The next-generation sequencing (NGS) market is expected to reach USD 10,371.1 million by 2021 from USD 4031.7 million in 2016, at a CAGR of 20.8 percent. Development of faster, more efficient genomic sequencing methodologies is expected to result in significant reduction in cost of sequencing one base pair. This is expected to augment adoption and usage rates of next-generation sequencing throughout the forecast period.
In 2016, the sequencing-by-synthesis (SBS) technology is anticipated to account for the largest share of the global NGS market by technology, and diagnostics application segment is expected to account for the largest share by application, states Research and Markets.
NGS sequencing segment in the workflow is observed to be the most revenue-generating owing to the presence and usage of technologically advanced, capital-intensive genome sequencing platforms including HiSeq and MiSeq. The anticipated increase in NGS market adoption is poised to drive demand for this segment over the forecast period.
Genetic data analysis is projected to grow at a high rate in the coming 7 years. This is linked to the growth of genomic sequencing segment owing to the rapidly growing market adoption of whole genome sequencing and is expected to drive demand for the overall market throughout the forecast period.
North America is expected to hold the largest share of this market in 2016, while Asia-Pacific is expected to grow at the fastest rate during the forecast period from 2016 to 2021. Improving healthcare infrastructure and favorable government initiatives in Asia-Pacific region is expected to drive the NGS market in this region.