Declining Sequencing Costs in NGS Services

The global NGS services market is expected to reach USD 2921.4 million by 2023, supported by a CAGR of 20.1 percent during the forecast period of 2018–2023, predicts Research and Markets. Plummeting cost of sequencing, growing need of skilled professionals for efficient NGS sample preparation and analysis, technological advancements in NGS, increase in genome mapping programs, and high cost of sequencing infrastructure are driving the global market growth. In addition, increasing applications in cancer and agrigenomics research and need for analysis of complex sequencing data provides significant opportunities for NGS services providers. However, installation of in-house sequencing facilities in hospitals and universities may hamper the growth of this market to some extent.

Asia-Pacific region is projected to grow at the highest CAGR owing to increasing population, rising rate of diseases, growing outsourcing of research activities by the global players in this region, and various government initiatives for the genomic research for understanding the complex biological process and genetic mutation present in life threatening diseases. Key players in the market include Illumina, Qiagen, PerkinElmer, and Eurofins Scientific.