Northbrook, IL -- (SBWIRE) -- 05/05/2021 -- According to the new market research report "Next-generation Sequencing (NGS) Market by Product & Service (Consumables, Platforms, Services, Bioinformatics), Technology (SBS, SMRT), Application (Diagnostic, Drug Discovery, Agriculture), End User (Pharma, Biotech, Academic) - Global Forecast to 2026", published by MarketsandMarkets™, the global NGS Market is projected to reach USD 24.2 billion by 2026 from USD 10.3 billion in 2021, at a CAGR of 18.7% during the forecast period.

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The Advancements in NGS platforms, declining costs of genome sequencing and growing incidence of cancer, and increasing applications of NGS in cancer research are the key factors supporting the growth of the market. However, the end-user budget constraints in developing countries is expected to hinder the overall growth rate.

Consumables accounted for the largest share of next-generation sequencing market

The NGS Market by product & services is categorized into presequencing products & services, NGS platforms, NGS consumables, services for NGS platforms, sequencing services, and bioinformatics. NGS consumables dominated the market in 2020. The large share of this segment can be attributed to growing number of sequencing procedures and launch of easy-to-use consumables. Sequencing services are expected to register the highest CAGR during the forecast period due to expanding NGS services portfolio of companies and increasing adoption of advanced NGS platforms by service providers.

Sequencing by synthesis accounted for the largest share of next-generation sequencing market

Based on technology, the next-generation sequencing (NGS) market is segmented into sequencing by synthesis, ion semiconductor sequencing, nanopore sequencing, single-molecule real-time sequencing, and other sequencing technologies. Sequencing by synthesis segment dominated the market in 2020 owing to an increase in availability of NGS platforms based on sequencing by synthesis technology.

Diagnostics segment accounted for the largest share of next-generation sequencing market

On the basis of application, the next-generation sequencing (NGS) market is categorized into diagnostics, drug discovery, agricultural & animal research, and other applications. The diagnostics segment is further categorized into cancer diagnostics, infectious disease diagnostics, reproductive health diagnostics, and other diagnostic applications. The diagnostics application segment dominated the market in 2020. The growth of this segment is attributed to the increasing focus of key market players on developing NGS-based products & services for cancer and noninvasive prenatal testing (NIPT).

The academic institutes & research center is the fastest-growing end user segment of the next-generation sequencing market

Based on end users, the NGS Market is segmented into academic institutes & research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other end users. The academic institutes & research centers segment held largest market share in 2020, owing to growing number of collaborations between NGS market players and academic & research institutes.

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The next-generation sequencing (NGS) market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). In 2020, North America accounted for the largest share of the global market, followed by Europe. This market is primarily driven by increasing applications of NGS in diagnostics & genomics research and availability of research funding.

The prominent players operating in the next-generation sequencing market are Illumina (US), Thermo Fisher Scientific (US), PerkinElmer (US), BGI Group (China), and Agilent Technologies (US).