The Global Next-Generation Sequencing Market is forecast to exhibit a remarkable CAGR as the next-generation sequencing platform allows effective sequencing of millions of DNA molecules. Fortune Business Insights in a new report, titled“ Next-Generation Sequencing: Global Market Analysis, Insights and Forecast, 2019-2026” offers a detailed analysis of the competitive landscape and market dynamics. As per the report, the global market is expected to rise at a ferocious CAGR of 22.2% between 2018 and 2026. In 2018, the market was worth US$ 6,335.2 Mn and the market will be a howling success as it is projected to reach US$ 31,411.3 Mn by 2026. The demand for next-generation sequencing methodologies is increasing rapidly across several applications such as diagnostics, clinical research among others.
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Adapative Technologies developed a next-generation sequencing diagnostic test called ClonoSEQ for patients suffering fromacute lymphoblastic leukemia or ALL and minimal residual disease or MRD. The test received FDA approval in September 2018, which in turn, contributes to the growth of the market in North America.
Increasing investments in precision medicine and a growing number of strategic collaborations are driving the market in Europe. Driven by these factors, the market in this region is expected to expand in the forecast period. Apart from these two regions, Asia Pacific is expected to expand at a remarkable growth on account of rising geriatric
Demand for Next-Generation Sequencing Services to Rising at a High Pace
Next-generation sequencing products encompass instruments, consumables, and software. According to the findings from the report, the next-generation sequencing product segment is anticipated to lead the market over the forecast period. This is ascribable to some primary factors such as new product launches, high usage of consumables, and easy availability. Apart from next-generation sequencing products, next-generation sequencing services are expected to grow at a higher CAGR during the forecast period.
The need for novel platforms regarding advancements in bioinformatics and fast DNA data interpretation are paving the way for start-ups, especially for next-generation sequencing services. With the introduction of next-generation sequencing, the cost of sequencing has reduced over the years.
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