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(Health-NewsWire.Net, July 14, 2020 ) The NGS sample preparation market is projected to reach USD 2.7 billion by 2024 from USD 1.1 billion in 2019, at a CAGR of 18.7%. Factors such as advancements in NGS platforms, reduced cost of sequencing, and improving reimbursement scenario for NGS-based diagnostic tests are driving the growth of this market.
Some of the prominent players in the NGS sample preparation market include Illumina Inc. (US), Thermo Fisher Scientific (US), QIAGEN N.V. (Germany), Agilent Technologies, Inc. (US), Beckman Coulter (a subsidiary of Danaher), Becton, Dickinson and Company (BD) (US), Pacific Biosciences of California (US), PerkinElmer Inc. (US), F. Hoffmann-La Roche (Switzerland), and New England Biolabs, Inc. (US), among others.
Analysis of the developments in the NGS sample preparation market from 2016 to 2018 shows that product launches; agreements, partnerships and collaborations; expansions; and acquisitions were the most widely adopted growth strategies by players in the market. Players adopted these strategies to strengthen their market positions.
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llumina dominates the NGS market with its technologically advanced platforms and associated NGS products. The company’s product portfolio includes a wide range of highly interconnected products including sequencing, genotyping, gene expression, and molecular diagnostic products. The company also offers NGS services, which further strengthens its position in the market.
Over the past three years, Illumina launched several products to sustain its leadership position in the overall NGS market, including sample preparation. To sustain continuous product development, the company invests a significant amount of its revenue on R&D expenditure. In 2018, Illumina invested 18.7% of its revenue on R&D. With its strong product portfolio, product innovation, and wide geographic presence, the company is expected to grow at a high rate in the NGS sample preparation market during the forecast period.
Thermo Fisher Scientific offers an extensive range of products, including analytical instruments, equipment, reagents & consumables, software & services for research, analysis, discovery, and diagnostics. In addition to a robust product portfolio of NGS sample preparation, the company has a substantial geographic presence. The company launched a number of products in the past three years, including the Oncomine Childhood Cancer Research Assay and the Oncomine Immune Response Research Assay.
With its strong product portfolio, continuous research and development, and wide geographic reach, the company is expected to grow in the NGS sample preparation market.
North America dominated the NGS sample preparation market in 2018
Geographically, the NGS sample preparation market is segmented into North America (US and Canada), Europe (Germany, France, the UK, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), and the Rest of the World (RoW). North America accounted for the largest share of the overall NGS sample preparation market in 2018 followed by Europe.
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The large share of North America can be attributed to the favorable initiatives by government and private bodies for the development and adoption of NGS technologies, wide adoption of NGS diagnostics in the region, increasing number of NGS-based research & clinical applications in the region, growing research on cancer, rising awareness of NGS services, and the presence of leading NGS service providers, in the region.
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