(MENAFN- GetNews) The Next-generation Sequencing Services market is expected to grow at a CAGR of 20.4% from 2021 to 2028 to reach $14.1 billion by 2028. Next-generation Sequencing Services Market by Type (Targeted Sequencing, Exome, RNA-Seq, ChIP Sequencing), technology (Sequencing by Synthesis, Nanopore, SMRT), Application (Clinical Diagnosis, Biomarker Discovery), & End User – Forecast to 2028
The growth of this market is mainly attributed to the reducing cost of NGS procedures, the development and approval of new targeted therapies, rising prevalence of cancer, partnerships between NGS service providers and pharmaceutical companies, high cost of sequencing infrastructure, and technological advancements in NGS. In addition, advancements in sequencing data analytics and the increasing applications of NGS in cancer and agri-genomics research are expected to offer significant growth opportunities for NGS service providers.
However, the availability of alternative technologies, lack of skilled professionals for sample preparation and analysis, and actionable mutations for precision medicine may restrain the growth of the NGS services market. Moreover, regulatory & standardization concerns in diagnostic testing and the ethical issues & costs related to non-invasive prenatal genetic testing are major challenges for the growth of this market.
Meticulous Research®, in its latest publication on the Next-generation Sequencing Services Market, states that the global market will increase at a CAGR of 20.4% from 2021 to 2028 to reach $14.1billion by 2028.
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To provide efficient analysis, Meticulous Research has segmented this market on the basis of Type (Targeted Sequencing, RNA Sequencing Services, Exome Sequencing Services, De Novo Sequencing Services, ChIP Sequencing Services, Whole Genome Sequencing, Methyl Sequencing, and Other Services), Technology (Sequencing By Synthesis, Ion Semiconductor Sequencing, Single-molecule Real-time Sequencing, Nanopore Sequencing, and Other Technologies), Application (Diagnostics, Drug Discovery, Biomarker Discovery, Agriculture & Animal Research, and Other Applications), End User (Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Academic & Research Institutes, and Other End Users), and Geography (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa).
Based on region, the NGS services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, North America is estimated to account for the largest share of the global NGS services market. The large share of North America in the NGS services market is primarily attributed to the presence of leading NGS service providers in the region, favorable government initiatives for genomics research, growing applications of NGS-based research, declining cost of sequencing coupled with the rising awareness of NGS, increasing research investments by pharmaceutical and biopharmaceutical companies, increasing cancer prevalence, and favorable reimbursement scenario in the region.
Based on type, the global NGS services market is segmented into targeted sequencing services, whole-genome sequencing services, RNA sequencing services, exome sequencing services, de novo sequencing services, ChIP sequencing services, methyl sequencing services, and other NGS services. In 2021, the targeted sequencing services segment is estimated to account for the largest share of the global NGS services market. The large share of this segment can be attributed to the relatively lower cost, faster turnaround time, and accurate, easy-to-interpret results of targeted sequencing in the study of disease-related genes.
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Based on technology, the global NGS services market is segmented into sequencing by synthesis (SBS), ion semiconductor sequencing (IOS), single-molecule real-time sequencing (SMRT), nanopore sequencing, and other NGS technologies. In 2021, the sequencing by synthesis (SBS) segment is estimated to account for the largest share of the global NGS services market. This large share of this segment is attributed to its highest yield of error-free throughput, base call value above Q30, and higher accuracy in DNA sequencing compared to other sequencing technologies available in the market.
Based on application, the global NGS services market is segmented into biomarker discovery, diagnostics, drug discovery, agriculture & animal research, and other applications. In 2021, the diagnostics segment is estimated to account for the largest share of the global NGS services market. This segment’s large share is mainly attributed to the significant use of NGS services in cancer diagnostics globally and improvements in NGS-based oncology and non-invasive prenatal tests (NIPT). Growing emphasis on utilizing NGS in cancer research fuels the growth of this market.
Based on end user, the global NGS services market is segmented into hospitals & clinics, pharmaceutical & biotechnology companies, academic & research institutes, and other end users. In 2021, the hospitals & clinics segment is estimated to account for the largest share of the global NGS services market. The largest share of this segment is attributed to factors such as high capital requirements for building in-house NGS capabilities in hospitals & clinics, the rising prevalence of cancer and other chronic diseases, the growing demand for advanced medical treatments, and the rising number of biomarker-based therapies.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market, including Illumina, Inc. (U.S.), QIAGEN N.V. (Netherland), PerkinElmer, Inc. (U.S.), Eurofins Scientific S.E. (Luxembourg), Macrogen, Inc. (South Korea), LGC Limited (U.K.), GENEWIZ, Inc. (U.S.), Beijing Genomics Institute (BGI) (China), SciGenom Labs Pvt. Ltd (India), MedGenome Inc. (U.S.), DNA Link, Inc. (South Korea), Otogenetics Corporation (U.S.), Novogene Co., Ltd. (China), CD Genomics (U.S.), Foundation Medicine, Inc. (U.S), and SeqLL, Inc. (U.S.).
TOP 10 COMPANIES IN THE NGS SERVICES MARKET
Scope of the Report
NGS Services Market, by Type
- Targeted Sequencing Services
- RNA Sequencing Services
- De Novo Sequencing Services
- Exome Sequencing Services
- Chip Sequencing Services
- Whole-genome Sequencing Services
- Methyl Sequencing Services
- Other Services
NGS Services Market, by Technology
- Sequencing By Synthesis (SBS)
- Ion Semiconductor Sequencing (IOS)
- Single-molecule Real-time Sequencing (SMRT)
- Nanopore Sequencing
- Other Technologies
NGS Services Market, by Application
- Diagnostics
- Drug Discovery
- Biomarker Discovery
- Agriculture & Animal Research
- Other Applications
NGS Services Market, by End User
- Hospitals & Clinics
- Pharmaceutical & Biotechnology Companies
- Academics & Research Institutes
- Other End Users
NGS Services Market, by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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