Next-generation Sequencing Services Market to be Worth $24.44 billion by 2031- Exclusive Report by Meticulous Research®

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Jul 25, 2024, 10:16 ET

REDDING, Calif., July 25, 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.

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 43.9% 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.

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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 62.9% 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. However, the Asia-Pacific region is slated to register the highest CAGR of 23.2% during the forecast period of 2024-2031. Growing healthcare and pharmaceutical sectors due to growing investments and supporting initiatives, the growing prevalence of chronic diseases coupled with rising healthcare expenditures are the major factors attributed to this region's growth.

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

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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
- U.S.
- Canada
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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Related Reports:

Next Generation Sequencing (NGS) Informatics Market by Offering (Data Analysis, Interpretation & Reporting, Storage & Computing, LIMS) Application (Diagnostic, Drug Discovery, Precision Medicine, Biomarker Discovery) End User - Global Forecast to 2030

Next Generation Sequencing (NGS) Market by Offering (Kits [Library Prep, QC, DNA Extraction], System) Type (Genome, Exome, Targeted) Application (Reproductive, Oncology, Infectious) Technology (SBS, Nanopore, Nanoball, SMRT Seq) – Global Forecast to 2030

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