Next generation sequencing (NGS) has revolutionized the field of Biotechnology and Medicine. Applications of NGS are not only in research but also in diagnostics, pharmaceuticals and forensic science. It is replacing all the traditional technologies such as Microarray and Sanger sequencing. The NGS market has a CAGR of 20% between 2014 and 2020 and is estimated to reach $20 billion in 2020. NGS technology has increased the precision of DNA sequencing also making it faster and cost effective. This reduction in cost has made the technology more accessible to the fields of research and healthcare.
The NGS technology not only relies on the advanced instruments but also Reagents and kits and services like the data interpretation and diagnosis. Thus, there is an increasing demand for the products and services associated with NGS contributing to the growth of the submarkets. NGS is widely used in diagnosis of bacterial and viral diseases. NGS has also become popular because of its use in genetic testing to diagnose and predict diseases such as cancer and inherited genetic diseases.
A large investment is being made in the field of medical research by not only governments but also a number of pharmaceutical companies. Since NGS is one of the important technologies used in most fields of medical and drug research, there is an increasing demand for this technology in research institutes and R & D laboratories of Pharmaceutical companies. There is an increasing incidence of diseases like cancer, which requires fast and correct diagnosis for prevention and treatment. In recent years, a global outbreak of bacterial and viral epidemics in is increasing the demand for advanced technologies like NGS in the healthcare setup. These factors are the drivers for the NGS market. The only constraint of this technology is the requirement of skilled professionals to handle the equipment and analyze the data generated. There is also a need for data management services to handle the enormous volumes of data generated.
North America holds the largest share of the NGS market because of countries such as USA and Canada which have large healthcare setups and advanced technology. This is closely followed by Europe where countries such as UK, Sweden and Germany also have a big demand for NGS. The fastest growing market is Asia, as countries such as China, India and Japan are making large investments in healthcare and medical research. There is an also increased incidence of epidemic outbreaks in these countries contributing to the growing NGS market.
The key players in the market are Roche Holding Ag, Agilent Technologies, BGI (Beijing Genomic Institute), Qiagen, Illumina Inc., Thermo Fischer Scientific and Pacific Biosciences.
I am a research analyst that works for Mordor Intelligence. We are a Market Research Consulting Firm that specializes in providing various kinds of Industry Research Reports, Global Strategic Business Reports, Competitive Landscape Analysis, etc.
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