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An exclusive report by Meticulous Research estimates the next-generation sequencing services market to reach 14.1 billion dollars by 2028.
According to Meticulous Research, the new market research report titled Next-generation Sequencing Services Market by Type (Targeted Sequencing, Exome, RNA-Seq, ChIP Sequencing), Technology (Sequencing by Synthesis, Nanopore, SMRT), Application (Clinical Diagnosis, Biomarker Discovery), & End User – Global Forecast to 2028, the next-generation sequencing services market is expected to reach 14.1 billion dollars by 2028 growing at a CAGR of 20.4 percent from 2021 to 2028.
The cost reduction of NGS procedures, the development, and approval of new targeted therapies, the rising prevalence of cancer, partnerships between NGS service providers and pharmaceutical companies, the high cost of sequencing infrastructure, and technological advancements in NGS are driving the growth of this market. Furthermore, advances in sequencing data analytics, as well as the growing applications of NGS in cancer and agri-genomics research, are likely to generate considerable growth possibilities for NGS service providers.
However, the availability of alternative technologies, a scarcity of experienced personnel for sample preparation and analysis, and actionable mutations for precision medicine may limit the market's growth. Furthermore, regulatory and standardization constraints in diagnostic testing, as well as ethical problems and expenses associated with non-invasive prenatal genetic testing, stand as significant barriers to the market's growth.
Because of the capabilities of next-generation sequencing, the COVID-19 virus SARS-CoV-2 was identified early. Owing to advances in NGS, the sequencing of SARS-CoV-2 may be completed in hours. The virus's genomic sequence allowed for the quick creation of diagnostic assays and other response tools. The continued genome sequencing has aided in tracking disease's spread, activity, and evolution. The COVID-19 pandemic is currently going on with new viral variants appearing all over the world. The pandemic has underlined the importance of incorporating genome sequencing into the global health community's operations.