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Global Next Generation Sequencing (NGS) Data Analysis Market to Reach US$1.2 Billion by the Year 2026
FREMONT, CA: The widespread adoption of the technology for analyzing RNA and DNA sequences is expected to fuel growth in the global market. Cloud-based platforms are quickly becoming popular for executing computationally intensive operations during NGS data analysis because they make it quick and easy for researchers to obtain computational resources for large-scale NGS data analysis. Recent advances in cloud computing and bioinformatics have resulted in the creation of a diverse set of cloud-based bioinformatics platforms and services for large-scale NGS data processing, which is expected to drive significant market growth in the coming years.
NGS approaches are widely used in genomic research, clinical diagnostics, and precision medicine in oncology, particularly for the diagnosis of breast and lung tumors. Soon, the worldwide NGS data analysis market is predicted to develop due to the rising prevalence of cancer cases around the world. Furthermore, as significant progress is made toward individualized illness therapy, there is a greater demand for fast and precise sequencing interpretation algorithms and tools that can aid in data analysis.
Despite the COVID-19 dilemma, the global market for Next Generation Sequencing (NGS) Data Analysis, which was anticipated to be worth USD 549.2 million in 2020, is expected to expand to USD 1.2 billion by 2026, at a CAGR of 14.1 percent. Services- one of the report's segments, is expected to increase at a 14.9 percent compound annual growth rate to reach USD 814.1 million by the conclusion of the analysis period.
After a careful examination of the pandemic's commercial effects and the resulting economic crisis, the NGS Commercial Software segment's growth is revised to 13 percent CAGR for the next seven years. This sector now controls 44 percent of the global market for Next Generation Sequencing (NGS) Data Analysis.
The increased awareness and expanding demand for sequencing technologies are projected to propel the expansion of analytical software over the next few years. The massive amounts of data created by NGS necessitate management systems and solutions, increasing the demand for algorithms and tools. Companies that lack the infrastructure for data analysis, interpretation, and management are increasingly turning to NGS data analysis services.