Meticulous Research®– a leading global market research company, published a research report titled "Asia-Pacific Next Generation Sequencing (NGS) Market by Offering (Kits [Library Prep, QC, DNA Extraction], System) Type (Genome, Exome, Targeted) Application (Reproductive, Oncology) Technology (SBS, Nanopore, Nanoball, SMRT Seq) – Forecast to 2030. "
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Meticulous Research®, a premier market intelligence firm, has unveiled an exhaustive report forecasting substantial growth in the Asia-Pacific Next Generation Sequencing (NGS) Market. Projected to grow at a compound annual growth rate (CAGR) of 16.9%, the market is expected to reach a valuation of $6.38 billion by 2030. This remarkable expansion is driven by several key factors, including the rising prevalence of cancer, increased application of NGS in cancer treatment and research, declining costs of genome sequencing, technological advancements in sequencing procedures, and growing pharmaceutical R&D expenditures.
Driving Factors and Market Dynamics
The burgeoning NGS market in Asia-Pacific is fueled by a multitude of factors:
Rising Cancer Prevalence: Increased application of NGS in cancer treatment and research is significantly contributing to market growth.Technological Advancements: Innovations in sequencing procedures are making NGS more accessible and efficient.Cost Decline: The decreasing costs associated with genome sequencing are making these technologies more affordable.
Pharmaceutical R&D: Growing investments in pharmaceutical research and development are boosting the adoption of NGS technologies.
However, the market faces challenges such as the high costs of NGS systems and consumables and the availability of alternative technologies. Despite these hurdles, opportunities abound with the increasing applications of NGS, rising adoption of bioinformatics and genomic data management solutions, and government initiatives supporting large-scale genomic sequencing projects. Nonetheless, the lack of skilled professionals and regulatory and standardization concerns in diagnostic testing present significant challenges to market growth.
Key Market Segments and Insights
Offering Segment: The consumables segment is expected to dominate the market, driven by the recurring use of consumables, rising demand for NGS-based diagnostic tests, and increasing applications in oncology, reproductive health diagnosis, and drug discovery.Technology Segment: Sequencing by synthesis is projected to lead the market due to its high accuracy, error-free throughput, and widespread incorporation in NGS products.
Application Segment: The research and other applications segment is anticipated to command the largest share, fueled by the prevalence of genetic disorders, increasing adoption of sequencing-based tests, and growing demand for personalized medicines.
End User Segment: Pharmaceutical and biotechnology companies are expected to be the leading end-users, owing to increased R&D spending and the rising incidence of chronic diseases.
Regional Outlook
Geographically, China is poised to dominate the Asia-Pacific NGS market by 2030. This growth is attributed to favorable government initiatives for genomics research, expanding applications of NGS-based research, rising awareness of NGS-based tests, and increasing prevalence of cancer and genetic diseases.
Competitive Landscape
Prominent players in the Asia-Pacific NGS market include: Thermo Fisher Scientific Inc. (U.S.)Illumina, Inc. (U.S.)Qiagen N.V. (Netherlands)F. Hoffmann-La Roche Ltd (Switzerland)PerkinElmer, Inc. (U.S.)Agilent Technologies, Inc. (U.S.)Pacific Biosciences of California Inc. (U.S.)Danaher Corporation (U.S.)Bio-Rad Laboratories, Inc. (U.S.)Oxford Nanopore Technologies Plc. (U.K.)10X Genomics, Inc. (U.S.)
Conclusion
The Asia-Pacific Next Generation Sequencing (NGS) market is on a robust growth trajectory, driven by technological advancements, increasing cancer prevalence, and growing pharmaceutical R&D activities. Despite facing challenges such as high costs and regulatory concerns, the market presents significant opportunities for growth, particularly with the rise of bioinformatics and government-backed genomic projects. As key players continue to innovate and expand, the NGS market in Asia-Pacific is set to reach new heights, transforming the landscape of medical research and diagnostics.
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