PUBLISHER: Acute Market Reports | PRODUCT CODE: 1594802
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1594802
The next-generation sequencing (NGS) services market encompasses services offered for advanced DNA sequencing technologies. Unlike traditional Sanger sequencing, NGS allows for the sequencing of millions of fragments of DNA in parallel, leading to substantial time and cost reductions while increasing the depth and accuracy of sequencing. This revolutionary advancement has enabled a wide range of applications in various fields like healthcare, agriculture, forensic biology, and environmental genomics. Next-generation sequencing services market is estimated to grow at a CAGR of 22.8% from 2024 to 2032. In the healthcare sector, NGS services play a critical role in personalized medicine, genetic disease diagnosis, and cancer genomics. For example, in oncology, NGS is used to identify specific mutations in cancer cells, helping in the customization of treatment plans for patients. In the field of genetic disease diagnosis, NGS aids in detecting mutations associated with diseases, enabling early and accurate diagnoses.NGS services are also crucial in the field of agriculture for crop improvement and livestock breeding programs. By understanding the genetic makeup of plants and animals, breeders can select for desirable traits, thereby enhancing productivity and sustainability.
Precision Medicine Driving Market Growth
The next-generation sequencing (NGS) services market is primarily driven by the burgeoning field of precision medicine. Precision medicine aims to tailor medical treatment to the individual characteristics of each patient, and NGS is pivotal in this endeavor due to its ability to rapidly and accurately sequence entire genomes. This sequencing uncovers genetic mutations responsible for various diseases, particularly cancer, enabling clinicians to develop more targeted and effective treatment plans. For instance, in cancer treatment, NGS identifies specific mutations within tumor cells, which can then be targeted with specific drugs, enhancing treatment efficacy and patient outcomes. This application of NGS in precision medicine has garnered significant attention and investment, fueling the growth of the NGS services market.
Opportunities in Genetic Disease Diagnosis
The NGS Services Market also sees significant opportunities in the diagnosis of genetic diseases. NGS's ability to sequence whole genomes or exomes at an unprecedented speed and cost has transformed the field of genetic diagnostics. It enables the identification of rare and novel genetic mutations associated with various genetic disorders, which were previously undetectable with traditional sequencing methods. This advancement has been crucial in early diagnosis and management of genetic diseases, thereby improving patient outcomes. The increasing prevalence of genetic disorders and the growing awareness among populations about genetic diseases further amplify the demand for NGS services in this sector.
High Costs as a Restraint
Despite its advantages, the high cost associated with NGS services remains a significant restraint. While the cost of sequencing itself has decreased over time, the overall cost of NGS, which includes specialized equipment, reagents, and skilled personnel, remains prohibitive for many healthcare providers, particularly in developing regions. This high cost limits the accessibility and widespread adoption of NGS, especially in resource-limited settings where such advanced technologies are most needed.
Bioinformatics Expertise as a Challenge
A major challenge in the NGS Services Market is the need for substantial bioinformatics expertise to analyze and interpret the vast and complex data generated by NGS. The interpretation of sequencing results requires specialized knowledge in bioinformatics, which is not universally available. The shortage of skilled professionals in this field can hinder the effective utilization of NGS data in clinical and research settings. Additionally, the rapid evolution of NGS technologies necessitates continual learning and adaptation, adding to the challenge of maintaining adequate bioinformatics expertise.
Market Segmentation by Service Type
In the next-generation sequencing (NGS) services market, segmentation by service type includes Human Genome Sequencing Services, Single Cell Sequencing Services, Microbial Genome-based Sequencing Services, Gene Regulation Services, Animal & Plant Sequencing Services, and Other Sequencing Services. Human Genome Sequencing Services have historically generated the highest revenue in this market segment, driven by their widespread application in medical research, clinical diagnostics, and personalized medicine. The demand in this sector is fueled by the increasing prevalence of genetic disorders and cancer, where human genome sequencing plays a crucial role in diagnosis and treatment planning. On the other hand, Single Cell Sequencing Services are expected to exhibit the highest Compound Annual Growth Rate (CAGR). This growth can be attributed to the service's ability to provide detailed insights at the cellular level, crucial for understanding complex biological processes and disease mechanisms, particularly in cancer and neurological disorders.
