21 May 2021 | News
The technique has proven useful in identifying novel and rare cancer mutations, detecting familial cancer mutation carriers
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The global next-generation sequencing (NGS) sample preparation market is expected to surpass a valuation of $4 billion by 2031, expanding at a whopping CAGR of approximately 16 per cent across the 2021-2031 forecast period, according to a recent report published on the market by award-winning and ESOMAR-certified market research consulting firm.
NGS has revolutionised genomic research, paving the way for highly effective diagnosis of numerous chronic and infectious diseases, a fact that is boding well for market growth.
Historically, the market accrued significant gains, surpassing $750 million in value in 2019. In recent years, NGS has been widely deployed in clinical oncology to advance personalised cancer treatment. The technique has proven useful in identifying novel and rare cancer mutations, detecting familial cancer mutation carriers, and providing a molecular rationale for appropriate targeted therapy.
Consequently, prominent manufacturers are introducing a slew of sample preparation products, with opportunities being ample across the Asian markets. For instance, in May 2021, BGI Group signed an MoU with Ethiopian Biotechnology Institute (EBiT) to conduct the HPV genotyping pilot project and complete 2,000 sample screenings from Ethiopia, to establish a new model of HPV screening, diagnosis, and treatment.
Key takeaways from the market study:
According to a senior research analyst, prominent NGS sample preparation product manufacturers are testing uncharted waters by foraying into domains such as animal and plant health, to develop highly advanced diagnostic approaches and address multiple ailments, widening expansion prospects.