The global NGS market (next generation sequencing) is estimated to have reached a value of around $1.3 billion by the end of 2012, and is forecast to grow to a total of $2.7 billion by 2017. This suggests a CAGR of around 16.3% between 2012 and 2017. This CAGR makes NGS the fastest growing and most lucrative segment in the genomics category.
The next generation sequencing market is rapidly evolving with a large number of developments taking place to increase accuracy and speed, and reduce costs of sequencing. By supporting genomics research, various government bodies like NHGRI (National Human Genome Research Institute, U.S.) and Biotechnology and Biological Sciences Research Council (BBSRC, U.K.) are increasing the adoption of high-throughput sequencing platforms.
The growth of the overall NGS market is driven by continuous innovations and developments in the market aimed at higher throughput, increased accuracy, and affordable costs. However, factors such as high reliability on grants and funding from the government, and decrease in capital expenditure from academic institutions are hindering the growth of the market. In addition, the interpretation of big data generated by sequencers and the subsequent storage and management of the analyzed data is still a challenge. Owing to the complexity of NGS technologies and data, standardization of the overall NGS workflow presents an unmet need. The opportunities for the growth of this market include developments in the pre-sequencing, cloud computing, and NGS bioinformatics solutions.
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