NEW YORK, Oct. 17, 2022 (GLOBE NEWSWIRE) — Kenneth Research has an in-depth market report on the “Global market for Next Generation Sequencing (NGS) services” for the forecast period i.e. 2023–2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional summary
- market segmentation
- growth accelerator
- challenges
- Key market players and their detailed profiling
Global Next Generation Sequencing (NGS) Services Market Size
The global market for next-generation sequencing (NGS) services is forecast to reach around USD 18,000 million by 2033, growing at a CAGR of ~20% over the forecast period. Additionally, in 2022, the market grossed around $2,672.0 million. The increasing incidence of cancer is to blame for the expansion of the market. The World Health Organization (WHO) estimates that 10 million people will die from cancer in 2020.
NGS is used to determine the nucleotide sequence of entire genomes or specific DNA or RNA sequences. It offers numerous benefits including metagenome research, finding non-coding RNAs and protein binding sites, discovery of genomic diversity, and gene expression profiling through RNA sequencing. NGS is also used to create precision medicine to treat patients with diseases. As a result, the growing pharmaceutical business is expected to drive the market development. For example, by 2022, the United States was home to more than 2,000 branded pharmaceutical companies.
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Global Next Generation Sequencing (NGS) Services Market: Key Insights
- The North American region accounts for the majority of sales
- Hospitals and Clinics segment to influence revenue chart
- The bioinformatics segment maintains a sizeable presence in the market
Growing applications in agricultural genomics research and rising healthcare spending to boost market growth
