Next-Generation Sequencing (NGS) Services Market is expected to grow at a CAGR of 22.00% during the forecast period

Next-generation sequencing is a technology that is aggressively being employed by the hospitals and clinics for analysis, testing, and diseases diagnostics. Next-generation sequencing is used in the drug development processes using a wide array of methods.

Data Bridge Market Research analyses that the next-generation sequencing (NGS) services market is expected to undergo a CAGR of 22.00% during the forecast period. This indicates that the market value, which was USD 6,588.68 million in 2021, would rocket up to USD 32,335.31 million by 2029. "Whole-genome Sequencing" dominates the type segment of the next-generation sequencing (NGS) services market owing to increasing number of hospitals and research laboratories in the developing regions and numerous initiatives undertaken by universities, academic and research institutions and research establishments for utilizing this technology in identifying root cause of diseases. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

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Some of the major players operating in the next-generation sequencing (NGS) services market are Medtronic (Ireland), Ethicon US, LLC. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Novo Nordisk A/S (Denmark), BD (U.S.), Stryker (U.S.), Boston Scientific Corporation (U.S.), Luminex Corporation (US), Eurofins Scientific SE (Luxembourg), PerkinElmer, Inc. (U.S.), QIAGEN (Germany), Macrogen Inc. (South Korea), GENEWIZ, Inc. (U.S.), Illumina, Inc. (U.S.), Novogene Corporation (China), Abcam plc (UK), Merck KGaA (Germany), Promega Corporation (US), Siemens (Germany), and GATC Biotech AG (Germany) among others.

Next-Generation Sequencing (NGS) Services Market Dynamics

Drivers

Rising awareness about sequencing
Surging awareness about the benefits of next generation sequencing is one of the major factors fostering the growth of the market. Some benefits of next generation sequencing technology are low cost and pricing of sequencing technology, high accuracy, high speed and quicker results and precision in the results.

Research and development proficiencies
Rising expenditure for research and development proficiencies especially in the developed and developing economies pertaining to the medical instruments and devices will further create lucrative market growth opportunities. Research and development proficiencies being conducted for the integration of advanced technologies in the healthcare facilities and on the detection of infectious diseases is also bolstering the market growth rate.

Government investments on healthcare infrastructure
The increase in the funding by the federal government is set to drive the market growth rate. Moreover, growth and expansion of healthcare industry being driven by both public and private players especially in the developing economies will create lucrative market growth opportunities. Also, high return on investments assured by the research activities will also work in the favour of the market.

Additionally, growing adoption of companion diagnostics for increasing the safety and efficacy of therapies, surge in the personal disposable income level, introduction of technologically driven products in hospitals, increasing investment for the development of advanced medical products and devices and growing awareness about the benefits of multiplex assays, positively affect the market growth rate.

Opportunities

Furthermore, upsurge in the public-private funding for target research activities, increasing use of multiplex assays in companion diagnostics, rising geriatric population base and validation of the biomarkers in molecular and protein diagnostics, along with the rising need of the high-throughput and automated systems all around the world will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, surging number of strategic collaborations, rising internet penetration rate, growing number of hospitals and laboratories, increasing availability and affordability of low-cost clinical microbiology products and increasing per capita expenditure on health care will further expand the market's growth rate in the future.

For more information on market analysis, refer to the research report summary:- https://www.databridgemarketresearch.com/reports/global-ngs-services-market

Global Next-Generation Sequencing (NGS) Services Market Scope

The next-generation sequencing (NGS) services market is segmented on the basis of type, technology, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

Targeted Sequencing/Gene Panels
RNA- Sequencing
De Novo Sequencing
Exome Sequencing
CHiP- Sequencing
Whole-genome Sequencing
Methyl- Sequencing
Other Services
On the basis of type, the market is segmented into targeted sequencing/gene panels, rna-sequencing, de novo sequencing, exome sequencing, chip-sequencing, whole-genome sequencing, methyl-sequencing and other services.

Technology

Sequencing by Synthesis (SBS)
Ion Semiconductor Sequencing
Single-Molecule Real-time (SMRT) Sequencing
Nanopore Sequencing
On the basis of technology, the market is segmented into sequencing by synthesis, ion semiconductor sequencing, single-molecule real-time sequencing and nanopore sequencing.

Application

Diagnostics
Oncology
Reproductive Health
Infectious Diseases
Rare Genetic Disorders
Others
Drug Discovery
Biomarker Discovery
Microbial Genetics, Agriculture, and Animal Research
Other Applications
On the basis of application, the market is segmented into diagnostics, drug discovery, biomarker discovery, microbial genetics, agriculture, and animal research and other applications.

End User

Academic and Government Institutes
Research Centers
Hospitals and Clinics
Pharmaceutical and Biotechnology Companies
Other End Users
On the basis of end user, the market is segmented into academic and government institutes and research centers, hospitals and clinics, pharmaceutical and biotechnology companies and other end users.

Next-Generation Sequencing (NGS) Services Market Regional Analysis/Insights

The next-generation sequencing (NGS) services market is analysed and market size insights and trends are provided by country, type, technology, application and end user as referenced above. The countries covered in the next-generation sequencing (NGS) services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the next-generation sequencing (NGS) services market because of the strong base of healthcare facilities, rising investment from key players in the growth of the advanced devices, well-established distribution channels for assay product manufacturers and rising number of research activities in this region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, and the growing demand for quality healthcare in the region.

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The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

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