Next Generation Sequencing Services Market Size, Share, Industry Trends and Forecast to 2030

Next Generation Sequencing Services Market Size & CAGR in 2021

The global Next Generation Sequencing Services market is anticipated to reach a value of USD 11.6 billion in 2021, with a compound annual growth rate (CAGR) of 14.5% from 2021 to 2027.

COVID-19 Impact on the Next Generation Sequencing Services Market

The COVID-19 pandemic has significantly impacted the Next Generation Sequencing Services market. Due to the outbreak, there has been a surge in demand for sequencing services to study the genetic makeup of the virus and develop effective diagnostics and vaccines.

However, the pandemic has also caused disruptions in supply chains, leading to delays in sample processing and data analysis. This has affected the overall efficiency of Next Generation Sequencing Services providers.

Next Generation Sequencing Services Dynamics

The Next Generation Sequencing Services market is driven by advancements in sequencing technologies, increasing research and development activities in genomics, and the rising prevalence of genetic disorders.

On the other hand, factors such as high costs associated with sequencing services, data storage challenges, and regulatory issues pose challenges to market growth.

Segments and Related Analysis

The Next Generation Sequencing Services market can be segmented based on the type of service, application, end-user, and region. The major services include whole-genome sequencing, targeted sequencing, RNA sequencing, and others.

In terms of applications, the market is categorized into oncology, genetic screening, infectious disease research, and others. Key end-users of Next Generation Sequencing Services include academic research institutes, biopharmaceutical companies, hospitals, and diagnostic labs.

By Region Analysis

North America dominates the global Next Generation Sequencing Services market, owing to the presence of major sequencing service providers, advanced healthcare infrastructure, and substantial investments in genomics research.

Europe and Asia Pacific are also witnessing significant growth in the Next Generation Sequencing Services market, driven by increasing adoption of precision medicine, growing awareness about genetic disorders, and rising healthcare expenditure.

Key Market Players and Competitive Landscape

Some of the key players in the Next Generation Sequencing Services market include Illumina Inc., Thermo Fisher Scientific Inc., Eurofins Scientific, PerkinElmer Inc., and Macrogen Inc. These companies are focusing on strategic partnerships, product innovations, and acquisitions to expand their market presence.

Recent Happenings in the Next Generation Sequencing Services Market

In recent years, the Next Generation Sequencing Services market has witnessed significant developments, such as the introduction of novel sequencing technologies, advancements in bioinformatics tools, and increased collaborations between academic institutions and industry players.

Additionally, the market has seen a rise in the adoption of Next Generation Sequencing Services for personalized medicine, pharmacogenomics, and agricultural genomics, opening up new avenues for growth and innovation.