The market is estimated to grow with a CAGR of 21. 8% from 2018-2025. Driving factor such as price reduction in sequencing technology and technological developments in next generation sequencing are likely to promote market growth.
New York, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Next Generation Sequencing Market to 2027- Regional Analysis and Forecasts By Product; Service; Application; & End User, and Country" - https://www.reportlinker.com/p05794699/?utm_source=GNW
Whereas, the restricted threat of genetic and medical data breach is likely to have a negative impact on the growth of the market in the coming years.
In recent years, next generation sequencing price has declined substantially. For instance, the first whole human genome sequencing cost over US$3.7 billion in 2000 and took 13 years for the completion. However, the costs for the same in recent years has reduced to US$1,000, and the process requires less number of days. Major market players such as Illumina and Roche have introduced breakthrough technologies that have enabled in the cost and time reduction in the sequencing. This huge leap in sequencing capability, as well as the potential future applications of sequencing technology, is likely to be a major advancement in the field of science and biotechnology that is expected to witness an impact among various levels in society. Due to its lowering cost, the technology is likely to be accepted across the region, especially in China, India, and Japan. A report published by Life Technologies in March 2012 states that the cost of sequencing in India is likely to reduce over the years drastically owing to factors such as advances in the field of genomics and development in different methods and strategies for sequencing.
In 2017, the consumables segment held the largest market share of 64.0% of the next generation sequencing market, by product. This segment is also expected to dominate the market in 2025 in the region. Moreover, the same segment is also anticipated to witness the significant growth rate during the forecast period, 2018 to 2025.
Asia Pacific next generation sequencing market, based on the application was segmented into diagnostics, drug discovery, precision medicine, and others. In 2017, the diagnostic segment held the largest market share of 66.0% of the next generation sequencing market, by application. This segment is also expected to dominate the market in 2025 owing to the growth of technological advancements such as sequencing machines in the developed and developing regions. Moreover, the same segment is also anticipated to witness the fastest growth rate during the forecast period, 2018 to 2025.
Some of the major primary and secondary sources for next generation sequencing included in the report are Food & Drug Administration (FDA), Indian Institutes of Technology (IITs), Japan Society for the Promotion of Science (JSPS), Technology and Innovation Advisory Council (STIAC), Council of Scientific and Industrial Research and others.
Read the full report: https://www.reportlinker.com/p05794699/?utm_source=GNW
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