Source: SkyQuest Technology Consulting Pvt. Ltd.
NGS Library Preparation Market Expected to Grow Rapidly Due to Rising Demand for Genetic Diagnostics and Personalized Medicine
According to SkyQuest, the prevalence of hereditary illnesses drives revenue growth in the market, fueled by technological advancements and expanding use in clinical molecular sciences. For example, RNA and DNA sequencing technologies have improved our understanding of the molecular properties of genetic diseases. As a result, NGS is increasingly used to identify these features with growing demand for personalized medicine.
Westford, USA, June 19, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the NGS library preparation market will attain a value of USD 10.91 billion by 2030, with a CAGR of 14.8% over the forecast period (2023-2030). The growth of the market is expected to be driven by the increasing prevalence of genetic disorders worldwide. According to the World Health Organization (WHO), 10 out of 1000 births are diagnosed with a single-gene disease. NGS technology has proven useful in diagnosing genetic disorders, making it a robust driver for the demand for NGS library preparation.
Browse in-depth TOC on "NGS Library Preparation Market"
- Pages - 249
- Tables - 118
- Figures – 79
Next generation sequencing library preparation is a unique biotechnology process that involves the creation of nucleic acid targets by using a coordinated series of enzymatic reactions to produce a random collection of DNA fragments. These fragments can be made to meet specific size and throughput sequencing requirements. The current technology used in NGS preparation is affordable and easily accessible, making it one of the most popular forms of sequencing methods.
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Prominent Players in NGS Library Preparation Market
- Smurfit Kappa Group
- Sonoco Products Company
- Dordan Manufacturing Co.
- Hip Lik Packaging Products Corp India Private Limited
- Panic Plastics, Inc.
- Display Pack, Inc
- Mister Blister Ltd.
- Dongguan Zhongyin Paper Co., Ltd.
- Jiajiexing Group Company Limited
- Universal Protective Packaging Inc.
- All About Packaging, Inc.
- Transparent Packaging Inc.
- Key Packaging Co. Inc.
- Envision packaging Inc.
- Kinyi technology limited
- Blisterpak Inc.
- Leyeah Packaging Design Co., Ltd.
- Suzhou Yuanlong Plastic Products Co., Ltd.
- Shenzhen Kitly Industry Limited Company
- Xinchangyuan Paper Packaging Co
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Hospitals & Diagnostic Laboratories Segment is Anticipated to Grow Due to the Rising Rates of Hospitalization
The NGS library preparation market is expected to be dominated by the hospitals & diagnostic laboratories segment, which is projected to account for the largest market share. This can be attributed to several factors, including the rising hospitalization rates, particularly in developing economies, increased adoption of NGS technologies in hospitals and diagnostic laboratories and the high incidence of various infectious and chronic diseases requiring complex genomic sequencing. As a result, the demand for NGS library preparation is expected to increase in hospitals and diagnostic laboratories.
North America dominates the global market, with a significant share of 49.96% as of 2022. The region's market growth can be attributed to the extensive research studies on diseases sponsored by academic research institutes and pharmaceutical companies. An example of such collaboration is the partnership between Swift Biosciences and SPT Labtech, signed in March 2021, to enhance Swift Biosciences' library preparation kits on mosquito genomics and dragonfly discovery platforms.
Targeted Sequencing Segment is Dominating the Market Due to the Rising Acceptance of Sequencing Method
The targeted sequencing segment is projected to hold the largest NGS library preparation market share. The substantial market share of this segment can be attributed to the rising acceptance of this sequencing method, primarily owing to its benefits, such as cost-effectiveness and rapid sequencing for detecting specific gene-associated diseases.
Asia Pacific is projected to experience significant growth in the NGS library preparation market in the coming years, primarily owing to the increasing prevalence of rare diseases and the high population density in the region. Furthermore, major market players are making efforts to enter the Asia Pacific market with their NGS library preparation expertise.
A comprehensive analysis of the major players in the NGS Library Preparation market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in NGS Library Preparation Market
- Agilent Technologies, Inc. partnered with Element Biosciences Inc. to develop innovative DNA sequencing platforms in 2022. The partnership aimed to integrate Element Biosciences Inc.'s AVITI System with Agilent Technologies Inc.'s SureSelect target enrichment panels, making the technology more accessible to a larger number of customers.
- The presence of significant instrument providers heavily influences the NGS library preparation market. One example is Integrated DNA Technologies, Inc., a subsidiary of Danaher, which acquired Swift Biosciences in 2021. Swift Biosciences is a leading developer of NGS library preparation genomics kits for academic, translational, and clinical research. Through this acquisition, Integrated DNA Technologies, Inc. aims to expand its library preparation automation base and enhance its product line. This strategic move is expected to significantly impact the market as the demand for NGS library preparation continues to grow.
Key Questions Answered in NGS Library Preparation Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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