The next generation sequencing market is poised to reach $2.7 billion by 2017 as presented by marketsandmarkets.com. This represents an estimated growth of 16.3% from a market value of $1.3 billion in 2012. Marketsandmarkets presents a detailed analysis of their findings from which the following top next generation sequencing market drivers and hindrances are derived:
5 Top NGS Market Drivers:
- Continuous innovations and developments in the market aimed at higher throughput, increased accuracy, and affordable costs
- Improved turnaround time
- Government funding
- Increasing opportunities in NGS clinical applications
- Presence of dominant NGS platform players
Although the next generation sequencing market is growing rapidly, there are factors which have been weighing down the market as a whole.
5 Top NGS Market Hindrances:
- High reliability on grants and funding from the government
- Decrease in capital expenditure from academic institutions
- Accuracy and standardization concerns
- Data storage problems
- Issues in interpretation of complex data
The future of the NGS market promises to offer a simpler, less costly, and more integrated experience for researchers. The market is also poised to revolutionize applied markets like diagnostics, drug discovery, biomarker discovery, personalized medicine, and agriculture and animals research.