Next Generation Sequencing Market is driven by continuous technological advancements
The Next Generation Sequencing (NGS) market involves sequencing technologies that parallelize the sequencing process, producing thousands or millions of sequences at once, as opposed to Sanger sequencing which is restricted to single template DNA molecules. NGS enables the reading of genomes and exomes at a fraction of the time and cost compared to Sanger sequencing. Increasing Next Generation Sequencing Market Demand for precision medicine and personalized therapeutics have significantly boosted the adoption of NGS across research institutes, academic and clinical settings.
The next generation sequencing market is estimated to be valued at USD 16.51 Bn in 2024 and is expected to reach USD 42.61 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.5% from 2024 to 2031.
Key Takeaways
Key players operating in the Next Generation Sequencing are Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., Cronos Group, Hexo Corp., Organigram Holdings Inc., Curaleaf Holdings, Inc., Cresco Labs, Green Thumb Industries. The increasing demand for genomic medicine and genetic testing are expected to fuel the market growth over the forecast period. Major players are expanding their presence globally through acquisitions and collaborations with academic and research institutes, which will further accelerate the market expansion.
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