REDDING, Calif. , July 25, 2024 /PRNewswire/ -- According to a new market research report titled, " Next Generation Sequencing (NGS) Services Market By Type (Targeted, RNA, De Novo, WES, WGS), Technology (Sequencing by Synthesis, Ion Semiconductor, SMRT, Nanopore), Application (Research, Clinical [Oncology, Reproductive]), and End User–Global Forecast to 2031" published by Meticulous Research ® , the next-generation sequencing services market is expected to register a CAGR of 19.8% from 2024 to 2031 to reach $24.
44 billion by 2031. Download Sample Report Now- https://www.meticulousresearch.
com/download-sample-report/cp_id=5041 The growth of this market is mainly attributed to the reduced cost 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. In addition, advancements in sequencing data analytics and the increasing applications of NGS in cancer and agri-genomics research are expected to offer significant growth opportunities for NGS service providers. However, the availability of alternative technologies, lack of skilled professionals for sample preparation and analysis, and actionable mutations for precision medicine may restrain the growth of the NGS services market.
Moreover, regulatory & standardization concerns in diagnostic testing and the ethical issues & c.