market : Industry Outlook 2024-2031 Key Players in the NGS Market Several key players are driving innovation and competition within the NGS market. Major companies include: • Illumina, Inc. (U.S.) • Thermo Fisher Scientific Inc. (U.S.) • F. Hoffmann-La Roche Ltd. (Switzerland) • Revvity, Inc. (U.S.) • QIAGEN N.V. (Netherlands) • Agilent Technologies, Inc. (U.S.) • Pacific Biosciences of California, Inc. (U.S.) • Danaher Corporation (U.S.) • Oxford Nanopore Technologies Plc (U.K.) • MGI Tech Co., Ltd. (China) • Beijing Genomics Institute (BGI) (China) • Eurofins Scientific SE (Luxembourg) These companies are continually investing in research and development, enhancing their product portfolios, and forming strategic partnerships to capitalize on the growing demand for NGS technologies. Quick Buy @ https://www.meticulousresearch.com/Checkout/64146259?utm_source=articl e&utm_medium=social&utm_campaign=product&utm_content=09-09-2024 About Meticulous Research® Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium Page 5 of 6 © Meticulous Research| sales@meticulousresearch.com

  7. NGS Market : Industry Outlook 2024-2031 market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Meticulous Research® Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 6 of 6 © Meticulous Research| sales@meticulousresearch.com

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