YG PRESS NEWS – Next-generation sequencing revolution: how players are taking part in an endless race changing the face of healthcare?

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Illumina, BGI Group, Thermo Fischer Scientific, and Oxford Nanopore Technologies, NGS is a intense competitive US$6.7 billion market in 2028…

  • The next-generation sequencing market is expected to grow from US$4.4 billion in 2022 to US$6.7 billion in 2028, at a 7.4% CAGR 22-28.
  • Over the years, the NGS microfluidics market has garnered growing attention from research and development (R&D) facilities as well as diagnostic and pharmaceutical enterprises.
  • Illumina, BGI Group, Thermo Fischer Scientific, and Oxford Nanopore Technologies collectively dominate nearly 93% of the NGS microfluidics market in terms of value, and Illumina continues to occupy the top position.
  • Advancing from first-gen sequencing, companies are in a race to develop cost-effective technologies with improved accuracy, longer read lengths, and higher throughput.

According to Yole Intelligence, part of Yole group, in the Next-Generation Sequencing 2023 report, approximately 93% of the NGS microfluidics market’s total value is dominated by four major players: Illumina, BGI Group, Thermo Fischer Scientific, and Oxford Nanopore Technologies, with Illumina maintaining its top position. Nonetheless, in 2022, Illumina saw relatively stagnant growth, experiencing only a 1% increase in revenue from its flow cells. Other participants in the market also faced reduced activity, resulting in negative year-over-year growth rates. Nevertheless, a few exceptions, such as Oxford Nanopore Technologies, Bionano, and Pacific Biosciences, achieved remarkable year-over-year growth rates of up to 20%.

During 2022, a total of US$934 million was secured in funding, although the average annual funds raised were notably lower than in previous years. Interestingly, Chinese companies specializing in NGS, such as MGI Tech and Axbio, attracted substantial funding during the year.

In 2022, only one significant merger and acquisition event was observed in the NGS microfluidic technologies field, involving Bionano Genomics and Purigen Biosystems. However, numerous collaborations and partnerships were announced between NGS companies and diagnostic or pharmaceutical firms. This aligns with the trend of NGS technology expanding into clinical diagnostics applications, particularly in the fields of oncology, infectious disease diagnostics, and treatment.

The market is intensely competitive, with Illumina continuing to hold a substantial market share and being regarded as the industry benchmark by customers. Given their long-established presence in the field, customers hold Illumina’s products in high esteem. Nevertheless, this established order may undergo changes in the coming years… For more information about this analysis, please contact us!

In addition, do not hesitate to take a look on the dedicated Microfluidics innovation: Next-Generation Sequencing reshaping healthcare article here.

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