The size of the Asia Pacific NGS Market is predicted to be worth USD 1.00 billion by the end of 2022 and is forecasted to grow USD 3.10 billion by 2027, showcasing a CAGR of 25.35% from 2022 to 2027. Thus, the Asia-Pacific market is expected to grow at a considerable rate throughout the forecast period. The expected growth can be attributed to Asian companies and government agencies working to boost their genomics industry and revenue generation in this area.
The Asia-Pacific region showcases healthy growth due to the innovation and increased funding provided by governments and private organizations. In addition, increased investment by biotechnology and pharmaceutical companies is also expected to accelerate market growth. This is due to increased investment in R&D activities due to the spread of cancer and infectious diseases. Also, the development of NGS bioinformatics solutions and the presence of key players in the region is further expected to accelerate market growth.
Asia presents significant opportunities for investors/venture capitalists as the developed markets are saturated. The presence of noteworthy developments by China and Japan to integrate new technologies and the development of healthcare is majorly driving the Asia Pacific Market. In addition, R&D and clinical development frameworks of countries such as India and Australia have composed the Asia Pacific market to witness lucrative growth throughout the forecast period. The rise in the growth of personalized medicine, development in pre-sequencing and NGS bioinformatics solutions and cloud computing, growth in the Asia-Pacific population, increasing incidence of infectious diseases are few factors driving the market growth.
In addition, the anticipated decrease in the prices of genome sequencing due to the development of rapid, high-capacity whole genome sequencers by key players is expected to have an optimistic effect on market penetration rates over a few years. However, the storage and management of enormous data generated by sequencing and its interpretation, high reliability on grants & funding from the government, and fall in capital expenditure from academic institutions are challenges for the Asia-Pacific next-generation sequencing market.
This research report on the APAC NGS Market has been segmented and sub-segmented into the following categories:
Regionally, the APAC NGS market is the fastest-growing regional market in the global market. Asian companies adopt various marketing strategies to expand their marketing operations in other regional markets as the domestic market expands. For example, BGI acquired Complete Genomics, an Asia company that provides a next-generation sequencing platform for DNA for human genome analysis. Similarly, China partnered with the UK in December 2017 to expand the country's space for science and innovation.
The China NGS market dominated the APAC market in 2020 and is forecasted to account for the most significant share in the APAC region during the forecast period. China witnessed technological advancements in molecular biology; it has enhanced the sequencing procedures, which is expected to expand the market growth. As a result, the market players are implementing various strategies to gain a competitive advantage over the marketplace. Similarly, China has partnered with the UK to expand the country's space for science and innovation.
On the other hand, the Japanese NGS market is anticipated to register a promising share in the Asia-Pacific Next-generation sequencing market due to the increasing R&D activities of biopharmaceutical and pharmaceutical companies. In addition, major players in the market are introducing new products due to the growing healthcare expenditure.
Further, the Indian NGS market is one of the fastest-growing countries in the Asia Pacific. Also, Favourable government policies, improving the healthcare sector, and increasing genome mapping programs contribute to the Next-generation sequencing market.
KEY MARKET PLAYERS:
Illumina Incorporated, Thermo Fischer Scientific, Life Sciences (Roche), Pacific Biosciences, Life Technologies Corp. (Thermo Fischer Scientific), Macrogen Inc, Partek Inc., Genomatix Software GmbH, Perkin Elmer Inc., GATC Biotech Ag, Agilent Technologies Inc., Biomatters Ltd., CLC Bio (Qiagen), BGI (Beijing Genomics Institute), Oxford Nanopore Technologies Ltd., DNASTAR Inc., Knome Inc., and Qiagen N.V. are some of the noteworthy companies operating in the APAC NGS market.
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