NGS or Next Generation Sequencing is that technology used for sorting millions of microscopic DNA fragments while processing even more DNA sequences simultaneously. Scientific research this intensive requires the best technology; adding to the demand for superior sequencing technology is an increasing need for genetic tests, cancer case prevalence that can be carried out using the best technology but at an affordable rate.
The companies that address this demand are investing enough time, investments, and research and development activities to bring about that superior technology. In a new study by the Research On Global Markets, the Global NGS Library Preparation Market is estimated at USD 1.33 Bn by 2023. This report even states that the market is estimated to grow at an 11.3% CAGR from 2018 till 2023.
The research study brought to light some more market drivers that had to do with the kind of coverage that NGS tools have today. One key factor is the increasing presence of precision medicine in the oncological fields, where it will move from a research-based function to further usage in clinical cancer tests.
Key Market Drivers:
An improved understanding genetic markers that control virulence and how NGS technology can be used to contain them is the second biggest driver, as it means that NGS can be used for monitoring and treating very infectious diseases.
At the same time, the current major commercial payers are in the process of reviewing all novel tests prevalent today, to try to find all areas where NGS can be applied or be deemed necessary to furthering diagnosis, so they can build NGS clinical tools for the same.
Key Market Interest Areas:
Keeping in mind these three need-based demands discovered through the study, it appeared that the oncology field is the dominant share – and the reason for a big market share is that the results acquired through analysis programs or single assay systems, are unambiguous at best and take place in phases.
As for the Next Generation Sequencing products that include workstations, instruments, platforms, consumables, and ancillary equipment, targeted resequencing was the dominant technology. As it has a number of application-based advantages like an easier implementation of the techniques involved, data sets that are manageable and reduced turnaround times.
This was followed by consumables with a 51.9% market share owing to demand in things like tool kits and library preparation reagents. The only obstacle being faced here is that most of these reagents and kits that are being designed, work with a specific brand of instruments.
Most of the tools are being adopted into the work being done by contract research organizations, biotechnological companies, and pharmaceutical research wings. This made medical research the second-largest NGS market segment; and this was largely due to various forms of research being undertaken in other fields excluding oncology, like drug discovery, neurosciences, microbial genomics, agrigenomics, and immune-oncology studies.
Higher adoption rates made North America is the leader in both technology acquisition, research application fields and NGS library preparation market. Asia-Pacific comes in second owing to its new role as a leading pharmaceutical R&D field and that it’s peppered with other critical contributors like bigger patient populations, lower medical costs, quality data, and qualified manpower.