New York, Oct. 17, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on the “Global Next Generation Sequencing (NGS) Services Market” for the forecast period, i.e., 2023-2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Next Generation Sequencing (NGS) Services Market Size
The global next-generation sequencing (NGS) services market is predicted to acquire around USD 18,000 million by 2033 and to grow at a CAGR of ~20% during the forecast period. In addition, the market garnered around USD 2,672.0 million in 2022. The rising incidence of cancer disease is to blame for the expansion of the market. The World Health Organization (WHO) estimates that 10 million people lost their lives owing to cancer disease in 2020.
NGS is applied to establish the nucleotide sequence of entire genomes or particular DNA or RNA sequences. It offers numerous advantages including metagenomics research, finding non-coding RNAs and protein binding sites, discovering genome diversity, and gene-expression profiling by RNA sequencing. NGS is also utilized to create precision medicine for the treatment of patients with illnesses. As a result, it is anticipated that the growing pharmaceutical business to propel the market development. For instance, until 2022, the United States was home to more than 2,000 brand-name pharmaceutical manufacturing enterprises.
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Global Next Generation Sequencing (NGS) Services Market: Key Takeaways
- North American region gains the largest portion of the revenue
- The hospitals and clinics segment to influence the revenue graph
- The bioinformatics segment retains a sizable presence in the market
Growing Applications in Agri-Genomics Researches and Escalating Healthcare Spending to Boost the Market Growth
Numerous plants and animals employ NGS as a genomic tool, and it is anticipated that this will spur the expansion of the global next generation sequencing (NGS) services market. In India’s GDP for the year 2018, agriculture was a close second to mining at 17%. Additionally, the GDP is predicted to expand by 6.8% during 2018-2019 which further rose to 9.83 percent of the GDP in 2019. Rice, sugarcane, and eucalyptus are new instances of current applications of NGS to extract genetic variation for crop improvement large populations of specimens can be screened instantly by NSG. New plant species can be domesticated instantly with the application of NSG which also helps identify and collect novel genetic variation from closely related species. The government spending on advanced bioscience research in the areas of agriculture and health in the U.K. is USD 18.5 million in U. K. Thus, rising research by adopting NSG in agriculture and health and also elevating government healthcare spending are predicted to boost the market growth.
Global Next Generation Sequencing (NGS) Services Market: Regional Synopsis
The global next generation sequencing (NGS) services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Increasing Investments in Pharmaceutical Industry and Rising Pharmaceutical Firms to Propel the North American Market
By 2033, the North American market is anticipated to hold the biggest market share on account of expanding public awareness of NGS and rising pharmaceutical industry investment in research and development. The Congressional Budget Office estimates that the pharmaceutical industry spent close to 83 billion on research and development in 2019. For instance, more than 368 million doses of the Pfizer-BioNTech COVID-19 vaccine had been given in the U.S. whereas Moderna has so far produced around 233,943,550 doses as of September 28th,2022. The region’s market growth is enhanced by the increase in pharmaceutical firms which drives the demand for NGS in their drug research sector.
Expanding Genomic Research and Rising Healthcare Expenditure to Fuel the APAC Market
On the other hand, owing to the rapid expansion of genomic research and NGS-based treatments in developing nations such as China and India, the rising number of pharmaceutical manufacturers, and elevating government health expenditures are predicted to boost the use of NGS solutions, Asia Pacific region (APAC) is anticipated to witness a lucrative growth rate throughout the forecast period. For instance, in the 2022 Nature Index Annual Tables, BGI was ranked first in the APAC life Science Corporate institution ranking table for the 7th consecutive year. BGI rose to 8th position from 10th among worldwide life science corporate institutions, with a 19 percent gain in its adjusted share metric.
Furthermore, the rising healthcare expenditure in China further increases the demand for NGS in research and drug development. For instance, the healthcare expenditure in 2018 was USD 505, a 15% growth from 2017. Also, the healthcare spending in 2019 was around USD 540, a 6.9% growth from 2018 in China.
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The study further incorporates the Y-O-Y growth, demand & supply, and forecasts future opportunities in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands, & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa)
Global Next Generation Sequencing (NSG) Services Market, Segmentation by End User
- Hospitals & Clinics
- Pharmaceutical & Biotechnology
- Companies
- Research Centers
- Others
On the back of the rising frequency of cancer disorders, and the increasing need for hospitals to treat patients, the hospitals & clinics segment is anticipated to have the highest share over the forecast period. According to the American Hospital Association (AHA), there were 6,093 hospitals in the country overall in 2022. The growing demand for advanced medical treatments and the increase in biomarker-based therapies further enhances the growth of the segment.
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Global Next Generation Sequencing (NGS) Services Market, Segmentation by Product & Services
- Bioinformatics
- Consumables
- Services
- Platforms
The bioinformatics segment is predicted to hold a substantial market share over the forecast period. For medical diagnosis, medical therapies, and epidemiological research, the joined capacity of NGS and bioinformatics is essential. In order to meet the increasing demand for NGS analyses at the National Institute for Biological Standards and Control (NIBSC), the NGS/Bioinformatics core facility was founded in 2016. Moreover, several bioinformatics companies are conducting numerous research using NGS services. For instance, ever since its inception 10 years back, Benchling’s cloud platform has been used by more than 235,000 scientists, and 1200 R&D organizations to consolidate extremely complicated experimental datasets and streamline R&D procedures.
Global Next Generation Sequencing (NGS) Services Market, Segmentation by Technology
- Single Molecule Real Time
- Sequencing by Synthesis
- Others
A few of the well-known market leaders in the global next generation sequencing (NGS) services market that are profiled by Kenneth Research are Thermo Fisher Scientific, Becton, Dickinson, and Company, F. Hoffmann-La Roche Ltd, Illumina, Inc., QIAGEN GmbH, PerKinElmer Inc., Hamilton Company, Takara Bio Inc., SeqLL Inc., Foundation Medicine, and others.
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Recent Developments in the Global Next Generation Sequencing (NGS) Services Market
- On March 29th, 2022, the CE-IVD-certified Ion Torrent Genexus Dx Integrated Sequencer, an automated NGS platform that can deliver results fastly in one day, was introduced by Thermo Fisher Scientific.
- On December 13th,2021, by automating and streamlining sample preparation for NGS, the AVENIO Edge System would decrease human error and advanced precision medicine was introduced by F. Hoffmann-La Roche Ltd.
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