New Delhi, Jan 31 : The next-generation sequencers market is poised to grow at a compound annual growth rate (CAGR) of 10.3 per cent from $1.9 billion in 2023 to $5.1 billion in 2033, according to a report on Wednesday.

Next-generation sequencing (NGS) has revolutionised the in-vitro diagnostics (IVD) market by providing enhanced diagnostic capabilities and expanding the market scope.

The report by GlobalData, a data and analytics company, visualises quantitative market trends within IVD therapeutic area.

'The NGS market's growth is fuelled by a combination of unaddressed clinical needs for more effective tools in predicting, diagnosing, treating, and monitoring diseases, along with the ongoing advancement of sequencing technologies for efficiency,' said Tina Deng, Principal Medical Devices Analyst at GlobalData, in a statement.

'During the forecast period, revenue is expected to be primarily generated by high-throughput and medium-throughput NGS,' she added.

NGS allows for the simultaneous sequencing of millions of fragments to generate a large amount of data in a single run, saving time and resources.

Additionally, the cost of sequencing has significantly reduced with the advent of NGS, as it allows for the sequencing of large amounts of DNA or RNA much more quickly than the previously used Sanger sequencing.

'With decreased test fees, GlobalData anticipates that the demand for routine diagnostic procedures, including cancer panel testing and non-invasive prenatal testing, will grow,' Deng said.

/IANS