REDDING, Calif., June 27, 2024 /PRNewswire/ -- According to a new market research report titled "Next Generation Sequencing (NGS) Services Market By Type (Targeted, RNA, De Novo, WES, WGS), Technology (Sequencing by Synthesis, Ion Semiconductor, SMRT, Nanopore), Application (Research, Clinical [Oncology, Reproductive]), and End User–Global Forecast to 2031" published by Meticulous Research®, the next-generation sequencing services market is expected to register a CAGR of 19.8% from 2024 to 2031 to reach $24.44 billion by 2031.

Meticulous Market Research Logo

Download Sample Report Now- https://www.meticulousresearch.com/download-sample-report/cp_id=5041 

The growth of this market is mainly attributed to the reduced cost of NGS procedures, the development and approval of new targeted therapies, the rising prevalence of cancer, partnerships between NGS service providers and pharmaceutical companies, the high cost of sequencing infrastructure, and technological advancements in NGS. In addition, advancements in sequencing data analytics and the increasing applications of NGS in cancer and agri-genomics research are expected to offer significant growth opportunities for NGS service providers.

However, the availability of alternative technologies, lack of skilled professionals for sample preparation and analysis, and actionable mutations for precision medicine may restrain the growth of the NGS services market. Moreover, regulatory & standardization concerns in diagnostic testing and the ethical issues & costs related to non-invasive prenatal genetic testing are major challenges to the growth of this market.

Declining Cost of Sequencing Drives Market Growth

Advances in genomics research have significantly reduced the costs of genome sequencing procedures. In recent years, the availability of advanced NGS technologies has lowered sequencing costs and significantly reduced the time required for DNA sequencing. According to the National Human Genome Research Institute (NHGRI), the cost of sequencing a human genome decreased from USD 29,092 in 2010 to USD 562 in 2021. Thus, the adoption of NGS services has increased rapidly with declining sequencing costs.

Get a Glimpse Inside: Request Sample Pages- https://www.meticulousresearch.com/request-sample-report/cp_id=5041 

The report includes an extensive market assessment based on type, technology, application, end user, and geography. The study also provides valuable insights into the key growth strategies adopted by major market players in the last three to four years.

Key companies operating in the next-generation sequencing services market are Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (U.S.), Eurofins Scientific S.E. (Luxembourg), Macrogen, Inc. (South Korea), LGC Limited (U.K.), GENEWIZ, Inc. (U.S.), Beijing Genomics Institute (China), MedGenome, Inc. (U.S.), DNA Link, Inc. (South Korea), Novogene Co., Ltd. (China), CD Genomics (U.S.), SeqLL, Inc. (U.S.), Otogenetics Corporation (U.S.), Foundation Medicine, Inc. (U.S.), Quest Diagnostics Incorporated (U.S.), and Invitae Corporation (U.S.).

The oncology information systems market is segmented based on type, technology, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Have Specific Research Needs? Request a Customized Report-

https://www.meticulousresearch.com/request-customization/cp_id=5041 

Based on type, the NGS services market is segmented into targeted sequencing services, whole-genome sequencing services, RNA sequencing services, exome sequencing services, de novo sequencing services, ChIP sequencing services, methyl sequencing services, and other NGS services. In 2024, the targeted sequencing services segment is expected to account for the largest share of 44% of the market. Targeted RNA and DNA sequencing enables high accuracy for identifying specific areas of interest and provides expression information. The large share of this segment is attributed to its advantages, such as its rapid and cost-effective nature for detecting known and novel variants in selected genes, increased utilization in precision medicine, and growing use in cancer research.

Based on technology, the NGS services market is segmented into sequencing by synthesis, ion semiconductor sequencing, single-molecule real-time sequencing, nanopore sequencing, and DNA nanoball sequencing. In 2024, the sequencing by synthesis segment is expected to account for the largest share of 63% of the market. The large share of this segment is attributed to the higher install base of instruments by Illumina, Inc. (U.S.), high demand for high-throughput sequencing at lower costs, high reliability, and its broad range of research and clinical applications.

Based on application, the NGS services market is segmented into research applications and clinical applications. The clinical applications segment is expected to register the highest CAGR during the forecast period. The increasing adoption of NGS in the diagnosis of certain rare genetic and chronic diseases, rising adoption of companion diagnostics, and increasing prevalence of cancer and other rare genetic disorders.

Based on end user, the NGS services market is segmented into hospitals and diagnostic laboratories, pharmaceutical & biotechnology companies, academic institutes & research centers, and other end users. In 2024, the hospitals & clinics segment is estimated to account for the largest share of the NGS services market. The large share of this segment is attributed to factors such as high capital requirements for building in-house NGS capabilities in hospitals & clinics, the rising prevalence of cancer and other chronic diseases, the growing demand for advanced medical treatments, and the rising number of biomarker-based therapies.

