NGS Services Market Size Growing at 19.4% CAGR, Set to Reach USD 5.9 Billion By 2030

TOKYO, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The Global NGS Services Market Size accounted for USD 1.2 Billion in 2021 and is projected to achieve a market size of USD 5.9 Billion by 2030 rising at a CAGR of 19.4% from 2022 to 2030.

NGS Services Market Research Report Highlights and Statistics:

• The Global NGS Services Market size in 2021 stood at USD 1,200 Million and is set to reach USD 5900 Million by 2030, growing at a CAGR of 19.4%
• The NGS Services Market is segmented by Service Type, by Workflow, By End Use Industry and by geographical regions.
• The NGS Services Market is very competitive and characterized by the presence of several major players, including Illumina, Inc., Thermo Fisher Scientific, Inc., QIAGEN N.V., Agilent Technologies, Inc., and Roche Holding AG, among others.
• The growth of the NGS Service Market is driven by the increasing demand for personalized medicine, the growing demand for NGS services in drug discovery, and the declining cost of NGS services, among others.
• The growth of the NGS Service Market Share is challenged by the lack of skilled personnel, data privacy and security concerns, and the high cost of NGS services, among others.
  

NGS Services Market Overview

The Next-Generation Sequencing (NGS) Services Market is an innovative and rapidly growing sector that offers a wide range of applications for various industries. NGS refers to the modern and advanced techniques used for decoding and analyzing large amounts of genomic data in a cost-effective and high-throughput manner. The NGS services market offers diverse solutions, including DNA sequencing, RNA sequencing, and epigenetic analysis, among others.

The NGS services market has a wide range of applications, including human genomics, drug discovery, precision medicine, and agricultural biotechnology, among others. In human genomics, NGS is used for diagnosing and characterizing various diseases and genetic disorders, including cancer, cardiovascular diseases, and neurological conditions. In drug discovery, NGS plays a crucial role in identifying novel drug targets and understanding the mechanism of action of drugs. Precision medicine utilizes NGS for personalizing medical treatment and developing more effective drugs.

Agricultural biotechnology leverages NGS services to improve crop yield, enhance disease resistance, and optimize breeding strategies. NGS is also used in environmental and biodiversity research to study the genetic makeup of various species and their adaptations to different environments.

The NGS service market is characterized by significant growth potential and a wide range of applications, and is poised to continue its rapid growth in the coming years. The increasing demand for personalized medicine and the rapidly expanding field of genomics are two major drivers of this market's growth. The market is also driven by the declining cost of NGS services, the development of advanced NGS technologies, and the growing awareness of the benefits of NGS services.

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NGS Services Market Report Coverage:

Trends in the NGS Services Market:

• Increasing demand for personalized medicine: The growing demand for personalized medicine is driving the growth of the NGS service market as NGS plays a crucial role in the development of personalized treatments.
• Growing demand for NGS services in drug discovery: NGS services are playing an increasingly important role in drug discovery, and the growing demand for these services is driving the growth of the NGS service market.
• Growing demand for NGS services in precision medicine: The growing demand for NGS services in precision medicine is driving the growth of the NGS service market as NGS plays a critical role in personalizing medical treatment.
• Declining cost of NGS services: The declining cost of NGS services is making it increasingly affordable for various industries and driving the growth of the NGS service market.
• Expansion of the genomics market: The expanding genomics market is driving the growth of the NGS services market as NGS services play a critical role in the advancement of genomics.
  

NGS Services Market Dynamics:

• Expansion of the genotyping market: The expanding genotyping market is driving the growth of the NGS services market as NGS services play a critical role in genotyping.
• Increasing demand for NGS services in academic and research institutions: The growing demand for NGS services in academic and research institutions is driving the growth of the NGS services market as NGS is playing an increasingly important role in research.
• Growing demand for NGS services in hospitals and clinics: The growing demand for NGS services in hospitals and clinics is driving the growth of the NGS services market as NGS is playing an increasingly important role in diagnosing and treating diseases.
  
• Growing demand for NGS services in the pharmaceutical and biotechnology industries: The growing demand for NGS services in the pharmaceutical and biotechnology industries is driving the growth of the NGS service market as NGS is playing a critical role in drug discovery and development.
• Increasing demand for NGS services in environmental and biodiversity research: The growing demand for NGS services in environmental and biodiversity research is driving the growth of the NGS service market as NGS is used to study the genetic makeup of various species.
  

Growth Hampering Factors in the market for NGS Services:

• Complexity of NGS services: The complexity of NGS services can be a major barrier to the growth of the NGS service market, as it requires specialized skills and knowledge to interpret NGS data.
• High cost of NGS services: The high cost of NGS services can be a major hindrance to the growth of the NGS service market, as it may limit access to NGS services for some industries and individuals.
• Regulatory hurdles: The stringent regulatory requirements for NGS services can be a major hindrance to the growth of the NGS service market, as it can increase the cost and complexity of NGS services.
• Slow adoption in some regions: The slow adoption of NGS services in some regions can be a major hindrance to the growth of the NGS services market, as it can limit the demand for NGS services in those regions.
• Intellectual property issues: Intellectual property issues can be a major hindrance to the growth of the NGS services market, as it can limit the availability of NGS services and restrict innovation in the field of NGS.
  

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Market Segmentation:

By Service Type

• Single Cell Sequencing
• Human Genome Sequencing
• Gene Regulation Services
  1. ChIP Sequencing
  2. Small RNA Sequencing
  3. Other
• Animal and Plant Sequencing
• Other

By Workflow

• Sequencing
• Pre-sequencing
• Data Analysis
  
  

By End Use

• Pharma and Biotech Entities
• Hospitals and Clinics
• Universities and Research Entities
• Others

NGS Service Market Overview by Region

North America’s NGS Services Market share is the highest globally and is driven by the presence of a large number of pharmaceutical and biotechnology companies, as well as well-established research institutions. The increasing prevalence of chronic diseases and the growing demand for personalized medicine are also contributing to the growth of the NGS service market in North America.

Asia Pacific region’s NGS Service market share is growing at the fastest rate and is driven by the increasing demand for personalized medicine, the growing investment in genomics research, and the presence of a large and growing population. The rapid expansion of the biotechnology industry in countries such as China and India is also contributing to the growth of the NGS services market in the Asia-Pacific region.

Europe is another key market for NGS Services, market is driven by the presence of leading pharmaceutical and biotechnology companies, as well as a well-developed healthcare infrastructure. The growing demand for precision medicine and the increasing investment in genomics research are also contributing to the growth of the NGS services market in Europe.

The South American and MEA regions have a smaller NGS Services market share but we are anticipating to see significant growth in the coming years. Market is driven by the increasing demand for personalized medicine and the growing investment in genomics research

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NGS Services Market Key Players

The NGS Services Market is highly competitive with a large number of players offering a range of services, including Illumina, Thermo Fisher Scientific, QIAGEN, Agilent Technologies, PerkinElmer, BGI, Eurofins Scientific, Fudan Zhangjiang Bio-Pharmaceutical, GATC Biotech, GenScript, SINO Gene, Macrogen, Novogene, Genewiz, Xinyuanguoji, Beijing Double-Crane Pharmaceutical, CapitalBio, Legend Biotech, and OriGene Technologies. These companies are focusing on expanding their service offerings, improving their technological capabilities, and expanding their geographical reach to capture a larger share of the growing NGS services market.

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