Kenneth Research has examined the statistical and analytical approach that is required for the growth of NGS Library Preparation Market for the period 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on current and future market trends that are associated with the growth of the market.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for NGS Library Preparation Market Products.
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According to the statistics by the World Bank, in the year 2017, a total of 9.896 % of GDP was observed around the world as current health expenditure.
NGS library construction involves preparing nucleic acid targets using a coordinated series of enzymatic reactions to produce a random collection of DNA fragments, of a specific size, for high throughput sequencing. The decreasing cost of next-generation sequencing (NGS) library preparation solutions is making the technology more affordable and widely accessible. This is the key growth driver for the global NGS library preparation market, which is expected to reach approximately USD 1.33 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 11.3% during 2018-2023.
Application segment insights:
Based on application, the small RNA sequencing market is anticipated to grow at a high CAGR of about 14.1% than that of the others. This is primarily because of its increased use as an identifier of novel biomarkers. Also, miRNAs are involved in many important physiological processes, such as the development and maturation of the nervous system. Thus, the growing use of small RNA sequencing in the diagnosis and treatment of diseases related to the brain/nervous system also pose as a noteworthy driver for the growth of the market.
Products segment insights:
The products of the NGS library preparation market in this report can be classified into consumables, instruments/workstations/platforms, and others (ancillary equipment). The consumables sub-segment dominates with a market share of 51.9%. This is mainly because of the rising demand for consumable products like library preparation reagents and other kits with growth prospects in research projects. The challenge faced by the market is that most of the library preparation kits are designed to work with a particular brand of instrument. This, in turn, increases the bargaining power of supplier and restraints the wide adoption of these kits in mid and small-sized labs. The sub-segment is predicted to expand at a CAGR of 10.0% during the forecast period.
Area segment insights:
Based on area, the NGS library preparation market is divided into the following segments—clinical diagnostics and research. The research segment holds the lion’s share of this market. This is due to the growth of various research projects like oncology, agrigenomics, immuno-oncology research, neurosciences, microbial genomics, and drug discovery. The increasing adoption of NGS tools by contract research organizations (CROs) and research wings of pharmaceutical, as well as biotechnological companies all over the world is further adding to the growth of this particular segment.
Regional insights:
North America is leading the innovation in the NGS library preparation market and occupied approximately 50% of the global market in 2017. This is because of the high adoption rate of library preparation tools in the region among both research and diagnostics segments. The North American NGS library preparation market is predicted to expand at a CAGR of 9.5% in the forecast period. The Asia-Pacific region is growing at a high growth rate of about 14.0%. This is because Asia is emerging as a powerhouse of pharmaceutical research and development (R&D) facilitated by the availability of a vast patient population, quality data, lower costs and skilled manpower. This is driving the adoption of NGS library tools in the region.
Companies covered:
Illumina, Inc.
Roche Holding AG
Thermo Fisher Scientific, Inc
PerkinElmer, Inc.
Qiagen NV
Bio-Rad Laboratories, Inc.
Abcam
Meridian Biosciences Inc.
Epigentek Group Inc.
New England Biolabs Inc.
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The Market report answers the following questions:
What is the aim of the report?
- The NGS Library Preparation Market report presents the estimated market size of Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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