Geographically, in 2024, North America is expected to account for the largest share of 45.5% of the NGS services market. The large share of North America in the NGS services market is primarily attributed to the presence of leading NGS service providers in the region, favorable government initiatives for genomics research, growing applications of NGS-based research, declining cost of sequencing coupled with the rising awareness of NGS, increasing research investments by pharmaceutical and biopharmaceutical companies, increasing cancer prevalence, and favorable reimbursement scenario in the region.

However, the Asia-Pacific region is slated to register the highest CAGR during the forecast period of 2024-2031.

Browse In-depth Report Now- https://www.meticulousresearch.com/product/next-generation-sequencing-services-market-5041 

Scope of the Report

Next Generation Sequencing Services Market Assessment–by Type

  • Targeted Sequencing Services
  • RNA Sequencing Services
  • De Novo Sequencing Services
  • Exome Sequencing Services
  • Chip Sequencing Services
  • Whole Genome Sequencing Services
  • Methyl Sequencing Services
  • Other Services

(Note: Other NGS services include degradome sequencing, ribosome profiling, amplicon sequencing, CRISPR validation, viral genome sequencing, and immunogenomics services.)

Next Generation Sequencing Services Market Assessment–Technology

  • Sequencing By Synthesis
  • Ion Semiconductor Sequencing
  • Single-molecule Real-time Sequencing
  • Nanopore Sequencing
  • DNA Nanoball Sequencing

Next generation Sequencing Services Market Assessment–Application

  • Research Applications
    • Drug Discovery
    • Agriculture & Animal Research
    • Other Research Applications
  • Clinical Applications
    • Reproductive Health Diagnosis
    • Oncology
    • Infectious Diseases
    • Other Clinical Applications

(Other research applications include food microbiology, microbiota analysis in the beverage industry, and environmental studies, and other clinical applications include the detection of genetic aberrations in neurological disorders, rare diseases, metabolic and immune disorders, and food-borne illnesses)

Next Generation Sequencing Services Market Assessment–by End User

  • Hospitals & Diagnostic Laboratories
  • Pharmaceutical & Biotechnology Companies
  • Academic Institutes & Research Centers
  • Other End Users

(Other end users primarily include forensic laboratories & security agencies, food & beverage companies, and agriculture companies that utilize NGS services for their sequencing needs.)

Next Generation Sequencing Services Market Assessment–by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia-Pacific (APAC)
    • China
    • Japan
    • China
    • India
    • Rest of Asia Pacific (RoAPAC)
  • Latin America
  • Middle East & Africa

Unlock Opportunities: Buy Now- https://www.meticulousresearch.com/Checkout/45664714 

Related Reports:

Next Generation Sequencing (NGS) Informatics Market by Offering (Data Analysis, Interpretation & Reporting, Storage & Computing, LIMS) Application (Diagnostic, Drug Discovery, Precision Medicine, Biomarker Discovery) End User - Global Forecast to 2030

Next Generation Sequencing (NGS) Market by Offering (Kits [Library Prep, QC, DNA Extraction], System) Type (Genome, Exome, Targeted) Application (Reproductive, Oncology, Infectious) Technology (SBS, Nanopore, Nanoball, SMRT Seq) – Global Forecast to 2030

Latin America Next Generation Sequencing (NGS) Market by Type (Consumables, NGS Platform), Sequencing Type (Whole Genome, Targeted), Technology (Sequencing by Synthesis, Sequencing by Ligation), Application (Clinical, Research), End User - Forecast to 2027

NGS Library Preparation Market by Product (Kits, Reagents, Instruments), Sequencing Type (Genome, Exome, Targeted), Application (Diagnostics, Discovery), End User (Hospitals, Diagnostic Laboratories, Pharmaceutical, Academic) – Global Forecast to 2030

NGS Automation Market By Product (Platform, Consumables), Sequencing Type (Whole Genome, Exome, Targeted), Application (Drug Discovery, Diagnostics), End User (Hospitals, Diagnostic Laboratories, Pharmaceutical, Academic) - Global Forecast to 2029

North America NGS Market by Offering (Kits [Library Prep, QC, DNA Extraction], System) Type (Genome, Targeted) Application (Reproductive, Oncology, Infectious) Technology (SBS, Nanopore, SMRT Seq) — Forecast to 2030

Genetic Testing Market by Offering (Consumables, Reagents, Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular, Chromosomal), End User (Hospitals, Diagnostic Laboratories) - Global Forecast to 2030

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/99/next-generation-sequencing-services-market-2031

Logo: https://mma.prnewswire.com/media/1757980/Meticulous_Research_Logo_1.jpg

 

Cision View original content:https://www.prnewswire.com/news-releases/next-generation-sequencing-services-market-to-be-worth-24-44-billion-by-2031---exclusive-report-by-meticulous-research-302184436.html

SOURCE Meticulous Market Research Pvt. Ltd.

Copyright 2024 PR Newswire