DUBLIN, December 01, 2021--(BUSINESS WIRE)--The "Next-generation Sequencing Services Market by Type, Technology, Application, & End User - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The next-generation sequencing services market is expected to grow at a CAGR of 20.4% from 2021 to 2028 to reach $14.1 billion by 2028.
Following a thorough secondary and primary research and in-depth analysis of the market scenario, the report discusses key industry drivers, restraints, challenges, and opportunities.
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.
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.
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 2021, 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 (SBS), ion semiconductor sequencing (IOS), single-molecule real-time sequencing (SMRT), nanopore sequencing, and other NGS technologies. In 2021, the sequencing by synthesis (SBS) 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 biomarker discovery, diagnostics, drug discovery, agriculture & animal research, and other applications. In 2021, the diagnostics segment is estimated to account for the largest share of the global NGS services market.
This segment's large share is mainly 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 & research institutes, and other end users. In 2021, 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.
North America is expected to command the largest share of the global next-generation sequencing services market in 2021, followed by Europe and Asia-Pacific.
Plummeting Costs of Sequencing Procedures
Development and Approval of New Targeted Therapies
Rising Prevalence of Cancer
Partnerships Between NGS Service Providers and Pharmaceutical Companies
High Cost of Sequencing Infrastructure
Technological Advancements in NGS
Availability of Alternative Technologies
Lack of Skilled Professionals for Sample Preparation and Analysis
Low Chances of Positive Actionable Mutations for Precision Medicine
Increasing Applications in Cancer and Agri-Genomics Research
Advancements in Sequencing Data Analytics
Regulatory & Standardization Concerns in Diagnostic Testing
Installation of In-House NGS Facilities in Large Hospitals and Research Institutes
Ethical Issues & Costs Related to Non-Invasive Prenatal Genetic Testing
Key companies operating in the global next-generation sequencing services market are
Illumina, Inc. (U.S.)
Qiagen N.V. (Netherland)
PerkinElmer, Inc. (U.S.)
Eurofins Scientific S.E. (Luxembourg)
Macrogen, Inc. (South Korea)
LGC Limited (U.K.)
GENEWIZ, Inc. (U.S.)
Beijing Genomics Institute (BGI) (China)
SciGenom Labs Pvt. Ltd (India)
MedGenome Inc. (U.S.)
DNA Link, Inc. (South Korea)
Otogenetics Corporation (U.S.)
Novogene Co., Ltd. (China)
CD Genomics (U.S.)
Foundation Medicine, Inc. (U.S)
SeqLL, Inc. (U.S.)
Scope of the Report
Global Next-generation Sequencing Services Market, by Type
Targeted Sequencing Services
RNA Sequencing Services
De Novo Sequencing Services
Exome Sequencing Services
Chip Sequencing Services
Methyl Sequencing Services
Global Next-generation Sequencing Services Market, by Technology
Sequencing By Synthesis (SBS)
Ion Semiconductor Sequencing (IOS)
Single-molecule Real-time Sequencing (SMRT)
Global Next-generation Sequencing Services Market, by Application
Agriculture & Animal Research
Global Next-generation Sequencing Services Market, by End User
Hospitals & Clinics
Pharmaceutical & Biotechnology Companies
Academics & Research Institutes
Other End Users
Global Next-generation Sequencing Services Market, by Geography
Rest of Europe (RoE)
Rest of APAC (RoAPAC)
Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/k28ggm
View source version on businesswire.com: https://www.businesswire.com/news/home/20211201005667/en/
Laura Wood, Senior Press Manager
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