Market Segmentation by End-Use
Regarding market segmentation by end-use, the NGS Services Market is divided into Universities & Other Research Entities, Hospitals & Clinics, Pharma & Biotech Entities, and Others. Universities and other research entities have been the leading contributors to market revenue. This dominance is due to the extensive use of NGS services in academic research, ranging from basic biological studies to applied medical research. However, the Hospitals & Clinics segment is expected to experience the highest CAGR. This growth is propelled by the increasing adoption of NGS in clinical settings for diagnostics, particularly in oncology and genetic disease testing. The expansion of precision medicine and the need for more accurate diagnostic methods are driving the integration of NGS services into clinical practice. Pharma & Biotech Entities also represent a significant portion of the market, utilizing NGS for drug discovery, development, and biomarker research. As the field of genomics continues to evolve, all these end-use segments are likely to see sustained growth and diversification in their application of NGS services.
Regional Insights
In the next-generation sequencing (NGS) services market, geographic segmentation highlights significant trends and disparities in market growth and revenue across different regions. In 2023, North America was the leading region in terms of revenue, largely due to the advanced healthcare infrastructure, high adoption of NGS technologies in clinical and research settings, and substantial investments in genomics research. The United States, in particular, has been a hub for genomic research and innovation, with extensive government and private sector funding driving the market. However, the Asia-Pacific region is expected to exhibit the highest Compound Annual Growth Rate (CAGR) from 2024 to 2032. This anticipated growth can be attributed to the increasing focus on healthcare research and diagnostics, rising investments in healthcare infrastructure, and the growing presence of pharmaceutical and biotechnology companies in countries like China, Japan, and India. The expanding population base and rising incidence of genetic diseases in the region also contribute to the increasing demand for NGS services.
Analysis of Key Players
In terms of competitive trends and key players in the NGS Services Market, 2023 saw a dynamic and competitive landscape. Leading companies such as Quest Diagnostics Incorporated, ARUP Laboratories, Applied Biological Materials, Inc. (abm), Novogene Co, Ltd., Azenta Life Sciences (GENEWIZ), NanoString, Illumina, Inc., PacBio, Veritas, BGI (Beijing Genomics Institute), Gene by Gene Ltd., Lucigen Corporation dominated the market, leveraging their extensive technological expertise, comprehensive service portfolios, and strong global distribution networks. These companies have been focusing on innovation, expanding their service offerings, and forming strategic partnerships and collaborations to enhance their market presence. For example, Illumina's continued innovation in sequencing technology and its collaborations with pharmaceutical companies and research institutions have been integral to its market leadership. Moving forward, from 2024 to 2032, the market is expected to witness intensified competition and an influx of new entrants, particularly in emerging markets. The trend towards personalized medicine and the increasing application of genomics in clinical diagnostics are likely to drive market growth and innovation. Companies are expected to focus on strategic alliances, mergers, and acquisitions to expand their capabilities and access new markets. Additionally, advancements in NGS technologies, such as the development of more cost-effective and rapid sequencing methods, are anticipated to shape the competitive landscape, with companies striving to offer more efficient and scalable solutions. This period will likely see a continued emphasis on research and development, with key players and emerging companies alike seeking to address the evolving needs of the healthcare and research sectors in genomics.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Next-generation Sequencing Services market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Next-generation Sequencing Services market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Service Type
Workflow
End-Use
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Next-generation Sequencing Services market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Next-generation Sequencing Services market?
Which is the largest regional market for Next-generation Sequencing Services market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Next-generation Sequencing Services market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Next-generation Sequencing Services market worldwide?
TABLE 3 Global Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 7 North America Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 11 U.S. Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 15 Canada Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 19 Rest of North America Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 23 UK and European Union Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 27 UK Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 31 Germany Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 35 Spain Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 39 Italy Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 43 France Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 47 Rest of Europe Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 51 Asia Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 55 China Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 59 Japan Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 63 India Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 67 Australia Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 71 South Korea Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 75 Latin America Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 79 Brazil Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 83 Mexico Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 87 Rest of Latin America Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 91 Middle East and Africa Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 95 GCC Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 99 Africa Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
TABLE 103 Rest of Middle East and Africa Next-generation Sequencing Services Market By Workflow, 2022-2032, USD (Million)
FIG. 10Market Positioning of Key Next-generation Sequencing Services Market Players, 2023
FIG. 11Global Next-generation Sequencing Services Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032