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|The healthcare industry is reaping a lot of benefits from technological advancements. Artificial Intelligence enabled applications are now flooding the healthcare sector. One of the key technological developments in the healthcare sector is Next Generation Sequencing (NGS). NGS library preparation involves preparing nucleic acid targets using a coordinated series of enzymatic reactions to produce a random collection of specifically sized DNA fragments , for high throughput sequencing. The simultaneous sequencing of millions of DNA molecules has been made possible by NGS.
Request for Sample of this Report: According to research by a leading market research company, the global NGS library preparation market, 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. The decreasing costs of NGS library preparation solutions is making the technology widely accessible and affordable.
Key growth drivers
Factors that are encouraging the growth of the global NGS Library Preparation Market are technological advancements in cloud computing and data integration, strong demand for clinical diagnostics and rising demand for new scientific research. The increasing investments in research and development of NGS and rising adoption in next-generation sequencing technology in various end-user segments are further accelerating market growth. The application of NGS in personalized medicine and food testing is expected to boost the market during 2018-2023.
NGS technology is a crucial aspect of genomic research and medical discovery. The NGS technology is used in advanced clinical research and genetic analysis, due to its ability to generate a large amount of sequence data in a short time. The demand for the global NGS library preparation market is due to its application in gene expression profiling , molecular analysis, and detection of epigenetic changes, chromosome counting , and disease detection. Next-generation sequencing has made large-scale whole genome sequencing (WGS) practical and accessible to all researchers. Scientists are able to analyse the entire human genome in a single sequencing experiment or tens of thousands of genomes in a year thanks to the global NGS library preparation market. The advancements made in NGS technology has encouraged clinical research laboratories and various biotechnological and pharmaceutical companies are increasingly adopting NGS in their existing diagnostic cycles and workflows.
However, there are several challenges that the NGS library preparation market is facing currently. Academic institutions are not increasing their capital investment in NGS that is considerably hampering research and development scope. This is making the NGS library preparation market more and more dependent on the grants given by governments. With such financial deficit, it becomes difficult to implement more developmental plans in this sector. With less research happening there is no standardization and lack of accuracy. Lack of data storage facility is also posing a great challenge to the NGS preparation market.
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