REDDING, Calif., June 27, 2024 /PRNewswire/ -- According to a new
market research report titled "Next Generation
Sequencing (NGS) Services Market By Type (Targeted,
RNA, De Novo, WES, WGS), Technology (Sequencing by Synthesis, Ion
Semiconductor, SMRT, Nanopore), Application (Research, Clinical
[Oncology, Reproductive]), and End User–Global Forecast to
2031" published by Meticulous Research®, the
next-generation sequencing services market is expected to register
a CAGR of 19.8% from 2024 to 2031 to reach $24.44
billion by 2031.
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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.
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 to the growth of this market.
Declining Cost of Sequencing Drives Market Growth
Advances in genomics research have significantly reduced the
costs of genome sequencing procedures. In recent years, the
availability of advanced NGS technologies has lowered sequencing
costs and significantly reduced the time required for DNA
sequencing. According to the National Human Genome Research
Institute (NHGRI), the cost of sequencing a human genome decreased
from USD 29,092 in 2010 to
USD 562 in 2021. Thus, the adoption
of NGS services has increased rapidly with declining sequencing
costs.
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The report includes an extensive market assessment based on
type, technology, application, end user, and geography. The study
also provides valuable insights into the key growth strategies
adopted by major market players in the last three to four
years.
Key companies operating in the 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 oncology information systems market is segmented based on
type, technology, application, end user, and geography. The study
also evaluates industry competitors and analyzes the market at the
regional and country levels.
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Based on type, the 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 2024, the targeted sequencing services
segment is expected to account for the largest share of 44%
of the market. Targeted RNA and DNA sequencing enables high
accuracy for identifying specific areas of interest and provides
expression information. The large share of this segment is
attributed to its advantages, such as its rapid and cost-effective
nature for detecting known and novel variants in selected genes,
increased utilization in precision medicine, and growing use in
cancer research.
Based on technology, the NGS services market is segmented into
sequencing by synthesis, ion semiconductor sequencing,
single-molecule real-time sequencing, nanopore sequencing, and DNA
nanoball sequencing. In 2024, the sequencing by synthesis segment
is expected to account for the largest share of 63% of the
market. The large share of this segment is attributed to the higher
install base of instruments by Illumina, Inc. (U.S.), high demand
for high-throughput sequencing at lower costs, high reliability,
and its broad range of research and clinical applications.
Based on application, the NGS services market is segmented into
research applications and clinical applications. The clinical
applications segment is expected to register the highest CAGR
during the forecast period. The increasing adoption of NGS in the
diagnosis of certain rare genetic and chronic diseases, rising
adoption of companion diagnostics, and increasing prevalence of
cancer and other rare genetic disorders.
Based on end user, the NGS services market is segmented into
hospitals and diagnostic laboratories, pharmaceutical &
biotechnology companies, academic institutes & research
centers, and other end users. In 2024, the hospitals & clinics
segment is estimated to account for the largest share of the NGS
services market. The large 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.
Geographically, in 2024, North
America is expected to account for the largest share of
45.5% of the 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.
However, the Asia-Pacific
region is slated to register the highest CAGR during the forecast
period of 2024-2031.
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Scope of the Report
Next Generation Sequencing Services Market
Assessment–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
(Note: Other NGS services include degradome sequencing,
ribosome profiling, amplicon sequencing, CRISPR validation, viral
genome sequencing, and immunogenomics services.)
Next Generation Sequencing Services Market
Assessment–Technology
- Sequencing By Synthesis
- Ion Semiconductor Sequencing
- Single-molecule Real-time Sequencing
- Nanopore Sequencing
- DNA Nanoball Sequencing
Next generation Sequencing Services Market
Assessment–Application
- Research Applications
- Drug Discovery
- Agriculture & Animal Research
- Other Research Applications
- Clinical Applications
- Reproductive Health Diagnosis
- Oncology
- Infectious Diseases
- Other Clinical Applications
(Other research applications include food microbiology,
microbiota analysis in the beverage industry, and environmental
studies, and other clinical applications include the detection of
genetic aberrations in neurological disorders, rare diseases,
metabolic and immune disorders, and food-borne illnesses)
Next Generation Sequencing Services Market
Assessment–by End User
- Hospitals & Diagnostic Laboratories
- Pharmaceutical & Biotechnology Companies
- Academic Institutes & Research Centers
- Other End Users
(Other end users primarily include forensic laboratories
& security agencies, food & beverage companies, and
agriculture companies that utilize NGS services for their
sequencing needs.)
Next Generation Sequencing Services Market
Assessment–by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- China
- India
- Rest of Asia Pacific
(RoAPAC)
- Latin America
- Middle East & Africa
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