The global next generation sequencing market is projected to exhibit a significant growth, at a CAGR of around 16.4%, during the forecast period. The increasing adoption of personalized medicines for the treatment of cancer is augmenting the growth of the next generation sequencing technology market. Personalized medicine has the potential to modify therapy with the best response and highest safety margin to ensure better patient care. By enabling these medicines, each patient can receive earlier diagnoses, risk assessments, and optimal treatments. The personalized medicine holds promise for improving healthcare while lowering costs which is expected to be a positive indicator for the growth of the global next generation sequencing market.
Browse the full report description of "Global Next Generation Sequencing Market Size, Share & Trends Analysis Report by Product Type (Reagents and Kits, Instruments, and Services), by Technology (Pyrosequencing, Sequencing by Synthesis (SBS), Sequencing by Ligation (SBL), Whole Genome Sequencing, RNA Sequencing, Targeted Resequencing, and Others), by Application (Drug Discovery, Genomic Research, Disease Diagnostics, Personalized Medicine, and Others) and by End-User (Academic and Clinical Research Centers, Pharmaceutical and Biotechnology Companies, Contract Research Organizations (CRO), Hospitals and Clinics) and Forecast 2019-2025" at https://www.omrglobal.com/industry-reports/next-generation-sequencing-market
The personalized medicine is defined as a point of care in the treatment that is customized as per an individual patient. There have been several types of research going on presently to develop personalized medicine based on the patients. Several factors should be considered before providing personalized medicine to a patient. Primarily, the doctors must detect the type of diseases, such as cancer, or the symptoms of it that can be developed in a patient. Detection of cancer is important for the surgeon or the doctor to find the best-suited therapy that can treat the person.
For developing of personalized medicine, several genetic tests need to be taken in account as these tests will eventually reveal the various conditions of the patients such as detection of the individual developing a specific type of cancer. The personalized medicine provides an approach to treat the patient based on the age, sex, type of cancer, the reaction towards a drug and other factors. As per the Personalized Medicine Coalition (PMC) 2017 report, around 42% of all compounds and around 73% of oncology compounds in the pipeline have the potential to be included in personalized medicines.
The biopharmaceutical companies closely doubled their R&D investment in personalized medicine over the past five years and suppose to increase their investment in the near future. The US FDA has received a significant number of personalized medicines for its approval in the past years. As per the US FDA data, the organization has approved around 21% of personalized medicines in 2014, which rammed up to 34% in 2017. These figures reflect the surging demand for personalized medicines across the globe, promising ample opportunities for the next generation sequencing market.
Global Next Generation Sequencing Market-Segmentation
By Product Type
By Technology
By Application
By End-User
Global Next Generation Sequencing Market– Segment by Region
North America
Europe
Asia-Pacific
Rest of the World