The global next-generation sequencing market is projected to reach USD 16.34 billion by 2024 from USD 5.69 billion, at a CAGR of 19.2% during the forecast period.
Will the application of next-generation sequencing in precision medicine & molecular diagnostics provide growth opportunities for the overall NGS market?
In personalized medicine, next-generation sequencing tools are used to recognize gene expressions. This is expected to aid the development and prescription of precision medicine as per the patient’s characteristics. The discovery of new biomarkers in the field of diagnosis for various diseases, especially cancer, has brought about revolutionary changes in medicine. Continuous development in sequencing technology and a better understanding of genomics has increased the efficiency of biomarkers in disease detection. As precise diagnosis and personalized medicine not only increase survival rates but also reduce the financial burden on national health insurance programs, governments across the globe are expected to make significant investments in genome sciences, which, in turn, will ensure the future demand for next-generation sequencing in such applications.
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What are the ethical issues related to next-generation sequencing that are challenging market growth?
A number of ethical concerns have sprung up, given the rise in population-based sequencing, with respect to the privacy of health data generated—for example, the possibility that giant software companies engaged in NGS data management might sell genome data.
Another area of resistance is R&D into genetically modified organisms—an application of NGS. This is due to the possibility of environmental hazards arising from such experiments, risks to the food web, and issues concerning the prevalence of diseases and allergies as well as contamination in animal test subjects. Such ethical issues serve to challenge the growth of NGS applications.
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