Next-generation Sequencing Services Market size to grow by USD 30.14 billion from 2023 to 2030; High use of NGS in diagnostics is likely to boost the market growth - Facts & Factor

NEW YORK, June 15, 2023 /PRNewswire/ -- As per Facts and Factors study, the global next-generation sequencing services market size was valued at USD 4.83 billion in 2022 and is predicted to reach USD 30.14 billion by 2030 during the forecast period. The global next-generation sequencing services market is expected to grow with a CAGR of 22.56% between 2023-2030.

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Next-generation Sequencing Services Market: Overview

Next-generation sequencing technology is utilized to improve the non-conventional and conventional applications to extract deep insights at the genome levels. NGS is able to leverage the existing applications because of the improvements in analytical solutions, services, ancillary protocols, and automation in this aspect. These upgrades offer scope for implementing next-generation sequencing technology in clinical workflows. Also, it is an impartial and effective technique to identify new Covid variants and other wide range of pathogens without knowing the organism beforehand.  

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Key Insights:

• As per the analysis shared by our research analyst, the Next-generation Sequencing Services Market is estimated to grow annually at a CAGR of around 22.56% over the forecast period (2023-2030).
• In terms of revenue, the Next-generation Sequencing Services Market size was valued at around USD 4.83 billion in 2022 and is projected to reach USD 30.14 billion by 2030.
• High use of NGS in diagnostics is likely to boost the Next-generation Sequencing Services Market growth.
• Based on the end-user, the universities, and research centers accounted for the largest share of the market.
• Based on the workflow, the sequencing segment dominates the market.
• Based on the technology, the sequencing by synthesis segment dominates the market.
• Based on the application, the biomarker and cancer segment accounts for the largest share of the market.
• Based on the product, the consumable segment dominates the market.
• Based on the service, human genome sequencing accounts for the largest share of the market.

Facts and Factors published the latest report titled "Next-generation Sequencing Services Market Size, Share, Growth Analysis Report By End-User (Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, and Universities & Research Centers), By Workflow (Data Analysis, Sequencing, and Pre-sequencing), By Technology (Single-Molecule Real-Time Sequencing, Pyrosequencing, Sequencing By Ligation, Ion Semiconductor Sequencing, Sequencing By Synthesis), By Application (Agriculture & Animal Research, Personalized Medicine, Reproductive Health, Biomarkers, Cancer, Diagnostics), By Product (Consumables, Services, and Other Consumables), By Service (Animal & Plant Sequencing Services, Gene Regulation Services, Microbial Genome-Based Sequencing Services, Single-Cell Sequencing Services, Human Genome Sequencing Services), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" into their research database.

Industry Dynamics:

Global Next-generation Sequencing Services Market: Growth Drivers

• The high use of NGS in diagnostics is likely to drive the market's growth.

The global next-generation sequencing services market is expected to grow significantly due to the growth in genome mapping programs. These projects are expected to expand significantly in the US during the predicted period. Furthermore, the increasing demand for accurate and fast DNA sequencing data interpretation is likely to widen the scope of the NGS industry during the forecast period. It is the cost-effective method that allows the sequencing of DNA in a single run on a mass scale.

Additionally, the growing number of drug discovery applications, along with the increasing usage in clinical diagnosis, is expected to further boost the growth of the market. The growth in investments by the government, along with the growing disposable income of the people, is likely to spike the demand for next-generation sequencing technology in the market.

Also, companies are developing more advanced technology on sequencing platforms, which will offer more opportunities in the Global next-generation sequencing services market. However, the market requires skilled professionals to analyze the output of next-generation sequencing technology. Still, the lack of advanced staff in the healthcare sector is likely to further limit the growth of the market.

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Global Next-generation Sequencing Services Market: Segmentation

• The global next-generation sequencing services market can be segmented into product, service, end-user, technology, application, workflow, and region.

By product, the market can be segmented into consumables, services, and other consumables.

