DUBLIN–(BUSINESS WIRE)–The “Next-generation Sequencing Services Market Size, Share & Trends Analysis Report By Service Type (Human Genome Sequencing, Gene Regulation Services), By Workflow, By End-use, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The global next-generation sequencing services market size is expected to reach USD 24.5 billion by 2030 It is expected to expand at a CAGR of 22.56% from 2023 to 2030.
The development of next-generation sequencing (NGS) technologies has revolutionized gene sequencing in terms of reproducibility and cost savings. This has resulted in the introduction of several advancements in NGS technology to promote its usage in clinical labs and hospitals. Most current innovations in this field revolve around simplifying the usage of seq-technology and making it more sophisticated. These factors have driven the uptake of NGS services across various end-users.
Next-generation sequencing has progressed from research to clinical use in the last five years. Around 14 nations have launched large-scale genome sequencing programs, with nearly 60 million people expected to have their genome analyzed by 2025. Conventional disease testing service providers have broadened their portfolio with a rising trend of seq-based genetic tests.
For instance, ARUP Laboratories announced the release of new coronavirus tests in March 2022, and IDbyDNA, Inc. partnered with another firm to introduce new coronavirus tests, an NGS test for respiratory illnesses, to aid physicians in evaluating patients with pneumonia and some other respiratory problems.
With the rising trend of high throughput sequencing within the pharma and biotech industry, there is a need for more developments to improve the speed and convenience of high throughput seq-platforms and simplify workflows. As a result, companies are focusing on the development of solutions to simplify the amplification and purification of samples and starting input.
In March 2022, Illumina, Inc. announced the release of TruSigh Oncology (TSO) Comprehensive (EU), a comprehensive diagnostic that evaluates several tumor genes and indicators to identify a patient’s cancer’s individual molecular profile. The in vitro diagnostic (IVD) kit would assist in influencing genomic decisions for patients with cancer across Europe, with its global debut taking place first in Europe.
Next-generation Sequencing Services Market Report Highlights
- By service type, human genome sequencing held the largest revenue share in 2022 owing to greater penetration of whole genome and whole exome sequencing
- Gene regulation services, particularly small RNA sequencing and ChIP-seq, are anticipated to grow at a lucrative pace during the forecast period. Rising investment in RNA sequencing is fueling the growth of gene regulation services
- The larger revenue share of sequencing services as compared to other workflow steps can be attributed to an increase in the installation of sequencing platforms. High maintenance and recovery costs of this step have also resulted in greater revenue generation
- By end-use, the universities and other research entities segment held the largest revenue share in 2022 owing to the growing application of NGS technology for cancer prognosis as well as diagnosis and major projects taken up by academicians and universities
- North America dominated the market in 2022 owing to higher penetration of the technology in this region and the availability of funds to employ the technique and derive research findings for disease targeting
- Companies such as GENEWIZ and Novogene Corporation are engaged in offering NGS services based on platforms from major NGS developers. Companies such as Illumina and BGI, on the other hand, are involved in developing sequencing instruments and offering services to research entities
- In November 2021, Novogene stated during the 44th Annual Gathering of Molecular Biological Society of Japan (MSBJ) in Japan that they will be launching single-cell sequencing services specifically for their Japanese customers
- GENEWIZ scientists are assisting in identifying the NGS solution for the projects. The NeXT Dx Test was launched by Personalis, Inc. to assist oncologists in identifying new therapy and clinical trial choices for cancer patients
Market Dynamics
Market Driver Analysis
- Decline In Sequencing Prices
- Growing Awareness Pertaining To Women & Reproductive Health
- Strategies Undertaken For Implementation Of Clinical Ngs
Market Restraint Analysis
- Challenges Pertaining To Implementation Of Large-Scale Ngs Analysis Workflows
- Analytical Challenges In Single Cell Sequencing
Impact Of Covid-19 Pandemic On Ngs Services Market
- Impact On The Supply Chain
- Association Of Covid-19 With Next-Generation Sequencing
Business Environment Analysis
- Swot Analysis; By Factor (Political & Legal, Economic, And Technological)
- Porter’s Five Forces Analysis
Competitive Landscape
- Quest Diagnostics Incorporated
- Arup Laboratories
- Applied Biological Materials, Inc.
- Novogene Co, Ltd.
- Azenta Life Sciences (Genewiz)
- Nanostring
- Illumina, Inc.
- Pacbio
- Veritas
- Bgi (Beijing Genomics Institute)
- Gene By Gene Ltd.
- Lucigen Corporation
For more information about this report visit https://www.researchandmarkets.com/r/6qs1t2
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