Next-generation Sequencing Services Market to Attain a Valuation of the Highest CAGR, and Forecast to 2028

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. 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.

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.

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In 2021, North America is estimated to account for the largest share of the global NGS services market

Based on region, the NGS services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, North America is estimated to account for the largest share of the global 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.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments that market participants adopted over the past four years. The key players profiled in the global next-generation sequencing services market report include 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), and SeqLL, Inc. (U.S.).

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In 2021, the hospitals & clinics segment is estimated to account for the largest share of the global NGS services 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 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.

Scope of the Report

NGS Services Market, 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

NGS Services Market, by Technology

• Sequencing By Synthesis (SBS)
• Ion Semiconductor Sequencing (IOS)
• Single-molecule Real-time Sequencing (SMRT)
• Nanopore Sequencing
• Other Technologies

NGS Services Market, by Application

• Diagnostics
• Drug Discovery
• Biomarker Discovery
• Agriculture & Animal Research
• Other Applications

NGS Services Market, by End User

• Hospitals & Clinics
• Pharmaceutical & Biotechnology Companies
• Academics & Research Institutes
• Other End Users

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Key Findings in the Global Next-generation Sequencing Services Market Study

• The exome sequencing services segment is expected to grow at the highest CAGR during the forecast period
• The single-molecule real-time sequencing segment is expected to grow at the highest CAGR during the forecast period
• The biomarker discovery segment is expected to grow at the highest CAGR during the forecast period

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