The Global NGS Data Storage Market Size is valued at 1.39 billion in 2023 and is predicted to reach 5.08 billion by the year 2031 at a 17.6% CAGR during the forecast period for 2024-2031.
NGS data is essential for researchers who provide dependable yet simple-to-use storage solutions. Sequencing businesses are utilizing cloud-based storage options because of their accessibility, scalability, and affordability. Several major IT suppliers offer cloud-based storage services, including Amazon Web Services, Google Cloud, and Microsoft Azure. These services include pay-as-you-go pricing structures that make it simpler for researchers to control expenditures in accordance with their data storage requirements.
Due to the deployment of next-generation storage to strengthen general databases for future use and optimize databases in sectors including BFSI, healthcare, and government, the storage market is anticipated to grow considerably throughout the forecast period. Rapid advancements in fields like Big Data, cloud computing, and mobile services are anticipated to accelerate market expansion.
Compared to next-generation data storage, which has benefits including improved reliability, efficiency, and cost-effectiveness, traditional data storage technologies cannot handle the massive volumes of data generated every day. Because of the astronomical development in the amount of data generated by the enterprise sector, market providers are constantly creating scalable and efficient data storage infrastructure.
Competitive Landscape:
Some of the NGS Data Storage market are:
- Agilent Technologies, Inc.
- BGI Group
- DNAnexus, Inc.
- Fabric Genomics, Inc.
- Hoffmann-La Roche Ltd. (Roche Molecular Systems, Inc.)
- Illumina, Inc.
- PerkinElmer Inc.
- QIAGEN N.V.
- Qumulo, Inc.
- Thermo Fisher Scientific Inc.
Market Segmentation:
The NGS Data Storage market is segmented on the basis of read length, sourcing type, offering, and application. Based on read length, the market is segmented as short-read length, and long-read length. The other sourcing type segment includes in-house NGS Data storage, and outsourced NGS data storage. The offering segment has data storage solutions, data analysis services, and other offerings. By application, the market is segmented into oncology, infectious diseases, rare diseases, reproductive health, central nervous system (CNS), and other applications.
Based On Read Length, The Short-Read Segment Is Accounted As A Major Contributor In The NGS Data Storage Market
The short-read length segment dominated the global NGS data storage market in 2023 in terms of read length. This is because short-read sequencing is increasingly being used in research labs because of its benefits, including the fact that it is frequently used in diagnostic applications. Before being sequenced, the human genome is divided into little pieces, ranging in size from 50 to 300 bases. Short-read sequencing is affordable, precise, and supported by a variety of data analysis tools and pipelines.
Oncology Segment Witnessed Growth At A Rapid Rate
The oncology sector dominated the applications of the worldwide NGS data storage market in 2023. Novel and rare somatic mutations can be found using NGS methods, which are effective and precise. Bladder cancer, chronic lymphocytic, renal cell carcinoma, prostate cancer, small-cell lung cancer, and acute myelogenous cancer are only a few of the numerous forms of cancer. Targeted and individualized cancer treatment is becoming more popular. Targeted treatments and immunotherapies have dramatically increased the five-year survival rate for several cancer types.
In The Region, The North America NGS Data Storage Market Holds Significant Revenue Share
North America will hold a dominant position in the worldwide NGS data storage market in 2024. The availability of cloud-based and on-premise software solutions provided by NGS data storage companies to process and store large genomic and NGS datasets in the cloud with built-in scalability is anticipated to drive the North American NGS data storage market significantly. This will expand the market's overall scope. Because of the U.S. government's enormous investments in the co-development of targeted therapies and molecular diagnostics, the existence of big market participants there, and the region's high healthcare spending, the U.S. dominated the North American region.
NGS Data Storage Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 1.39 Bn |
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Revenue forecast in 2031 |
USD 5.08 Bn |
|
Growth rate CAGR |
CAGR of 17.6% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Read Length, Sourcing Type, Offering, And Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
Agilent Technologies, Inc., BGI Group, DNAnexus, Inc, Fabric Genomics, Inc., F. Hoffmann-La Roche Ltd. (Roche Molecular Systems, Inc.), Illumina, Inc., PerkinElmer Inc., PacBio., QIAGEN N.V., Qumulo, Inc., and Thermo Fisher Scientific Inc. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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