According to research report titled ‘Next Generation Sequencing Market Size By Product Type (Instruments, Consumables, Services), By Application (Research Application, Clinical Application {Cardiovascular, Reproductive Health, Cancer, Infectious Diseases}), By Type (Whole Genome Sequencing, Exome Sequencing, Targeted Sequencing), By Technology (Sequencing by Synthesis, Ion Semiconductor Sequencing), By End-use (Academic Institutes & Research Centers, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027’, available with MarketStudyReport, global next-generation sequencing market is slated to expand significantly during 2021-2027.

The growing usage of NGS technology among pharmaceutical and biopharmaceutical companies, rapid technological advancements in developed countries, rising R&D efforts, growing demand for whole-genome sequencing in the research activities, and favorable regulatory scenario in are the prime factors fueling the growth of global next generation sequencing market.

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The next generation sequencing is used to identify the RNA/DNA sequence to study any variations linked with a particular disease. NGS is known to have revolutionized biological sciences owing to its exceptional accuracy, scalability, and speed, thereby stimulating the overall industry outlook.

Based on product type, the report cites that consumables segment is estimated to observe a 21.5% CAGR through 2027, owing to the high replacement rate of consumables.

Moving on to application spectrum, the clinical segment held a 40% share in global next generation sequencing industry landscape in 2020 and is expected to exhibit robust growth over the review period, attributed to the increasing usage of NGS for clinical applications and diagnostics.

With respect to type, the Whole Genome Sequencing segment was valued at USD 1.5 billion in 2020 and is estimated to witness stellar growth during the analysis period, on account of its high demand in research field.

As per technology type, the ion semiconductor sequencing segment accounted for USD 695 million in 2020 and is expected to grow substantially during the forecast time spell, primarily attributable to its widespread adoption across the globe.

In terms of end-user landscape, the institutes & research centers segment accounted for 45% industry share in 2020 and is slated to witness promising growth during 2021-2027, owing to the increasing use of NGS in research labs for several diseases.

Speaking of regional contribution, Latin America market is projected to witness a 22% CAGR over the forecast timeline, ascribed to the increased pervasiveness of chronic diseases across Latin America.

The prominent companies influencing the competitive sphere of global next-generation sequencing market are BGI Group, Illumina Inc., Oxford Nanopore Technologies Limited, PerkinElmer Inc., 10X Genomics, Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Agilent Technologies Inc., Bio-Rad Laboratories Inc., GenapSys Inc., NanoString Technologies Inc., Pacific Biosciences of California Inc., and Qiagen.