Next-generation Sequencing Services Market Size & Share, By Service Type (Human Genome Sequencing, Gene Regulation Services), Workflow, End-use, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Next-generation Sequencing Services Market was over USD 6.01 Billion in 2023 and is poised to surpass USD 28.15 Billion by end of the year 2032, growing at over 23.1% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 6.01 Billion
• CAGR (2024-2032): 23.1%
• Forecast Year Value (2032): USD 28.15 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

One major growth driver for the Next-generation Sequencing Services Market is the increasing demand for personalized medicine and precision healthcare. Next-generation sequencing technology allows for the analysis of an individual's genetic makeup, which can help in the development of targeted therapies and treatment plans tailored to an individual's specific genetic profile. This personalized approach to healthcare is gaining traction among healthcare providers and patients, driving the demand for next-generation sequencing services.

Another key growth driver for the market is the rising prevalence of genetic disorders and chronic diseases. The ability of next-generation sequencing technology to rapidly sequence and analyze large amounts of genetic data has made it an invaluable tool in the diagnosis and treatment of genetic conditions and diseases. As the incidence of genetic disorders and chronic diseases continues to grow, the demand for next-generation sequencing services is expected to increase significantly.

Report Scope

Report Coverage	Details
Segments Covered	Service Type, Workflow, End-Use
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Quest Diagnostics Incorporated, ARUP Laboratories, Applied Biological Materials, Novogene Co,., Azenta Life Sciences, NanoString, Illumina, PacBio, Veritas, BGI, Gene by Gene., Lucigen

Industry Restraints:

One major restraint for the Next-generation Sequencing Services Market is the high cost associated with next-generation sequencing technology. The initial capital investment required to set up a next-generation sequencing facility can be substantial, and the ongoing costs of maintaining and operating the technology can also be significant. This high cost can act as a barrier to entry for smaller companies and research institutions, limiting the overall adoption of next-generation sequencing services.

Another key restraint for the market is the lack of standardization and regulatory oversight in the field of next-generation sequencing. The rapid pace of technological advancements in next-generation sequencing has outpaced the development of standardized protocols and regulations for ensuring the accuracy and reliability of sequencing results. This lack of standardization can lead to variability in the quality of sequencing services and results, posing a challenge for healthcare providers and researchers in interpreting and utilizing genetic data effectively.

Regional Forecast:

North America:

The Next-generation Sequencing (NGS) Services Market in North America is one of the largest and most developed markets globally. The United States and Canada are the key countries contributing to the growth of this market in the region. Factors driving market growth in North America include the presence of a well-established healthcare infrastructure, increasing adoption of personalized medicine, and growing demand for NGS services in research and clinical applications.

In the United States, the NGS Services Market is driven by factors such as strong government support for genomic research, a high prevalence of chronic diseases, and increasing investments in precision medicine initiatives. The country is home to several key players in the NGS services market, leading to intense competition and technological advancements.

Canada also presents significant opportunities for growth in the NGS services market, with factors such as the growing adoption of NGS technology in clinical diagnostics, increasing research funding, and a strong focus on genomics research driving market growth in the country.

Asia Pacific:

The Asia Pacific region, specifically countries like China, Japan, and South Korea, is witnessing rapid growth in the Next-generation Sequencing Services Market. Factors such as increasing investments in genomics research, rising prevalence of chronic diseases, and growing demand for personalized medicine are driving market growth in the region.

China, with its large population and government initiatives to promote precision medicine and genomics research, is a key market for NGS services in the Asia Pacific region. The country's increasing research and development activities, along with collaborations with global players, are contributing to the growth of the NGS services market in China.

Japan is another important market for NGS services in Asia Pacific, with factors such as a strong healthcare infrastructure, increasing adoption of NGS technology in clinical diagnostics, and supportive government policies driving market growth in the country.

South Korea is also witnessing significant growth in the NGS services market, driven by factors such as increasing research funding, growing prevalence of genetic disorders, and a focus on precision medicine initiatives in the country.

Europe:

In Europe, countries like the United Kingdom, Germany, and France are key markets for Next-generation Sequencing Services. These countries have well-established healthcare systems, strong research infrastructure, and increasing investments in genomics research, driving market growth in the region.

The United Kingdom is a major market for NGS services in Europe, with factors such as the presence of leading research institutions, supportive government policies, and increasing adoption of NGS technology in clinical diagnostics contributing to market growth in the country.

Germany is another important market for NGS services in Europe, with factors such as a high prevalence of chronic diseases, increasing focus on personalized medicine, and growing demand for NGS technology in research applications driving market growth in the country.

France is also witnessing significant growth in the NGS services market, driven by factors such as increasing investments in genomics research, collaborations between academic institutions and industry players, and a focus on precision medicine initiatives in the country.

Segmentation Analysis:

In terms of segmentation, the global next-generation sequencing services market is analyzed on the basis of Service Type, Workflow, End-Use.

Human Genome Sequencing Services:

The human genome sequencing services segment is expected to hold a significant share in the next-generation sequencing services market. This can be attributed to the growing demand for personalized medicine and the increasing focus on understanding the genetic basis of diseases. Human genome sequencing services offer insights into an individual's genetic makeup, helping in the diagnosis and treatment of various genetic disorders. The availability of advanced sequencing technologies and the decreasing cost of sequencing have also contributed to the growth of this segment.

Gene Regulation Services:

The gene regulation services segment is anticipated to witness substantial growth in the next-generation sequencing services market. Gene regulation plays a crucial role in controlling the expression of genes and understanding these regulatory mechanisms can provide valuable information about various biological processes and diseases. Gene regulation services help in identifying regulatory elements, such as transcription factors and non-coding RNAs, that influence gene expression. The increasing focus on studying gene regulation to develop novel therapies and diagnostic tools is expected to drive the growth of this segment.

Workflow Analysis:

In terms of workflow, the next-generation sequencing services market can be segmented into sequencing, data analysis, and interpretation services. The sequencing segment is anticipated to dominate the market owing to the increasing demand for high-throughput sequencing technologies for various applications, such as whole-genome sequencing, exome sequencing, and RNA sequencing. The data analysis segment is also expected to witness significant growth as the generation of large volumes of sequencing data necessitates advanced bioinformatics and computational tools for data processing and interpretation.

End-use Analysis:

The next-generation sequencing services market can be segmented based on end-use into academic research institutes, biotechnology and pharmaceutical companies, hospitals and clinics, and other end users. Biotechnology and pharmaceutical companies are projected to be the largest end users of next-generation sequencing services due to the increasing adoption of genomics and precision medicine approaches in drug discovery and development. Academic research institutes are also expected to contribute significantly to the market growth as they play a key role in driving advancements in genomic research and personalized medicine.

Competitive Landscape:

The Next-generation Sequencing Services Market is characterized by intense competition among a range of key players, with a focus on offering cutting-edge services and technology to cater to the increasing demand for genomic sequencing. Companies are constantly investing in research and development to enhance their sequencing platforms and software solutions to stay competitive in the market. Additionally, strategic partnerships, mergers, and acquisitions are common strategies employed by companies to expand their market presence and gain a competitive edge. The market is largely fragmented, with both established players and new entrants vying for a larger market share.

Top Market Players:

1. Illumina Inc.

2. Thermo Fisher Scientific

3. PerkinElmer Inc.

4. BGI Genomics

5. Roche

6. Qiagen

7. Macrogen Inc.

8. Eurofins Scientific

9. Genewiz Inc.

10. Oxford Nanopore Technologies