Next-Generation Sequencing Market Poised for Exponential Growth to $270 Billion by 2027
Next-Generation Sequencing Market Outlook
Research and Markets forecasts a remarkable expansion in the global next-generation sequencing (NGS) market, predicting a surge from $130 billion in 2022 to $270 billion by 2027. This exponential growth is driven by the increasing adoption of NGS technologies in diverse fields such as genomics, personalized medicine, and drug discovery.
Factors Fuelling Market Expansion
The rapid adoption of NGS is fueled by its unparalleled ability to analyze large amounts of genetic data quickly and cost-effectively. This has revolutionized fields ranging from precision medicine to population health management. Moreover, the increasing prevalence of chronic diseases, the growing demand for personalized healthcare, and advancements in cloud computing are further propelling market growth.
Market Segments and Regional Trends
The NGS market is segmented by technology, application, and geography. Key technologies include whole-genome sequencing, whole-exome sequencing, and single-cell sequencing. Applications span cancer diagnostics, pharmacogenomics, and infectious disease surveillance. Geographically, North America and Europe dominate the market, with significant growth potential in Asia-Pacific and Latin America.
Key Market Players
Major players in the NGS market include Illumina, Pacific Biosciences, Thermo Fisher Scientific, and Oxford Nanopore Technologies. These companies are actively investing in research and development to enhance their sequencing capabilities and expand their market share.
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