The global genomic data analysis and interpretation market size was valued at USD 0.89 billion in 2021. It is expected to reach USD 2.15 billion by 2030, growing at a CAGR of 10.25% during the forecast period (2022–2030).
NGS, also known as next-generation sequencing, is a concept used to describe various advanced sequencing technologies. Due to the high throughput, scalability, and speed of next-generation sequencing, researchers can investigate biological processes in depth. The complexity of genomic science necessitates a higher level of comprehension than what is offered by conventional DNA sequencing techniques. As a result, next-generation sequencing has filled in the holes to meet these higher-level understanding requirements and has become a popular analysis method.
The scalability of next-generation sequencing allows for changing the level of precision to satisfy laboratory needs, making it a digital alternative to sequence-based gene expression. The use of NGS approaches in conjunction with the clinical diagnosis for customized treatment of many disorders and genomic testing necessitates the development of fast and accurate algorithms and sequencing visualization techniques that can process data more quickly.
| Report Metric | Details |
|---|---|
| Base Year | 2021 |
| Study Period | 2020-2030 |
| Forecast Period | 2023-2031 |
| CAGR | 10.25% |
| Market Size | USD 2.15 billion |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Geographies Covered |
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Next-generation sequencing technology has aided the investigation of epigenomic, and genomic patterns linked to various biological processes. It is anticipated that problems with storing, maintaining, and gaining access to knowledge will create future research and development opportunities for the industry, which will lead to market expansion. Laboratory Information Management Systems, also known as LIMS, is essential in scientific communities that use high-throughput sequencers because they are used for managing and archiving sequencing data. NGS techniques have seen extensive use in precision medicine for oncology, particularly in treating lung and breast cancers. Companies are currently focusing on developing inexpensive genome sequencing solutions to expand their market share. These kinds of factors are going to push the market even further.
Cloud-based platforms are a good option for activities requiring significant computational power, such as NGS data processing. Consequently, acquiring the computing resources necessary to carry out large-scale NGS data analysis has been streamlined to the point where it is both quick and easy. Consequently, it is anticipated that the market will be driven by the expansion of cloud-based bioinformatics platforms and services for processing large amounts of NGS data. The utilization of these platforms significantly simplifies the data processing services for organizations.
The costs associated with advancing infrastructure, including algorithms and applications, are anticipated to stifle demand growth somewhat. The market expansion is also hindered because collecting NGS data takes significant time. During the installation of the services, there will be an increase in costs due to the development of newer technologies and shorter delivery times. The market's growth will be hampered shortly by such a factor.
The growing demand for high genetic data production and the concurrent decrease in costs associated with sequencing will help the market to expand even further. Additionally, it is anticipated that the scale of sequencing ventures will increase. Consequently, there is an increased demand for sophisticated bioinformatics pipelines incorporating innovative and efficient solutions. On the other hand, commercial service providers could take advantage of lucrative opportunities to build and build newer technologies while shortening delivery times directly.
The global genomic data analysis and interpretation market have been studied across North America, Europe, Asia-Pacific, and LAMEA.
North America will lead the global genomic data analysis and interpretation market during the forecast period. It is projected that there will be a rise in the total number of research programs, a significant increase in the number of strategic partnerships, and an increase in the number of regulatory approvals granted by the FDA in the United States. It is anticipated that shifting regulations about reimbursement and utilization will further propel the adoption of genetic tests in this region.
Asia-Pacific will record significant growth in the genomic data analysis and Interpretation market during the forecast period. Because of the launch of several different research programs, it is observing an increase in the adoption of genomic technologies. In the future, the market's growth in this Region will be boosted by such factors.
The global genomic data analysis and interpretation market has been divided into product, application, and end-user.
Based on product, the services dominate the global genomic data analysis and interpretation market during the forecast period. This will be the case because these services are more in demand.
Based on the application, the tertiary workflow division lead the global genomic data analysis and interpretation market during the forecast period. As a result of the tertiary data processing done by NGS, various annotation methods are used, and organizations are taking steps to expand the scope of these tools through strategic planning.
Based on end-users, the academic institutes and research centers segment dominates the global genomic data analysis and interpretation market. It made significant improvements due to the implementation of next-generation sequencing data processing workflows in academic institutions. This is the primary factor behind the segment's growth.
