Global Next Generation Sequencing Services Market Scope

Global Next Generation Sequencing (NGS) Services Market Highlights Over 2023 - 2033

The global next generation sequencing (NGS) services market is estimated to garner a revenue of USD 18,000.0 Million by the end of 2033 by growing at a CAGR of ~20% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 2,672.0 Million in the year 2022. The growth of the market can be attributed to the increasing prevalence of cancer. According to the World Health Organization, cancer accounted for the deaths of approximately 10 million people in the year 2020.

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NGS refers to a massively parallel sequencing technology with extremely high throughput, scalability, and speed. The technology is used to determine the nucleotide order in whole genomes or specific regions of DNA or RNA. It has many benefits in the form of investigation of metagenomics, discovery of non-coding RNAs and protein binding sites, genome diversity, and gene-expression profiling by RNA sequencing.  Moreover, NGS is used for making precision medicine for the treatment of patients suffering from diseases. Therefore, rising pharmaceuticals companies are projected to drive the growth of the global next generation sequencing (NGS) services market. For instance, there are more than 2,000 brand name pharmaceutical manufacturing companies till 2022 in the United States.

Global Next Generation Sequencing (NGS) Services Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Adoption in Agri-Genomics Research– NGS is used as a genomics tool for many plants and animals, and it is expected to boost the growth of the global next generation sequencing (NGS) services market. In the year 2018, agriculture contributed to nearly 17 per cent of the GDP in India.

• Surging Healthcare Expenditure – As per the World Bank, the healthcare expenditure has increased to 9.83 per cent per cent of the GDP in 2019 from 8.63 per cent of the GDP in 2000.

• Growing Clinical Laboratories Trial- More than 65 per cent of  medical decisions today depend upon laboratory test results.

• Surging Need for Detection of Disease at an Earlier Stage– According to the Centers for Disease Control and Prevention, nearly 5.8 Million Americans are suffering from Alzheimer’s disease.

Challenges

• High Budget Constraints for Academic Research & Development

• Lack of Skilled Professionals for the Analysis

• Availability of Alternative Technologies

The global next generation sequencing (NGS) services market is segmented and analyzed for demand and supply by end user into hospitals & clinics, pharmaceutical & biotechnology companies, research centers, and others. Out of these, the hospitals & clinics segment is expected to hold the largest share over the forecast period owing to the surging prevalence of cancer diseases, and a rise in the number of hospitals for the treatment of  patients. As per the American Hospital Association, the total number of hospitals in the United States has increased to 6,093 in the year 2022.

Global Next Generation Sequencing (NGS) Services Market Regional Synopsis

Regionally, the global next generation sequencing (NGS) services market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2033 on the back of rising awareness related to NGS among people, and increasing investment in the research and development by pharmaceutical companies. According to the Congressional Budget Office, the pharmaceutical industry in the year 2019 spent nearly USD 83 Billion on research and development.

Market Segmentation

Our in-depth analysis of the global next generation sequencing (NGS) services market includes the following segments:

Key Companies Dominating the Global Next Generation Sequencing (NGS) Services Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global next generation sequencing (NGS) services market that are included in our report 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, Inc., and others.

Global Next Generation Sequencing (NGS) Services Market: Latest Developments

• March, 2022: Thermo Fisher Scientific announced the introduction of the CE-IVD-certified Ion Torrent Genexus Dx Integrated Sequencer, an automated next-generation sequencing (NGS) platform that can produce results in as little as a single day. The fully validated system, designed for use in clinical laboratories, enables users to perform both diagnostic testing and clinical research on a single instrument.

• December, 2021: F.Hoffmann-La Roche Ltd, announced the  introduction of the AVENIO Edge System to simplify and automate sample preparation for next-generation sequencing, reducing human error and advancing precision medicine.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.  

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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