The global next-generation sequencing (NGS) market in drug development should reach $2.9 billion by 2028 from $1.3 billion in 2023 at a compound annual growth rate (CAGR) of 17.7% for the forecast period of 2023 to 2028.
While the NGS market offers immense opportunities, it also faces challenges. These include data analysis complexities, ethical concerns, and data privacy issues. However, these challenges have spurred the growth of bioinformatics and data analysis companies.
As for opportunities, the NGS market is poised for further expansion in clinical diagnostics, cancer genomics, and non-invasive prenatal testing. The market's potential is far-reaching, and its impact on precision medicine, agriculture, and basic research cannot be understated.
The Next Generation Sequencing market is a dynamic and transformative force in the world of genomics and beyond. As technology evolves, its applications will expand, making it a crucial tool for research, healthcare, and industry. It is an exciting time for NGS and staying informed about the latest trends and innovations is vital for those involved in this ever-expanding field. BCC Research will keep a close eye on the NGS market as it continues to shape the future of science and medicine.
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