NGS Sample Preparation Industry Is Expecting Major Revenue Growth In Near Future
Summary
- Initiatives and Funding From Government & Private Bodies for Large-Scale Sequencing Projects.
- Increasing Applications of NGS.
The study used four major activities to estimate the current market size for the NGS Sample Preparation Market. Exhaustive secondary research was done to collect information on the market and its different subsegments.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Recent Developments in the Global Industry:
# In 2019, QIAGEN N.V. launched its QIAcube Connect.
# In 2018, Thermo Fisher Scientific (US) launched its Oncomine Childhood Cancer Research Assay, a comprehensive, next-generation sequencing (NGS) panel.
# In 2018, Illumina entered into an agreement to acquire Pacific Biosciences.
# In 2018, Tecan acquired NuGEN Technologies, Inc., a US-based sequencing sample prep company.
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What the Market Looks Like?
The global NGS sample preparation market is projected to reach USD 2.7 billion by 2024 from USD 1.1 billion in 2018, at a CAGR of 18.7% during the forecast period.
Geographical Scenario:
Geographically, the NGS sample preparation market is segmented into North America (US and Canada), Europe (Germany, France, the UK, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), and the Rest of the World (RoW). North America accounted for the largest share of the overall NGS sample preparation market in 2018 followed by Europe.
The large share of North America can be attributed to the favorable initiatives by government and private bodies for the development and adoption of NGS technologies, wide adoption of NGS diagnostics in the region, increasing number of NGS-based research & clinical applications in the region, growing research on cancer, rising awareness of NGS services, and the presence of leading NGS service providers, in the region.
What Drives the Market?
# Advancements in NGS Platforms
# Declining Cost of Sequencing
# Improving Reimbursement Scenario for NGS-Based Diagnostic Tests
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