The consumable segment can further be bifurcated into quality control, library preparation & target enrichment, and DNA fragmentation, end repair, and A-tailing & size selection.

The services segment can be bifurcated into data management services and sequencing services. However, the consumables segment holds the largest share of the Global next-generation sequencing services market due to the increasing demand for reagents and kits for sequencing procedures.

The development of molecular genetics and the increase in the demands for novel pre-sequencing products for executing size selection, target enrichment, DNA fragmentation, and others will also contribute heavily towards the growth of the segment. Also, the service segment is expected to see huge growth during the forecast period because of the growing usage of cloud computing for NGS data storage and advancement in SMRT sequencing technology.

By service, the Global next-generation sequencing services market can be segmented into animal & plant sequencing services, gene regulation services, microbial genome-based sequencing services, single-cell sequencing services, human genome sequencing services, and others.

Recent Developments:

• Illumina, in October 2022, collaborated with AstraZeneca. This strategic collaboration helps enhance the efficiency of pharma companies' pipelines by upgrading their capability to find genetic variants contributing to human diseases.
• Thermo Fisher Scientific in March 2022 introduced an Ion Torrent Genexus Dx Integrated Sequencer marked by CE-IVD. It helps deliver results in as little as a day. It is an automated next-generation sequencing (NGS) platform.

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List of Key Players in Next-generation Sequencing Services Market:

• New England Biolabs
• CD Genomics
• Thermo Fisher Scientific Promega Corporation
• Zymo Research
• 10x Genomics
• Psomagen Inc
• Pacific Biosciences
• Brooks Automation
• Oxford Nanopore Technologies
• Agilent Technologies
• PerkinElmer
• Illumina
• Others

Key questions answered in this report:

• What are the growth rate forecast and market size for Next-generation Sequencing Services Market?
• What are the key driving factors propelling the Next-generation Sequencing Services Market forward?
• What are the most important companies in the Next-generation Sequencing Services Market Industry?
• What segments does the Next-generation Sequencing Services Market cover?
• How can I receive a free copy of the Next-generation Sequencing Services Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• The North America is expected to hold the largest revenue share during the forecast period.

North America is likely to dominate the next-generation sequencing services market during the predicted period. The growing prevalence of chronic diseases due to changing lifestyles of the people in the region is likely to be a major factor driving the growth of the regional market. The growing fundings by the government and constant product development are likely to further boost the regional market growth. The growing incidences of cancer, along with increasing spending on cancer genomics, are also likely to boost regional market growth. The increasing technological advancements and research studies on next-generation sequencing platforms will also widen the scope of the regional market.

Global Next-generation Sequencing Services Market is segmented as follows:

Next-generation Sequencing Services Market: By End-User Outlook (2023-2030)

• Hospitals & Clinics
• Pharmaceutical & Biotechnology Companies
• Universities & Research centers

Next-generation Sequencing Services Market: By Workflow Outlook (2023-2030)

• Data Analysis
• Sequencing
• Pre-sequencing         

Next-generation Sequencing Services Market: By Technology Outlook (2023-2030)

• Single-Molecule Real-Time Sequencing
• Pyrosequencing
• Sequencing By Ligation
• Ion Semiconductor Sequencing
• Sequencing By Synthesis   

Next-generation Sequencing Services Market: By Application Outlook (2023-2030)

• Agriculture & Animal Research
• Personalized Medicine
• Reproductive Health
• Biomarkers
• Cancer Diagnostics   

Next-generation Sequencing Services Market: By Product Outlook (2023-2030)

• Consumables
• Services
• And Other Consumables    

Next-generation Sequencing Services Market: By Service Outlook (2023-2030)

• Animal & Plant Sequencing Services
• Gene Regulation Services
• Microbial Genome-Based Sequencing Services
• Single-Cell Sequencing Services
• Human Genome Sequencing Services

Next-generation Sequencing Services Market: By Region Outlook (2023-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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