Europe's NGS Market Projected to Reach $6.40 Billion by 2030
Author : rekha p | Published On : 21 Feb 2024
Meticulous Research® Unveils Strategic Insights in Latest Report on Europe's Next-Generation Sequencing (NGS) Market
Meticulous Research®, a renowned global market research leader, proudly announces the release of its latest report, "Europe NGS Market by Offering (Kits [Library Prep, QC, DNA Extraction], System), Type (Genome, Exome, Targeted), Application (Reproductive, Oncology, Infectious, CVD, Drug Discovery), Technology (SBS, Nanopore, Nanoball, SMRT Seq, DNB) – Forecast to 2030."
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According to this cutting-edge publication, Meticulous Research® predicts a remarkable Compound Annual Growth Rate (CAGR) of 14.8% for the Europe NGS market, foreseeing a valuation of $6.40 billion by the year 2030. The surge in growth is credited to various factors, including the escalating prevalence of cancer, expanding applications of NGS in cancer treatment and research, decreasing costs of genome sequencing, advancements in sequencing technologies, and the escalating expenditures on pharmaceutical Research and Development (R&D). Nonetheless, obstacles such as the high costs associated with NGS systems and consumables, coupled with the presence of alternative technologies, pose challenges to the market's expansion.
Expanding on the market dynamics, the report highlights the rising applications of NGS, increased adoption of bioinformatics and genomic data management solutions, and governmental support for large-scale genomic sequencing projects as pivotal growth opportunities. However, the scarcity of skilled professionals and concerns related to regulatory standards in diagnostic testing present notable challenges to the market's progress.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/europe-ngs-market-5744
Key Players Driving Innovation
The report features key players shaping the landscape of the Europe NGS market, including Thermo Fisher Scientific Inc. (U.S.), Illumina, Inc. (U.S.), Qiagen N.V. (Netherlands), F. Hoffmann-La Roche Ltd (Switzerland), PerkinElmer, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Pacific Biosciences of California Inc. (U.S.), Danaher Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K.), and 10X Genomics, Inc. (U.S.).
Future Outlook
The Europe NGS market is categorized into Offering, Sequencing Type, Technology, Applications, End User, and Geography. Notably, the consumables segment is projected to dominate the market in 2023, driven by the recurrent use of consumables and a surge in demand for NGS-based diagnostic tests.
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Targeted genome sequencing is anticipated to hold the largest share among sequencing types, owing to its efficiency in eliminating irrelevant genetic variation and cost-effectiveness, especially in large population sequencing projects. Furthermore, sequencing by synthesis is expected to lead the technology segment in 2023, due to its high accuracy in DNA sequencing and increasing integration into NGS products.
The research and other applications segment is forecasted to account for a significant market share in 2023, driven by the prevalence of genetic disorders, the rising adoption of sequencing-based tests in laboratories, the growing demand for personalized medicines, and expanding NGS-based research.
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In terms of end-users, pharmaceutical & biotechnology companies are poised to be the frontrunners in 2023, attributed to increased R&D spending and a rising incidence of chronic diseases.
Geographic Landscape
The comprehensive analysis extends across key European countries, with Germany projected to dominate the Europe NGS market in 2023. Factors contributing to Germany's market leadership include an upswing in sequencing projects and centers, a surge in NGS-based research applications, heightened awareness of NGS-based tests, and an increasing prevalence of cancer and genetic diseases.
For further insights and a detailed analysis, refer to the complete "Europe NGS Market by Meticulous Research® – Forecast to 2030" report.
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