The NGS Services Market is forecasted to expand to USD 5.9 Billion by 2030 from USD 1.2 Billion in 2021, registering a CAGR of 19.4% during the period of 2022-2030, as per the Acumen Research and Consulting
The next-generation sequencing (NGS) services market is experiencing significant growth as the technology becomes more widely adopted in a variety of research and clinical applications. Factors driving this growth include the decreasing cost of NGS and the increasing amount of data being generated by NGS platforms, which is driving demand for bioinformatics software and services to analyze the data. Additionally, the growing use of NGS in personalized medicine and precision medicine is also contributing to market growth. The global NGS services market revenue is expected to grow at a CAGR of over 19.4% during the forecast period 2022-2030.
Next-generation sequencing (NGS) services are laboratory-based services that utilize NGS technology to generate high-throughput DNA or RNA sequencing data. These services are used in a variety of research and clinical applications, including genomics, transcriptomics, epigenetics, and metagenomics.
NGS Services Market Statistics
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NGS Services Market Trends
NGS (next-generation sequencing) services are in high demand due to the rapid advancements in technology that have greatly increased the speed and accuracy of DNA sequencing. This has led to a growing demand for NGS services in a variety of fields, including medical research, drug development, and personalized medicine. Additionally, the decreasing cost of NGS technology has made it more accessible to a wider range of researchers and organizations. As a result, it is anticipated that the market for NGS services would expand during the coming years.
Growing Demand for Personalized Medicine Drives the NGS Services Market Growth
NGS technology is rapidly being utilized to uncover genetic variations that can be exploited in personalized medicine, and this is driving the market for NGS services. Personalized medicine, also known as precision medicine, is a medical approach that takes into account individual differences in people's genes, environment, and lifestyle. By using NGS technology to identify genetic variations, doctors and researchers can tailor treatment and medication to an individual's specific needs, which can lead to better outcomes and fewer side effects.
Furthermore, NGS technology also allows for the identification of genetic markers associated with various diseases, which can help in early diagnosis and treatment. This is particularly important for diseases such as cancer, where early diagnosis can greatly improve the chances of survival. Additionally, the market is expanding as a result of the improved cost-effectiveness and speed of NGS technology in personalized medicine, as well as the growing acceptance of personalized medicine among healthcare professionals and patients.
NGS Services Market Segmentation
Acumen Research and Consulting has segmented the global NGS services market by service type, workflow, and end-use.
NGS Services Market Regional Overview
The NGS services market is segmented by region, with the major regions being North America, Latin America, Europe, Asia Pacific, and the MEA. According to an NGS services industry analysis, North America dominates the global market. The presences of numerous prominent companies in the region as well as numerous universities and research institutes have contributed to this growth. Additionally, the region has a high level of NGS technology acceptance and awareness among medical professionals, which is propelling the market's growth.
In the United States, the National Institutes of Health (NIH) has invested heavily in the development of NGS technology, which has led to the growth of the NGS services market in the country. Additionally, there are numerous biotechnology and pharmaceutical businesses in the US that heavily rely on NGS services.
NGS Services Market Players
Some of the leading NGS services market companies include ABM Inc., GENEWIZ Germany GmbH, Novogene Corporation, Quest Diagnostics, ARUP Laboratories, BGI, Veritas Genetics, Lucigen, Gene by Gene, and Illumina, Inc. These market players are focusing on putting new tactics into practice, such as geographical growth, collaborations, mergers and acquisitions, the introduction of brand-new products, and distribution rights, to increase their revenue share. Additionally, it is anticipated that increasing R&D investments would create tremendous growth potential for industry participants as they combine with technological developments to produce highly efficient goods.
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Mr. Frank Wilson
Acumen Research and Consulting