Advancement in genomics and proteomics and increasing application of NGS based molecular diagnostic for human diseases is anticipated to drive the NGS based Molecular Diagnostics Market during the forecast period 2020-2025. NGS Based Molecular Diagnostics Market size is estimated to reach $ 2255.79M by 2025, growing at CAGR of 6.4% during the forecast period of 2020-2025.
The NGS based Molecular Diagnostics market is growing at a significant rate as the improved functionality in NGS based Molecular Diagnostics is dependent on the increasing advancements in technologies related to NGS based molecular diagnostics. NGS based Molecular Diagnostics are of interest for the healthcare industry owing to their beneficial for the treatment of genomics and proteomics. Hence, increasing number of research centers and increasing use of NGS based diagnostics in different Research centers and Academics
Next Generation Sequencing (NGS) is a DNA sequencing method that works on massive parallel sequencing employing Micro and Nanotechnologies that performs in less time and is cost effective. Moreover, Next Generation Sequencing (NGS) works on massive parallel sequencing that can sequence thousands of sequence simultaneously and can produce enormous amount of data. From wide application, the NGS technology used in molecular diagnosis allows the nucleotide sequencing that helps identify the genetic variants owing to which it is used in microbiology applications. It is recognized as the primary technology responsible for the burgeoning field of oncology as it offers advanced personalized treatment and is anticipated to propel the NGS Based Molecular Diagnostics Market during the forecast period 2020-2025. Apart from this, the main advantage of NGS is it is more accurate, can be performed with less man power and can enhance the scope of research.
North America is the major region dominating the NGS Based Molecular Diagnostic Market owing to increasing advancements in technologies related to NGS based molecular diagnostics, high prevalence of infectious diseases and various types of cancer and Modernization of Healthcare infrastructure. Also, the market is highly consolidated with key players accounting for about 73.36% of the market revenue in 2019. According to American Clinical Laboratory Association, Laboratory agencies constantly provide updated guidance documents pertaining to the design, development, and use of NGS‐based tests, recognizing the importance of NGS in cancer diagnostics and therapeutics which increases the demand for NGS based molecular diagnostics market. Furthermore, according to American Society of Clinical Oncology, in 2017 about 75.6% of oncologists are using NGS test to guide treatment decision for cancer patients which helps to increase the market growth of NGS based molecular diagnostics market.
Also, oncology is set to be the fastest growing during the forecast period 2020-2025 owing to increased prevalence of various types of cancer such as breast, colorectal, and Non-Small Cell Lung Cancer among the world population. Additionally, increasing demand of NGS based advanced molecular diagnostics on the grounds of accuracy, speed and cost is driving the demand during forecast period 2020-2025. Furthermore, in case of routine molecular diagnostics, laboratories have to integrate high-throughput sequencing technologies in-order to improve clinical decision making for patient management. On the contrary, next-generation sequencing (NGS) has overcome the cited challenges, posing an attractive alternative to traditional molecular diagnostic testing for cancer.
