The North American Next-generation sequencing market was worth USD 1.78 billion in 2023 and is estimated to reach USD 3.88 billion by 2028, growing at a CAGR of 16.81% during the forecast period.
The significant factors propelling the growth of the North American NGS market are the increasing incidence of cancer, the increasing applications of NGS in precision medicine, and biomarker discovery. In addition, the rise in the adoption rate of NGS platforms for analysis and diagnostics of rare diseases and for identifying therapeutic targets, the emergence of rapid and advanced sequencing technologies, reduced costs of sequencing, growing demand for NGS methodologies in genomics research, and in clinical diagnosis are further driving the market growth.
Furthermore, growth in investments in R&D activities due to the high occurrence of cancer and infectious diseases and the development of Next-Generation Sequencing Bioinformatics equipment, and the presence of a significant player in the region drives the market growth. On the other hand, usage of NGS in biomarker detection and precision medicine is likely to positively impact the growth of North America's next-generation sequencing market in the coming years.
The significant challenges restricting the growth of the North American NGS market are expensive technologies that are not affordable due to budget limitations in developing economies and risks involved with genetic data.
This research report on the North American NGS market has been segmented and sub-segmented into the following categories:
Regionally, the U.S. NGS Market dominates the NGS market in North America and is expected to maintain the trend during the forecast period due to rapid developments in healthcare, particularly in the biotechnology field. Canada is displaying significant growth in recent years. It is likely to grow consistently during the forecast period owing to the research advancements and rising adoption of NGS products in hospitals and clinics.
The U.S. NGS market is estimated to register a promising CAGR during the forecast period and contains all sequencing services directed with next-generation or third-generation platforms that use newer technology than old capillary electrophoresis (CE) sequencing. Services include project scoping, NGS sample preparation, and NGS-based sequencing run with primary data output. The increasing number of Next Generation Sequencing new research activities in Canadian universities is leading to the growth of the Next Generation Sequencing data analysis market in the U.S.
The Canadian NGS market is projected to grow at a healthy CAGR from 2023 to 2028.
KEY MARKET PLAYERS:
Companies playing a leading role in the North American NGS Market profiled in this report are 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.
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