Market Trends of Next-generation Sequencing (NGS) Industry
This section covers the major market trends shaping the Next-generation Sequencing Market according to our research experts:
The Whole Genome Sequencing Segment is Expected to Grow at a Significant Rate Over the Forecast Period
The whole-genome sequencing segment is expected to grow substantially over the coming years. Whole-genome sequencing (WGS) has been widely accepted for providing the highest possible resolution information about various diseases and other genetic analyses. For instance, according to the article published by NCBI, whole genome sequencing (WGS) can provide unprecedentedly relevant information regarding the malaria parasite genome used for malaria pathology. In addition to the same article, the advent of next-generation sequencing is making WGS a standard in the field of disease management and reduction.
Moreover, numerous initiatives undertaken by universities, academic and research institutions, and research establishments to utilize WGS technology in identifying the root cause of diseases are likely to propel the segment's growth. For instance, in February 2021, Stanford Medicine launched an in-house service for whole-genome sequencing. The whole-genome sequencing of various viruses was greatly simplified using the NGS-based test.
In the same way, the University College London reported in November 2022 that personalizing whole genome sequencing can double the number of rare diseases that can be diagnosed.All the patients who participated received whole genome sequencing via Genomics England's '100,000 Genomes Project" to try to find a genetic cause for their suspected primary mitochondrial disease (PMD). Thus, the increasing demand for whole genome sequencing is expected to boost the usage of NGS technology. Furthermore, the rising number of clinical trial studies pertaining to the use of whole-genome sequencing is also increasing the focus on whole-genome sequencing, thereby contributing to the market's growth.
Thus, due to the above-mentioned factors, such as numerous initiatives undertaken by universities, academic and research institutions, and research establishments for utilizing WGS technology in identifying the root cause of diseases and the rising advantages of whole genome sequencing, the segment is anticipated to witness healthy growth over the forecast period.
North America is Expected to Hold a Significant Share of the Market Over the Forecast Period
North America is expected to hold a significant share of the market and is expected to continue the trend over the coming years. Next-generation sequencing (NGS) technology is gaining popularity as a routine clinical diagnostic test. Factors such as the rising prevalence of chronic and infectious diseases, the increasing spending on genomics, and the rising developments by key market players are expected to boost market growth.
For instance, as per the Canada Cancer Society's statistics for 2022, around 6,700 Canadians were diagnosed with leukemia in 2021, out of which 4,000 were men and 2,700 were women. Also, as per the American Cancer Society's data for 2023, around 59,610 new cases of leukemia and 20,380 new cases of acute myeloid leukemia (AML) are expected to be diagnosed in the United States in 2023. Thus, the high incidence of such diseases is leading to an increase in the usage of NGS technology-based devices, thereby driving the market in the region.
Also, more money will be spent on genomics research, which is expected to increase the use of NGS-based devices and drive the growth of the market.For example, the National Institutes of Health (NIH) said in May 2022 that spending on cancer genomics in the United States would rise from USD 1,160 million in 2021 to USD 1,220 million in 2022.
The growth of the market is also expected to be helped by the fact that key market players are making more and more changes. For example, in September 2022, Predicine, Inc. said that the US FDA had given the PredicineCARETM cfDNA Assay, a Next-Generation Sequencing (NGS) assay for tumor mutation profiling in cfDNA isolated from liquid biopsy samples from cancer patients, breakthrough device designation.Similarly, in August 2022, Thermo Fisher Scientific announced that the United States FDA granted premarket approval to an NGS-based test known as the "Oncomine Dx Target Test' as a companion diagnostic (CDx) to identify patients whose tumors have HER2 (ERBB2) activating mutations (SNVs and Exon 20 Insertion) in non-small cell lung cancer (NSCLC) who may be candidates for ENHERTU (fam-trastuzumab deruxtecan nxki) as a companion diagnostic (CDx).
Thus, the aforementioned factors, such as the rising prevalence of chronic and infectious diseases, increasing spending on genomics, and the rising developments by key market players, are expected to boost market growth in the region.
