Next Generation Sequencing Market size was valued at USD 7.82 Billion in 2022 and is poised to grow from USD 9.27 Billion in 2023 to USD 36.04 Billion by 2031, growing at a CAGR of 18.5% in the forecast period (2024-2031).
Rising use of genomics and gene technologies in the healthcare and life science space is projected to bolster the demand for next generation sequencing over the coming years. High demand for personalized medicine and growing investments in the development of novel gene technologies are forecasted to create new opportunities for next generation sequencing companies in the future.
High investments in medical research are also expected to uplift the demand for next generation sequencing across the forecast period and beyond. Advancements in next generation sequencing technologies will also be a priority for next generation sequencing companies in the future. Whole genome sequencing is another aspect of next generation sequencing that companies can explore to improve their business potential in the long run. Use of artificial intelligence and other advanced technologies to enhance the capabilities of next generation sequencing platforms will also be a key trend for market players.
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New Next generation sequencing Platform Launch and Partnerships – Top Strategies for All Next Generation Sequencing Companies
Next generation sequencing companies are continually investing in the development of novel solutions and platforms to stand out in the market. Ensuring regulatory compliance and penetration of new regional markets will also be a priority for next generation sequencing providers going forward. Development of new biomarkers and addressing heterogeneity in genetic analysis will also create new business scope for next generation sequencing providers across the study period.
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- OmniSeq, a biotechnology company based in the United States with Labcorp to launch a new next generation sequencing platform back in June 2021. OmniSeq INSIGHT was intended to advanced precision medicine for oncology indications and improve patient outcomes as well.
- NewBiologix, a Switzerland-based company focused on gene therapies, announced the launch of its new next-generation sequencing and optical mapping platforms back in April 2024. These new platforms feature advanced genomics technologies and intend to resolve current issues with gene therapies.
- In May 2024, Genolution, a renowned provider of molecular diagnostics teamed up and signed an MoU (Memorandum of Understanding) with NGeneBio to develop and launch a new automated next generation sequencing system. The new solution is intended to improve workflows by reducing errors and test times.
- Delve Bio, a leading metagenomics next generation sequencing organization was launched in June 2023. The company was launched with USD 35 million Series A funding that it intended to use for the commercialization of its metagenomics sequencing platform infectious disease test.
- Roche, a top healthcare company from Switzerland launched a new platform to advance next-generation sequencing technologies back in December 2021. The AVENIO Edge System can be used by researchers for multiple applications whilst reducing human errors as the platform is automated.
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The global next generation sequencing market is highly opportune as the use of gene therapies is increasing on a global level. Oncology is expected to be the indication in which most next generation sequencing companies are projected to invest in. Established next generation sequencing companies should integrate advanced technologies with their offerings and new market players should target regions with less competition.
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To view the original version on ABNewswire visit: Next Generation Sequencing Market is Slated to Expand at an Impressive 18.5% CAGR through 2031 Owing to Growing Use of Targeted Gene Therapies