A three-pronged approach was followed for deducing the next generation sequencing market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for next generation sequencing market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of next generation sequencing market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The next generation sequencing market was categorized into six segments, namely technology (WGS, Whole Exome Sequencing, Targeted Sequencing & Resequencing), product (Platform, Consumables), application (Oncology, Clinical Investigation, Reproductive Health, HLA Typing/Immune System Monitoring, Metagenomics, Epidemiology & Drug Development, Agrigenomics & Forensics, Consumer Genomics), workflow (Pre-Sequencing, Sequencing, NGS Data Analysis), end-use (Academic Research, Clinical Research, Hospitals & Clinics, Pharma & Biotech Entities, Other Users), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The next generation sequencing market was segmented into technology, product, application, workflow, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The next generation sequencing market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; South Korea; Australia; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The next generation sequencing market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Thermo Fisher Scientific, Inc.: Thermo Fisher Scientific, Inc. is a publicly held biotechnology company established after the collaboration of Thermo Electron and Fisher Scientific. The company provides products in life sciences, industrial & applied sciences, and clinical diagnostics. Thermo Fisher offers products through the following brands: Thermo Scientific, Invitrogen, Applied Biosystems, Fisher Scientific, and Unity Lab Services.
Qiagen N.V.: QIAGEN N.V. is a biotechnology company. The key business areas of Qiagen N.V. include assay technologies for molecular diagnostics, pharmaceutical, academic, and applied testing. Molecular technologies developed by the company are being utilized by forensic technicians and the company is also involved in isolation of genetic material from biological samples.
Illumina, Inc. - Illumina, Inc. develops, manufactures, and distributes integrated platforms and systems for sequencing. It also performs analysis and investigation of genomic & proteomic information, determination of biological function, and expression of gene sequences. The company provides NGS platforms for genotyping, sequencing, and gene expression analysis.
F. Hoffmann-La Roche Ag - F. Hoffmann-La Roche AG is involved in development and manufacture of diagnostic & pharmaceutical products. It is divided into two segments: pharmaceuticals and diagnostics. Roche sequencing (454 Life Sciences) is a subsidiary of Roche Diagnostics Corporation.
AGILENT TECHNOLOGIES, INC. - The company has operations in pharmaceuticals, food, chemical & energy, environmental & forensics, and research segments. The company’s diagnostics & genomics business includes companion diagnostics, nucleic acid contract manufacturing & pathology, genomics, and reagent partnership businesses. Its genomics portfolio includes genotyping, DNA methylation profiling, identification of gene rearrangements, gene expression profiling, gene copy number determination, arrays for DNA mutation detection, NGS target enrichment, and genetic data management & interpretation support software.
Bio-Rad Laboratories, Inc. - Bio-Rad Laboratories, Inc. provides tools and services for life science research, food science, and clinical diagnostics markets. It offers solutions to advance scientific research & development and for introduction of new technology in the fields of proteomics, genomics, food safety, medical diagnostics, drug discovery, and more.
PIERIANDX - PierianDx is involved in development and distribution of products for personalized medicine. It offers a workspace for genomic testing and provides a data-driven ecosystem for clinical labs.
Oxford Nanopore Technologies Plc - The company was established as Oxford NanoLabs Ltd. and was renamed in 2008. It specializes in the development of nanopore-based electronic systems for sensing biological molecules. The company operates across various verticals, such as personalized medicines, scientific research, crop science, environmental applications, security, and defense.
Partek Incorporated – Partek Inc. designs software for statistical analysis in genomics utilized by researchers for DNA microarray, bioinformatics, interactive data visualization, nextgeneration sequencing data, and bioinformatics. It is a software analysis company established in 1993.
Eurofins Scientific - Eurofins Scientific offers testing services to the environmental, food, and pharmaceutical industries. The company also serves as a CRO in the agro science sector and is one of the leading players in certain laboratory & testing services for discovery pharmacology, forensics, genomics, advanced material sciences, and support clinical studies.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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