Global NGS Services Market Will Reach USD 2,921.4 Million by 2023 Courtesy Plummeting Cost of Sequencing

Global NGS Services Market Research Report 2018-2023: Provides pin-point analysis for changing competitive dynamics.The report covers market landscape and its growth prospects over the coming years. It also includes a discussion of the key vendors operating in this market.

Global NGS services market has shown strong growth pattern in recent year’s majorly due plummeting cost of sequencing, need of skilled professionals for efficient NGS sample preparation and analysis, technological advancements in NGS services, increase in genome mapping programs, high cost of sequencing infrastructures are expected to boost the demand for NGS services across the globe. However, installation of in-house sequencing facilities in hospitals and universities for genome testing may obstruct the growth of NGS services to some extent.

Meticulous Research® in its latest publication on global NGS services market states that the global NGS services market will increase at a CAGR of 20.1% from 2018 to 2023 to reach USD 2,921.4 million by 2023. The recent advances in the field of genomics research over the past years have led to substantial reduction in the cost of genome sequencing. The NGS technology has reduced the cost and increased the speed of DNA sequencing significantly.

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Meticulous Research states that “In genomics research field, sequencing is being applied not only to assemble genomes and to investigate the genetic basis of human diseases, but also to understand the diverse nature of reproductive medicine, oncology and infectious diseases. The cheaper genome sequencing could revolutionize healthcare, allowing doctors to prescribe individualized treatment options for patients. Also, this would enable faster progress in clinical research, pushing research for cancer and other genetically linked diseases forward”.

The cost of sequencing closely followed a Moore’s law trajectory over the years before 2008; however, the introduction of NGS technologies caused costs to fall faster than would be expected by Moore’s law. In 2003, the first time the human genome was sequenced for a price of $2.7 billion. Later, the price of sequencing an average human genome declined from about USD10million to a few thousands in just 6 years of duration (2007-2013). Further to this declining price trend, in January 2017, Illumina debuted a new sequencing machine, the NovaSeq (NovaSeq 5000 and NovaSeq 6000), which has ability to sequence an entire genome for less than USD 100 in fewer than 60 minutes.

The report provides meticulous analysis of global NGS services market by segmenting it on the basis of service type (targeted sequencing, rna sequencing, exome sequencing, de novo sequencing, chip-sequencing, whole genome sequencing, methyl sequencing, and other services), technology [sequencing by synthesis (sbs), ion semiconductor sequencing (ios), single molecule real time sequencing (smrt), nanopore sequencing, and true single molecule sequencing (tsms)], application (diagnostics, drug discovery, biomarker discovery, agriculture & animal research, and other applications), end user (academic& research institutes, pharmaceuticals & biotechnology industry, hospitals & clinics and other end users), and geography.

The key players analyzed in the global NGS services market are Illumina, Inc. (U.S.), Qiagen N.V. (The Netherlands), PerkinElmer, Inc. (U.S.), Eurofins Scientific SE (Luxembourg), GATC Biotech AG (Germany), Macrogen, Inc. (South Korea), Genotypic Technology Pvt. Ltd. (India), GENEWIZ, Inc. (U.S.), Beijing Genomics Institute (BGI) (China), SciGenom Labs Pvt. Ltd. (India), MedGenome (India), DNA Link, Inc. (South Korea), Otogenetics Corporation (U.S.), Novogene Corporation (China), LGC Limited (U.K.), CD Genomics (U.S.), and SeqLL, LLC (U.S.)

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Key questions answered in the report-

Growing genomics research in academic and research institutes and outsourcing of genome testing in biopharmaceutical & biotechnology industry to drive the adoption of NGS services
-How does the penetration of NGS services in biopharmaceutical industry differ from that in diagnostics and biomarker discovery applications?
-What impact does this have on the adoption of NGS services in comparison to other conventional technologies for detection of genetic mutations?

Agriculture & animal research account for a relatively small proportion of all applications of NGS services globally
-What factors contribute to the infrequent usage of NGS services for agriculture & animal research?
-Conversely, which geographic segment is expected to experience the fastest growth for agriculture & animal research?

The North American NGS services market favors both larger and local manufacturers that compete in multiple segments
-Who are the top competitors in this market and what strategies do they employ to gain shares?
-What is driving growth and which market segments have the most potential for revenue expansion during the forecast period?
-What strategies must companies adopt who are looking to enter this market and compete effectively?
-What are the major drivers, restraints, opportunities, and challenges in the global NGS services market?
-Who are the major players in various countries and what share of the market do they hold?
-What are the geographical trends and high growth regions/ countries?

Recent new service launches, acquisitions, collaborations, partnerships, and expansions have taken place in the NGS services space.
-What companies have recently merged/acquired and how will these unions affect the competitive landscape of the NGS services space?
-What companies have created partnerships and how will these partnerships promote a competitive advantage?
-Who are the major players in the global NGS services market and what share of the market do they hold?
-What are the local emerging players in the global NGS services market and how do they compete with the global players?

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, with the help of its unique research methodologies, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.

This release was published on openPR.