February 06, 2024
Boston: Dive into the future of drug development with Global Next-Generation Sequencing. This market is at the forefront of revolutionary advancements, leveraging genomic insights to accelerate breakthroughs in pharmaceutical research, shaping a new era of precision medicine.Explore how advanced sequencing techniques are driving innovation, accelerating drug development, and paving the way for personalized medicine on a global scale.
“According to the latest research study, the demand for Global Next-Generation Sequencing on Drug Development Marketgrow from $1.3billionin 2023and is estimated to increase from $2.9 billionin 2028, at a compound annual growth rate (CAGR) of 17.7%from 2023 to 2028.”
This report covers a broad spectrum of Next-Generation Sequencing (NGS) aspects in the context of drug development, encompassing technologies, applications, industries, initiatives, patents, and key companies. It presents market insights for NGS in drug development for the years 2020 to 2028. The report evaluates NGS technologies, elucidating their importance in drug development, and delves into impactful research initiatives. Key market-driving forces are outlined. The study further breaks down markets by product type, end user, and region, offering market data and forecasts for NGS products related to drug development, including instruments, consumables, and services. Specific geographic markets discussed include North America, Europe, Asia-Pacific, and the Rest of the World. BCC Research also provides a summary of main industry acquisitions and strategic alliances, capturing key trends from January 2020 to December 2022. This comprehensive overview equips industry stakeholders with valuable insights for strategic decision-making.
The NGS market in drug development has seen significant growth driven by increased research and development activities. NGS is crucial for unlocking the potential of personalized medicine, improving rationally designed individualized treatments, such as in the personalized treatment of cancer like pancreatic cancer. These factors have led to a notable upswing in the NGS market, emphasizing the importance of effective drug development. In recent years, major players have introduced new technologies, offering a competitive edge. There is a rising demand for easy-to-use and portable next-generation sequencing platforms that deliver quick and accurate test results. Market players are intensifying their R&D efforts to develop new products, with key revolutionary platforms including iSeq 100 (Illumina), Ion Torrent Genexus Dx Integrated Sequencer (Thermo Fisher), PromethION (Oxford Nanopore Technologies), and Ion GeneStudio S5 System (Thermo Fisher) leading the market transformation.
Discover the transformative impact of Next-Generation Sequencing on the drug development industry in our comprehensive research report – click here to Learn More.
Driving forces behind the global next-generation sequencing on drug developmentmarket’sgrowth comprise:
Increasing R&D Activities using NGS technologies-NGS technologies are driving increased R&D activities, revolutionizing drug development. Short for Next-Generation Sequencing, NGS is playing a pivotal role in advancing research efforts, leading to innovative breakthroughs in the field.
Increase in Healthcare Expenditure-Healthcare expenditure is on the rise, reflecting a growing investment in health services and infrastructure. This increase underscores the importance placed on maintaining and improving public health, contributing to enhanced medical facilities, research, and overall healthcare quality.
Technological Advancements in Sequencing Platforms-Technological advancements in sequencing platforms are transforming the landscape of genetic research. These innovations enhance the speed, accuracy, and accessibility of sequencing, ushering in a new era of efficient and powerful genetic analysis.
Shift Towards Precision Medicine-The shift towards precision medicine signifies a targeted approach to healthcare, tailoring treatments based on individual characteristics. This move aims to enhance treatment effectiveness, reduce side effects, and improve overall patient outcomes.
Growing demand of NGS for Designing Individualized Medicine to Cancer Patients-The growing demand for Next-Generation Sequencing (NGS) in designing individualized medicine for cancer patients reflects a personalized approach to treatment. NGS meets the increasing need for tailored therapies, contributing to more effective and precise interventions for individuals battling cancer.
High Accuracy and Low Cost-The combination of high accuracy and low cost is a powerful advantage in various fields. This dual benefit ensures reliable results without compromising affordability, making it a sought-after characteristic in technologies, services, and products across different industries.
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Report Synopsis
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Report Metrics
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Details
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Base year considered
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2022
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Forecast Period considered
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2023-2028
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Base year market size
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$1.1 billion
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Market Size Forecast
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$2.9 billion
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Growth Rate
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CAGR of 17.7% for the forecast period of 2023-2028
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Segment Covered
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Product Type, End-User, and Region
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Regions covered
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North America, Europe, Asia-Pacific, and Rest of the World (ROW)
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Countries covered
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U.S., Canada, Germany, France, U.K., Italy, Spain, Rest of Europe, China, India, Japan, South Korea, Australia, Rest of Asia-Pacific
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Key Market Drivers |
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The Rising Demand for Global Next-Generation Sequencing on Drug Development Market:
The rising demand for Global Next-Generation Sequencing in Drug Development signifies a growing need for advanced genomic technologies in shaping the future of pharmaceutical innovation. This surge reflects the increasing reliance on genomics to drive breakthroughs in drug discovery and development on a global scale.
Trends and Innovations:
Trends and innovations in the Global Next-Generation Sequencing on Drug Development Market highlight the dynamic advancements shaping pharmaceutical research. These developments signify a continuous drive for cutting-edge technologies and approaches in drug discovery, influencing the evolution of the global market.
Challenges and Opportunities
Challenges and opportunities in the Global Next-Generation Sequencing on Drug Development Market underline the complex landscape of pharmaceutical research. While hurdles may exist, they are met with opportunities to pioneer advancements in drug development, creating a dynamic environment for growth and innovation on a global scale.
This report on the global next-generation sequencing on drug development marketprovides comprehensive insights and analysis, addressing the following key questions:
How much of the next-generation sequencing market is expected to increase at a rate relevant to the drug development industry?
What are the main forces behind the next-generation sequencing market's expansion in the drug development industry?
Which markets is the next generation sequencing on for medication development covering?
Which market category, by product type, will be in the lead by the end of 2028?
In the market for next-generation sequencing for drug development, which region holds the most market share?
Which companies/players hold a significant position in the drug development market for next-generation sequencing?
Some of the Key Market Players Are:
Browse More Related Reports:
Next-Generation Cancer Diagnostics: Technologies and Global Markets:The scope of the report includes clinical NGS technologies, applications, industries, initiatives, patents, and companies. The markets for NGS-based diagnostics are given for the years 2020, 2021, 2022, 2023 and 2028.
Next Generation Sequencing: Emerging Clinical Applications and Global Markets:Next Generation Sequencing: Emerging Clinical Applications and Global Markets explores the expanding role of advanced sequencing technologies in clinical settings. The report provides a concise overview of the market dynamics, highlighting the global trends and applications that shape the growing landscape of Next Generation Sequencing in healthcare.
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Global Next-Generation Sequencing on Drug Development Market( BIO246A )
Publish Date: Aug 2023
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.