Next Generation Sequencing Services Market to be Worth $20.39 Billion by 2030

According to this latest publication from Meticulous Research®, the global next-generation sequencing services market is expected to grow at a CAGR of 19.9% from 2023 to 2030 to reach $20.39 billion by 2030. The growth of this market is mainly attributed to the reduced cost of NGS procedures, the development and approval of new targeted therapies, the rising prevalence of cancer, partnerships between NGS service providers and pharmaceutical companies, the 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.

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.

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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.

Key Players

Key companies operating in the global next-generation sequencing services market are Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (U.S.), Eurofins Scientific S.E. (Luxembourg), Macrogen, Inc. (South Korea), LGC Limited (U.K.), GENEWIZ, Inc. (U.S.), Beijing Genomics Institute (China), MedGenome, Inc. (U.S.), DNA Link, Inc. (South Korea), Novogene Co., Ltd. (China), CD Genomics (U.S.), SeqLL, Inc. (U.S.), Otogenetics Corporation (U.S.), Foundation Medicine, Inc. (U.S.), Quest Diagnostics Incorporated (U.S.), and Invitae Corporation (U.S.).

The global next-generation sequencing services market study presents historical market data in terms of values (2021 and 2022), estimated current data (2023), and forecasts it for 2030-by 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 DNA Nanoball Sequencing), Application (Research Applications [Drug Discovery, Agriculture & Animal Research, Other Research Applications], Clinical Applications [Reproductive Health Diagnosis, Oncology, Infectious Diseases, Other Clinical Applications]), End User (Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Academic Institutes & Research Centers, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.

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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 2023, 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.

Based on technology, the global NGS services market is segmented into sequencing by synthesis, ion semiconductor sequencing, single-molecule real-time sequencing, nanopore sequencing, and other NGS technologies. In 2023, the sequencing by synthesis 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 research applications and clinical applications. The clinical applications segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment is 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 institutes & research centers, and other end users. In 2023, 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.

Geographic Review

This research report analyzes major geographies and provides comprehensive analysis for North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa.

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Key questions answered in the report:

Which are the high-growth market segments in terms of type, technology, application, end user, and region/country?

What was the historical market size for NGS services across the globe?

What are the market forecasts and estimates for the period 2023-2030?

What are the major drivers, restraints, opportunities, and challenges in the global NGS services market?

Who are the major players in the NGS services market?

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This release was published on openPR.