PUNE, India, August 24, 2017 /PRNewswire/ --
According to a new market research report "Next-Generation Sequencing (NGS) Services Market by Type (Targeted, RNA-Seq, Exome, De Novo), Technology (Sequencing by Synthesis, Ion semiconductor, SMRT, Nanopore), & Application (Diagnostics, Oncology, Drug Discovery, Agriculture) - Forecasts to 2022", published by MarketsandMarkets™, the global market is projected to reach USD 2,748.6 Million by 2022 from USD 1,059.2 Million in 2017; growing at a CAGR of 21.0%.
Browse 56 Market Data Tables and 38 Figures spread through 157 Pages and in-depth TOC on "Next-Generation Sequencing (NGS) Services Market"
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Factors such as factors such as the declining price of sequencing; the high cost of sequencing infrastructure and the need for skilled professionals for efficient NGS sample preparation and analysis; and technological advancements in the field of sequencing are driving the growth of this market. Sequencing services are also the preferred option for NGS applications with low throughput requirements, which is another major driver for market growth.
The diagnostics segment is expected to hold the largest share of the market in 2017
By applications, the NGS Services Market is segmented into diagnostics, drug discovery, biomarker discovery, agriculture & animal research, and other applications. The diagnostics segment accounted for the largest share of the market. The large share of this segment can primarily be attributed to factors such as the growing number of new cancer cases across the globe and technological advancements in NGS-based oncology tests and noninvasive prenatal tests.
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Academic & government institutes and research centers are expected to be the fastest-growing end users during the forecast period
By end users, the NGS Services Market is segmented into academic & government institutes and research centers; hospitals & clinics'; pharmaceutical & biotechnology companies; and other end users. The academic & government institutes and research centers segment is expected to grow at the fastest CAGR. Growing number of NGS based research studies across the globe is expected to drive the growth of this segment.
North America dominated the market in 2016
Geographically, the NGS Services Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest share of the market in 2016, followed by Europe.
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The large share of North America in this market can primarily be attributed to government support for genomics research, the presence of leading NGS service providers, declining cost of sequencing coupled with the rising awareness of NGS services, and increasing number of NGS-based research & clinical applications in the region.
As of 2016, the major NGS services providers in the global NGS Services Market included BGI (China), Eurofins Scientific SE (Luxembourg), PerkinElmer, Inc. (U.S.), QIAGEN (Germany), Macrogen Inc. (South Korea), GENEWIZ, Inc. (U.S.), Illumina, Inc. (U.S.), Novogene Corporation (China), GATC Biotech AG (Germany), DNA Link, Inc (South Korea), Genotypic Technology Pvt Ltd (India), LGC Limited (U.K.), Wuxi Apptech Co. Ltd. (China), Zymo Research Corp (U.S.), Source BioScience (U.K.), and Personalis, Inc. (U.S.) among others.
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