NGS Services Market Accelerates 19.4% CAGR Forecast (2022-2030)

Key Points and Statistics on the NGS Services Market:
● The global NGS services market size is projected to expand to USD 5.9 Billion by 2030, growing at a CAGR of 19.4% from 2022 to 2030.
● North America dominated the NGS services market, accounting for over 45% of the market share in 2021.
● Human genome sequencing captured over 30% of the overall market share in 2021.
● Among end-use, universities and other research entities occupied more than 53% of the market share from 2022 to 2030.
● Major players in the market include GENEWIZ Germany GmbH, Illumina, Inc., Novogene Corporation, ABM Inc., Veritas Genetics, Quest Diagnostics, Gene by Gene, ARUP Laboratories, BGI, and Lucigen.

What exactly are NGS services? They are advanced services related to Next Generation Sequencing (NGS) that have transformed gene sequencing in terms of reproducibility and cost savings. The global market was valued at USD 1.2 billion in 2021 and is projected to reach USD 5.9 billion by 2030. The NGS services market is deeply intertwined with various medical and research applications, emphasizing the use of advanced sequencing for various genomic studies. This sector is witnessing substantial growth due to the increasing demand for better sequencing products and the continuous advancements in NGS technologies. As the medical and research sectors increasingly adopt NGS services, the potential for this market continues to soar, aiming for enhanced research quality and operational efficiency. However, challenges like the availability of substitute technologies and lack of qualified professionals for sample preparation do exist. Yet, the demand remains robust as NGS services become crucial for institutions and businesses seeking precision, customization, and efficiency.

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NGS Services Market Overview and Analysis:
NGS services might seem like a specialized offering, but this advanced technology is transforming sectors from medical research to biotech. As institutions increasingly adopt NGS services for genomic studies, this market is flourishing. The NGS Services Market is dedicated to providing services that enhance the precision and depth of genomic studies across various sectors. The market is consistently innovating to improve the efficiency, accuracy, and versatility of NGS services. However, market growth may face challenges such as the availability of alternative technologies and a lack of skilled professionals. In essence, NGS services are becoming an indispensable tool in modern research practices, offering numerous benefits but also encountering certain challenges. The market is expected to witness significant growth in the coming years, driven by technological advancements and increasing demand from various research sectors.

Latest NGS Services Market Trends and Innovations:
Technological advancements are leading to more efficient and precise sequencing solutions. For instance, the introduction of new seq-technologies, ranging from high-throughput sequencers to portable units, has stimulated the trend of Sequencing NGS in recent years. Continuous research and development are leading to the introduction of innovative NGS service solutions for various research applications. For example, in March 2018, ARUP Laboratories and IDbyDNA, Inc. launched Explify Respiratory, an NGS test for respiratory infections.

Major Growth Drivers of the NGS Services Market:
Driving this growth is the rising need for robust sequencing-based diagnostics, which has resulted in the introduction of new seq-technologies. Decreasing costs of sequencing procedures are further propelling the NGS services market. Additionally, the increasing prevalence of cancer and the rising approvals for new targeted therapies are generating significant revenue for the market.

Key Challenges Facing the NGS Services Industry:
Challenges such as the availability of substitute technologies and the lack of qualified professionals for sample preparation can impact the growth of the NGS services market. Regulatory and standardization concerns in diagnostic testing also pose challenges to market growth.

Market Segmentation Insights:

● Based on Service Type:
○ Human Genome Sequencing
○ Single Cell Sequencing
○ Gene Regulation Services
○ Animal & Plant Sequencing
○ Others

● Based on Workflow:
○ Pre-Sequencing
○ Sequencing
○ Data Analysis

● Based on End-Use:
○ Universities and Other Research Entities
○ Hospitals & Clinics
○ Pharma & Biotech Entities
○ Others

Overview by Region of the NGS Services Market:
North America dominates the NGS services market, thanks to its well-established informatics network and the presence of market leaders. However, the Asia-Pacific region is expected to serve as a significant source of revenue through 2030, driven by increasing government attention and investments in advanced diagnostic methods.

NGS Services Market Table of Content:

CHAPTER 1. Industry Overview of NGS Services Market

CHAPTER 2. Research Approach

CHAPTER 3. Market Dynamics And Competition Analysis

CHAPTER 4. NGS Services Market By Service Type

CHAPTER 5. NGS Services Market By Workflow

CHAPTER 6. NGS Services Market By End-Use

CHAPTER 7. North America NGS Services Market By Country

CHAPTER 8. Europe NGS Services Market By Country

CHAPTER 9. Asia Pacific NGS Services Market By Country

CHAPTER 10. Latin America NGS Services Market By Country

CHAPTER 11. Middle East & Africa NGS Services Market By Country

CHAPTER 12. Player Analysis Of NGS Services Market

CHAPTER 13. Company Profile

List of Key Players in the Global Market:
The shuffled list of companies includes GENEWIZ Germany GmbH, Illumina, Inc., Novogene Corporation, ABM Inc., Veritas Genetics, Quest Diagnostics, Gene by Gene, ARUP Laboratories, BGI, and Lucigen.

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This release was published on openPR.