The next generation sequencing (NGS) market has been forecast to increase at a compound annual growth rate (CAGR) of 16.3% over the next five years, increasing from a value of around $1.3 billion by the end of 2012, to hit a total of $2.7 billion by 2017.
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, US) and Biotechnology and Biological Sciences Research Council (BBSRC, UK) are increasing the adoption of high-throughput sequencing platforms.
North America dominates the NGS market with a 51.8% share and was valued at $436 million in 2011. Europe accounted for a share of 31.1% and is expected to grow at a CAGR of 21.1% from 2011 to 2016.
According to a new report titled 'Next Generation Sequencing (NGS) Market: Global Forecast to 2017,' published on companiesandmarkets.com, the NGS platforms market was dominated by Illumina in 2012, which accounted for the largest market share of 56%. Other companies with commercial platforms include Life Technologies (US), 454 Roche (US), and Pacific Biosciences (US)
Next generation sequencing is the next generation of DNA sequencing which includes several technologies to determine the order of nucleotide bases in a molecule of DNA. It is the fastest growing and the most lucrative segment in the genomics space.
With estimated double digit growth, next generation sequencing will revolutionise the medical research in academic laboratories, biopharma, and the applied markets.
The NGS market is dynamic and innovative; it is also paving its ways into the labs which were previously not involved in sequencing. High pace of NGS research is likely to boost the market for personal genome sequencing in the coming years.
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 analysed data is still a challenge.
For more information on the next generation sequencing market, see the latest research: Next Generation Sequencing Market
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