NGS Sample Preparation Market worth $2.7 billion by 2024

The study used four major activities to estimate the current market size for the NGS sample preparation market.

(EMAILWIRE.COM, August 25, 2021 ) The NGS sample preparation market is projected to grow from USD 1.1 billion in 2019 to USD 2.7 billion by 2024, at a CAGR of 18.7% during the forecast period.

Factors such as advancements in NGS platforms, reduced cost of sequencing, and improving reimbursement scenario for NGS-based diagnostic tests are driving the growth of this market. However, while the costs involved in NGS have reduced to some extent, they have not reached a level where broad adoption across developing markets can be achieved. This is a key restraint for market growth.

By product, the NGS sample preparation reagents and consumables segment is expected to grow at the highest rate during the forecast period

Based on product, the market is segmented into workstations and reagents & consumables. The reagents & consumables segment is subsegmented into library preparation, target enrichment, and quality control, on the basis of workflow.

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Factors such as the decreasing cost of sequencing, availability of cost-efficient and advanced NGS platforms, increasing applications of NGS in different fields such as drug and biomarker discovery, diagnostics, agro-genomics, and animal research; increasing research activity involving sequencing; and the availability of research grants (that are driving the adoption of NGS) have all contributed to the growth of this market.

By application, the diagnostics segment is expected to be the largest contributor to the NGS sample preparation market in 2019

Based on application, the market is segmented into diagnostics, drug discovery, agricultural & animal research, and other applications. The diagnostics segment is estimated to account for the largest share in the market owing to the growing number of new cancer cases across the globe, favorable reimbursement scenario for NGS-based tests in the US, and increasing focus of key market players on developing NGS-based products & services for cancer and NIPT.

North America dominated the market in 2018

North America is the dominant revenue-generating region in the global NGS sample preparation market. The large share of this regional segment can mainly be attributed to the favorable initiatives by government and private bodies for the development and adoption of NGS technologies, wide adoption of NGS diagnostics in the region, increasing number of NGS-based research & clinical applications in the region, growing research on cancer, rising awareness of NGS services, and the presence of leading NGS service providers.

Key Market Players

Some of the prominent players in the NGS sample preparation market are Illumina Inc. (US), Thermo Fisher Scientific (US), QIAGEN N.V. (Germany), Agilent Technologies, Inc. (US), Beckman Coulter (a subsidiary of Danaher), Becton, Dickinson and Company (BD) (US), and Pacific Biosciences of California (US).

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