Overview of New Research Findings
Meticulous Research®, a leading global market research firm, has issued a report titled, “Next Generation Sequencing (NGS) Informatics Market by Offering (Data Analysis, Interpretation Reporting, Storage Computing, LIMS), Application (Diagnostic, Drug Discovery, Precision Medicine, Biomarker Discovery) End User - Global Forecast to 2030.”
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Growth Projections for the Market
According to this research, the NGS informatics market is expected to reach $4.3 billion by 2030, achieving a CAGR of 15.4% throughout the forecast period. The market’s growth is fueled by increased RD investments from pharmaceutical and biotechnology firms, rising prevalence of cancer and genetic disorders, advancements in NGS technology, and government support for genomic sequencing. However, data confidentiality concerns could hinder market expansion.
Opportunities for Market Players
The expanding adoption of NGS informatics tools in hospitals and laboratories, along with the rising need for bioinformatics solutions for large-scale data management, presents lucrative growth opportunities. Nonetheless, a significant challenge is the shortage of skilled personnel capable of utilizing NGS informatics tools.
Segment Analysis of the Market
The NGS informatics market is divided into segments based on offerings (software and services), applications (diagnostic, drug discovery, etc.), end users (pharmaceutical companies, hospitals), and geographical regions. In 2023, the software segment is expected to dominate due to its effectiveness in processing large genomic datasets.
Insights into Application Segments
In 2023, the drug discovery application segment is expected to lead the market, driven by decreasing sequencing costs and NGS’s capacity to reveal mutations linked to genetic disorders.
End User Dynamics
Among end users, pharmaceutical and biotechnology companies are projected to have the largest market share in 2023 due to their high RD expenditures and reliance on sequencing data.
Geographical Market Trends
The report offers a thorough analysis of key regions, with North America anticipated to capture the largest share of the NGS informatics market in 2023, largely due to increased RD spending and favorable government initiatives.
Conclusion
The NGS informatics market is poised for significant growth, driven by technological advancements and increased healthcare applications. Addressing data privacy concerns and enhancing workforce skills will be essential for future market success.
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Key Players
The key players operating in the next generation sequencing (NGS) informatics market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Qiagen N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Sapio Sciences, LLC (U.S.), DNASTAR, Inc. (U.S.), Fabric Genomics, Inc. (U.S.), Partek Incorporated (U.S.), and DNAnexus, Inc. (U.S.).
Key questions answered in the report:
- Which are the high-growth market segments in terms of offering, application, end user, and region/country?
- What was the historical market size for next generation sequencing (NGS) informatics across the globe?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, challenges, and opportunities in the global next generation sequencing (NGS) informatics market?
- Who are the major players in the global next generation sequencing (NGS) informatics market?
- How is the competitive landscape, and who are the market leaders in the global next generation sequencing (NGS) informatics market?
- What are the recent developments in the next generation sequencing (NGS) informatics market?
- What are the different strategies adopted by the major players in the next generation sequencing (NGS) informatics market?
- What are the geographical trends and high growth regions/countries?
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