The Worldwide NGS Kits Industry is Expected to Reach $26 Billion by 2032: Exponential Rise in Next-Generation Sequencing (NGS) Demand due to Reducing Cost of Genome Sequencing - ResearchAndMarkets.com

2022-12-07

DUBLIN--(BUSINESS WIRE)--The "NGS Kits Market - A Global and Regional Analysis: Focus on Workflow, Sequencing Type, Usage, Application, End User, and Region - Analysis and Forecast, 2022-2032" report has been added to ResearchAndMarkets.com's offering.

'NGS Kits Market - A Global and Regional Analysis: Focus on Workflow, Sequencing Type, Usage, Application, End User, and Region - Analysis and Forecast, 2022-2032'

In 2021, the global NGS kits market was valued at $4,553.6 million, and it is expected to reach $26,057.4 million by 2032, growing at a CAGR of 17.27% during the forecast period 2022-2032.

The growth in the global NGS Kits market is expected to be driven by advancements in sequencing technology benefiting the treatment and diagnostics coupled with the presence of regulatory framework pertaining to sequencing and governments investing in large clinical and diagnostic laboratories to enable reliable NGS testing for a variety of chronic and infectious ailments.

Market Lifecycle Stage

The global NGS kits market is in progressing phase. Next-generation sequencing (NGS) has recently seen a rapid surge in popularity and has emerged as a crucial diagnostic tool for many diseases. The NGS kits market is a disruptive technical advancement in the life sciences sector that has cleared the way for the creation of various ground-breaking medicinal techniques intended to solve the main global health concern.

Impact of COVID-19

The COVID-19 pandemic has resulted in showcasing a positive impact on the overall market, owing to its increased adoption for the diagnosis of respiratory virus i.e. coronavirus. NGS is a useful technology for characterizing and finding viruses in the environment, animals, and people during viral pandemics.

Additionally, NGS can offer helpful information to researchers and medical professionals who are trying to create the best possible treatment alternatives. Steps performed in the COVID-19 testing process include extracting RNA sample from the patients, which is then reverse transcribed to cDNA, and then amplified using PCR. Before the PCR step, however, a sample library needs to be prepared which is the most time-consuming step of the entire process. Thus, with the help of NGS kits, this protocol can be performed quickly. Therefore, with the emergence of COVID-19, the popularity of NGS kits has increased.

Recent Developments in the Global NGS Kits Market

In June 2022, PerkinElmer Inc. introduced the library preparation kits i.e. NEXTFLEX Small RNA-Seq Kit v4, NEXTFLEX Rapid XP V2 DNA-Seq Kit and PG-Seq Rapid Kit v2.

In June 2022, Beckman Coulter, Inc. partnered with Integrated DNA Technologies to distribute Biomek NGenius Next-Generation Sequencing Library Prep System. This system is a multipurpose liquid handler for NGS library preparation. The Biomek NGenius System is equipped with an FFPE DNA library prep kit and Integrated DNA Technologies' xGen cfDNA, which can help researchers optimize library generation from degraded, low-input samples such as the FFPE samples.

In March 2022, Illumina, Inc. launched the TruSight Oncology (TSO) Comprehensive (EU), a single test that detects multiple tumor genes and biomarkers to reveal the specific molecular profile of a patient's cancer. With its global launch in Europe, the IVD kit is manufactured to inform precision medicine decisions for cancer patients across the continent.

In February 2020, Thermo Fisher Scientific introduced a new NGS-based solution that enables reproductive health researchers to analyze a broad range of key genetic markers. The Ion Torrent CarrierSeq ECS Kit for the Ion GeneStudio S5 System consolidated a multi-platform approach to expanded carrier screening (ECS) into a single solution that expands the company's reproductive health research portfolio.

Market Dynamics

Drivers

Increasing Incidence of Infectious Diseases and Genetic Disorders

Exponential Rise in Next-Generation Sequencing (NGS) Demand due to Reducing Cost of Genome Sequencing

Rising Research Funding in the Genome Sciences

Challenges

Dearth of Skilled Professionals and Lack of Infrastructure in Emerging Economies

Stringent Regulatory Standards Related to NGS

Opportunities

Direct-to-Consumers Service on Rise

Rising Application of NGS Kits in Precision Medicine and Molecular Diagnostics

Increase in Business and Corporate Strategy Expected to Further Strengthen the NGS Kits Market