NGS Informatics Market Growth and Driving FactorsPublished On: July 1, 2018
Growing volume of sequencing data to fuel the growth of NGS Informatics market globally
With the rising prevalence of diseases such as cancer and diabetes across the globe, there is a growing need for more targeted modalities for diagnosis and treatment, thereby propelling next generation sequencing (NGS) based research. NGS is the most frequently used technology for precision medicine applications, although proteomics and metabolomics tests are gaining traction with improved accuracy and ease of use.
The cost of genomic sequencing has significantly reduced over the years with the growing use of high-throughput sequencers, thereby generating raw sequencing data at an unprecedented rate. According to data published in the journal PLoS Biology (2015), by 2025, between 100 million and 2 billion human genomes can be sequenced.
Growing volume of sequencing data coupled with data from multi-omics and EMR/EHR, offer immense opportunities for NGS informatics providers to develop customized solutions that address client needs ranging from sample analysis to actionable informatics. The market is likely to witness strategic alliances and mergers & acquisitions to enhance NGS informatics capabilities, build a wider presence across the value chain, and have a competitive edge.
The potential of precision medicine to improve the diagnosis and treatment for complex diseases such as cancer and diabetes mellitus has been recognized by the governments of developed as well as developing economies. In March 2015, the Chinese Ministry of Science and Technology (MOST) announced plans to invest USD 9 billion to support precision medicine between 2015 and 2030. Furthermore, the Chinese government has incorporated precision medicine into the 13th Five Year National Science and Technology Innovation Plan. Thus, significant support from universities, research institutes, and governments across the globe for precision medicine is likely to provide impetus to NGS informatics market growth.
Growing focus on developing precision and personalized therapies, government initiatives and financial aid to support innovation in precision medicine, launch of large-scale genome sequencing and data collection projects, technological advancements in NGS, expanding application areas of NGS, and expected reimbursement and approval policy developments for NGS-based diagnostic tests are likely to augment rapid growth in the global NGS informatics market, which is expected to grow at CAGR of 22.1% to reach USD 1,305.1 Million by 2022, according to the Meticulous Research®.
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