Jan 20, 2022

Companies Covered BGI Group, PierianDx Inc., F. Hoffmann-La Roche AG, Pacific Biosciences of California Inc., PerkinElmer Inc., Thermo Fisher Scientific Inc., Agilent Technologies Inc., Illumina Inc., Qiagen N.V., Precigen Inc. Report Highlights Based on the product, the consumables segment dominated the global next-generation sequencing market in 2020 with highest market share. The consumables have a short lifespan, resulting in a high replacement rate, which drives increasing demand for them. The consumables are also ordered in large quantities from many manufacturers because it has been demonstrated to be cost-effective method for researchers and scientists to increase market value. Based on the application, the biomarker and cancer segment dominated the global next-generation sequencing market in 2020 with highest market share. Due to an increase in the occurrence of different kind of cancers, the global next-generation sequencing market is predicted to develop significantly during the forecast period. Ask here for more customization study@ https://www.precedenceresearch.com/customization/1454 Market Dynamics Drivers - Rising research and development activities The increasing research and development activities for developing therapies used in the treatment of genetic disorders will increase the demand for next generation sequencing methods over the course of the study. Increased investments in research and development activities, as well as an increase in the number of studies on the treatment of genetic disorders in individuals, will create a massive market demand. Governments in developed economies have implemented a number of policies and enacted legislation to encourage scientists and researchers to find solutions to chronic and rare diseases. Thus, the rising research and development activities are driving the growth of next-generation sequencing (NGS) market. Restraints - Lack of clinical validation Due to a lack of scientific evidence, the clinical validity of direct-to-consumer genetic tests has been consistently questioned. This has an adverse effect on the commercialization of predisposition tests. Single-gene testing by Sanger sequencing is used in direct-to-consumer tests because it is the most cost-effective method for studying inherited disorders with low phenotypic and genetic heterogeneity. With the increase in heterogeneity, it is more efficient to use next-generation sequencing (NGS) panels to study multiple targets at the same time. Furthermore, direct-to-consumer genetic tests have limited accuracy and frequently produce false-positive or false-negative results, which can have a negative impact on consumer health and cause emotional and mental distress. This has compelled regulatory authorities to scrutinize vendors and mandate the disclosure of risk information and instructions. Opportunities - Advancement in next-generation sequencing (NGS) platforms The continuous technological advancements in sequencers have enabled the introduction of efficient, portable, and simple-to-use of next-generation sequencing (NGS) platforms capable of providing rapid and accurate results and boasting improved turnaround times. The launch of next-generation sequencing (NGS) technologies provides key market players with a benefit; as a result, the market companies are highly investing on research and development of new technologies to drive the market growth. As a result, the advancement in of next-generation sequencing (NGS) platforms is creating lucrative opportunities for the growth of the market. Challenges - End user budget constraints In developing countries, the academic research is mostly reliant on outside financing. Despite private and government sector attempts to offer funding for research around the world, numerous research and academic institutes have budget limits when it comes to the purchase and use of innovative and high-priced equipment and technology. As a result, advanced research facilities in academic and research institutes in underdeveloped countries are being installed at a slow pace. Thus, end user budget is a big challenge for the market growth. Browse more Healthcare Industry Research Reports@ https://www.precedenceresearch.com/industry/healthcare Segments Covered in the Report By Product Others Buy this Premium Research Report@  https://www.precedenceresearch.com/checkout/1454 You can place an order or ask any questions, please feel free to contact at  sales@precedenceresearch.com  | +1 9197 992 333 About Us Precedence Research is a worldwide market research and consulting organization. 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