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NGS based Molecular Diagnostics Market Growth Drivers:
- Advancements in NGS based molecular diagnostics technologies
NGS Based Molecular Diagnostics technologies have advantages in the clinical diagnostic laboratory for routine detection, fingerprinting, and epidemiologic analysis of infectious microorganisms. It minimizes the requirement for cultivation, which reduces the time required for morphology and biochemistry diagnosis. Next-generation sequencing based molecular diagnostics technologies are been widely investigated and are increasingly being applied to many research areas, including de novo sequencing of bacterial and viral genomes, searching for genetic variants by sequencing the whole genome or targeted genome regions. NGS Based Molecular Diagnostics technologies help in understanding the genetic mechanisms underlying human gene expression variation and characterizing the transcriptomic of cells, tissues, and organisms by RNA-Sequencing, and genome-wide profiling of DNA-binding proteins and epigenetic marks by Chip-Sequencing. Clinical laboratories have adopted NGS based molecular diagnostic technologies as a gold standard for the diagnosis of hereditary disorders owing to its analytic accuracy, high throughput, and potential for cost-effectiveness. The validity and utility of NGS-based panel testing have been demonstrated for a wide range of conditions including hearing loss, vision loss, cardiovascular disorders, renal disorders, neurologic disorders, and cancer predispositions. Advances in NGS Based Molecular Diagnosis focuses on the areas such as Multi Parametric Molecular Diagnostics, Cancer Progression, and Diagnostics, Genomics in Infectious Diseases, Genetic Testing, Mass Spectrometry-Based Quantitative Metabolomics, etc. NGS Based Molecular diagnostic tests detect specific sequences in DNA or RNA that may or may not be associated with the disease, including single nucleotide polymorphism (SNP), deletions, rearrangements, insertions, and others. The sensitivity of NGS based molecular diagnostics is higher than Sanger sequencing (detection of 2%–10% versus 15%–25% allele frequency, respectively), and allows quantitative evaluation of the mutated allele.
Modernization of healthcare infrastructure
The healthcare industry is facing unprecedented changes brought about by a shift from fee-for-service to value-based healthcare delivery and reimbursement models. Thus, modernization of healthcare infrastructure is increasing the growth of the NGS Based Molecular Diagnostics Market. New care delivery and reimbursement models are rapidly evolving to address the global objectives to reduce costs, improve quality of care, and improve patient and clinician satisfaction which is in turn increasing the demand of the NGS Based Molecular Diagnostics. Healthcare organizations spent less on IT as a percentage of revenue than other industries. This lack of IT investment is reflected in their outdated legacy infrastructure which cannot support the data explosion resulting from today’s medical and technological advancements. NGS Based Molecular Diagnostics stands as the most dynamic and ever-growing area of diagnostics. It is on the threshold of creating a revolution in healthcare that can lead to better insights into the medical research, diagnosis, and treatment of various diseases. It acts as a magnifying glass in spotlighting the structure and the mechanism of a disease, thus enabling the healthcare providers to march towards the much needed personalized treatments. The introduction of procedural code sets for next generation sequencing is a milestone toward financially sustainable clinical implementation which is in turn expected to increase the growth of the NGS Based Molecular Diagnostic Market during the forecast period 2020-2025. With the advancement of NGS Based Molecular Diagnostics technology, core modernization is no longer restricted to replacing the existing legacy systems. Health plans can leverage less risky core modernization approaches like remediating existing mainframe/legacy platforms or redesigning the transactional layer with digital extensions and user-centric process redesign.
Agilent Technologies Inc. has launched SureSelect XT HS2 DNA Kit which accelerates capture-based enrichment library preparation with good quality and improves efficiency, especially in labs processing both DNA and RNA samples for NGS applications. The product has ability to multiplex hundreds of samples in one sequencing run, this reduces sequencing costs for labs.
The Major Players in this Market Include
The major companies in the NGS based Molecular Diagnostics market include Illumina Inc., F. Hoffmann-La Roche ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corp., Agilent Technologies Inc., Becton Dickinson & Company, Qiagen N.V., BioMerieux SA, Bio-Rad Laboratories Inc. In October 2020, Thermo Fisher Scientific Set to Acquire Qiagen for $11.5Billion. With the acquisition, Waltham, MA-based Thermo Fisher Scientific has the potential to boost its molecular diagnostics offerings. The company also has a chance to expand its coronavirus detection offerings with Qiagen’s QIAstat-Dx Respiratory Panel 2019-nCoV test kit.
Although there has been product withdrawals and low demand for the product, companies are conducting research and development for the perfecting the medical device. Health professionals are rooting for the comeback of NGS based Molecular Diagnostics with effective products methods. There are the major factors set to buoy the NGS based Molecular Diagnostics market during the forecast period 2020-2025.
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