According to the latest report by Meticulous Research®, titled ‘Saudi Arabia Next Generation Sequencing (NGS) Market Size, Share, Forecast, Trends Analysis by Offering, Type, Application, End User – Forecast to 2031,’ Saudi Arabia's NGS market is forecast to reach $50 million by 2031, with a projected CAGR of 10.1% from 2024 to 2031.
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Growth Drivers
The market’s growth is propelled by rising cancer cases, increasing pharmaceutical RD investment, and expanding genome mapping initiatives. However, challenges such as high costs, data confidentiality concerns, and alternative technologies limit growth.
Opportunities and Challenges
Opportunities exist in the form of growing NGS adoption in hospitals and labs and government support for large genomic projects. Challenges, however, include data storage and interpretation difficulties, a shortage of skilled personnel, and regulatory issues surrounding NGS-based diagnostics.
Market Segmentation: Consumables to Dominate
The consumables segment is expected to dominate in 2024 with a market share of 62.6%. Consumables include essential items for sample preparation and sequencing, with library preparation and target enrichment leading the way. These consumables play a crucial role in clinical and research applications, making sequencing more efficient and cost-effective.
Sequencing Type: Targeted Genome Sequencing
Targeted genome sequencing is expected to dominate the Saudi NGS market in 2024. This method reduces unnecessary genetic data and lowers sequencing costs, which makes it a valuable tool in clinical applications, especially in personalized medicine.
Research Applications Lead the Market
In 2024, research applications will hold a 56.9% market share, with cancer research accounting for nearly half of that share at 49.4%. The growing focus on personalized cancer therapies is driving the adoption of NGS-based research tools.
End Users: Hospitals and Diagnostic Labs in the Lead
Hospitals and diagnostic laboratories are expected to dominate the market by 2024, with growing adoption in clinical diagnostics. The Saudi government’s Vision 2030 initiative, aimed at boosting local genetic testing and laboratory digitalization, is set to further boost market growth.
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Key Players:
Some of the key players operating in Saudi Arabia NGS market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Revvity, Inc. (U.S.), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Pacific Biosciences of California, Inc. (U.S.), Danaher Corporation (U.S.), Oxford Nanopore Technologies Plc. (U.K.), Beijing Genomics Institute (BGI) (China), Bio-Rad Laboratories, Inc. (U.S.), and 10x Genomics, Inc. (U.S.).
Key Questions Answered in the Report-
- What is the value of revenue generated by the sale of NGS instruments, consumables, and software’s in Saudi Arabia?
- At what rate is the demand for NGS offerings projected to grow for the next five to seven years?
- What is the historical market size and growth rate for Saudi Arabia NGS market?
- What are the major factors impacting the growth of Saudi Arabia NGS market?
- What are the major opportunities for existing players and new entrants in the market?
- Which offering and end user segments create major traction for the manufacturers in this market?
- What are the key trends in this market?
- Who are the major players in Saudi Arabia NGS market? What are their specific product offerings in this market?
- What recent developments have taken place in Saudi Arabia NGS market? What impact have these strategic developments created on the market?
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