NGS Library Preparation Market by Size, Share, Forecasts, & Trends Analysis
Added: (Thu Jun 22 2023)
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NGS library preparation is one of the crucial steps in sample preparation. It is the process of preparing the nucleic acids into a form compatible with the sequencing system. The sequencing library is created by fragmenting DNA and adding specialized adapters to both ends. Numerous kits for making sequencing libraries are commercially available through various vendors.
Meticulous Research®, in its latest publication on the NGS library preparation market, states that the NGS library preparation market is projected to reach $3.62 billion at a CAGR of 14.8% from 2023 to 2030.
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The growth of this market is driven by the declining costs of sequencing, the increasing prevalence of cancer and genetic disorders, the growing utilization of NGS in disease diagnostics and precision medicine, and rising R&D investments and healthcare expenditures. In addition, the increasing applications of next-generation sequencing technology and collaborations between vendors to develop automated library preparation protocols are expected to provide significant growth opportunities for this market.
However, the availability of alternative technologies and the low chances of identifying positive actionable mutations for precision medicine may restrain the growth of this market. In addition, regulatory and standardization concerns in diagnostic testing and the limited expertise and sequencing capabilities of small & mid-sized laboratories are the major challenges for the growth of this market.
To provide efficient analysis, Meticulous Research® has segmented this market based on product, application, sequencing type, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
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Based on product, in 2023, the reagents & consumables segment is expected to account for the largest share of the NGS library preparation market. The large market share of this segment is attributed to factors such as companies’ increased focus on launching new NGS library preparation kits, recurring demand for reagents & consumables as compared to instruments, and increased utilization of NGS in clinical diagnostics as well as drug discovery.
Based on application, in 2023, the disease diagnostics segment is expected to account for the largest share of the NGS library preparation market. The large market share of this segment is attributed to the increasing prevalence of various types of cancers, the outbreak of COVID-19, and the high adoption of NGS-based testing for various infectious diseases.
Based on sequencing type, in 2023, the targeted sequencing segment is expected to account for the largest share of the NGS library preparation market. The large market share of this segment is attributed to the benefits offered by targeted sequencing in analyzing specific gene locations and isolated genetic expressions and its advantages in terms of cost, time, and data analysis for specific areas of interest over other sequencing methods.
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Based on end user, in 2023, the hospitals & diagnostic laboratories segment is expected to account for the largest share of the NGS library preparation market. The large market share of this segment is attributed to the increased utilization of NGS-based testing in hospitals, high hospitalization rates globally, and the growing need for early disease diagnosis.
In 2023, North America is expected to account for the largest share of the NGS library preparation market, followed by Europe and Asia-Pacific. North America’s major market share is attributed to the high adoption of NGS in the healthcare sector, the increasing R&D investments by pharmaceutical and biopharmaceutical companies, and the presence of key market players in the region.
The report provides competitive intelligence, such as financials and key growth strategies of major market players. The report also provides an extensive assessment of the market based on product, application, sequencing type, end user, and the geographical presence of the key players operating in the NGS library preparation market, such as Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V. (Germany), Agilent Technologies, Inc. (U.S.), Danaher Corporation (U.S.), Pacific Biosciences of California, Inc. (U.S.), PerkinElmer Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), New England Biolabs, Inc. (U.S.), Tecan Group Ltd. (Switzerland), Merck KGaA (Germany), and Diagenode S.A. (Belgium) (Subsidiary of Hologic, Inc. (U.S.)).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/ngs-library-preparation-market-5319
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