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Sep 7, 2020 3:15 PM ET

European NGS Services Market to Grow at a CAGR of 4.1% During the Forecast Period 2020-2025

iCrowd Newswire - Sep 7, 2020

European NGS Services Market size is $3.1m in 2019, growing at a CAGR of 4.1% during the forecast period 2020-2025. Next Generation Sequencing (NGS) is a mixture of techniques used in diagnosing and treating various diseases. It enables researchers to perform a wide variety of applications and study biological systems at a level never before possible. It is emerging as a valuable method for obtaining a deeper and more accurate look into the molecular underpinnings of individual tumors. It is a powerful platform that has enabled the sequencing of thousands to millions of DNA molecules simultaneously. It is revolutionizing fields such as personalized medicine, genetic diseases and clinical diagnostics by offering a high throughput option with the capability to sequence multiple individuals at the same time.

By Technology Type – Segment Analysis

In 2019, Ion Semiconductor Sequencing (IOS), segment dominated the European NGS Services Market in terms of revenue is estimated to grow at a CAGR of 3.1%. Ion Semiconductor Sequencing (IOS) is a method of DNA sequencing based on the detection of hydrogen ions that are released during the polymerization of DNA. It is used as a diagnostic in the healthcare industry, sequencing instrumentation need to be mass produced with a high degree of quality and economy abetting towards the market’s growth.

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Country – Segment Analysis

In 2019, the Europe region dominated European NGS Services Market in terms of revenue with a market share of 38% owing towards advanced European NGS Services and products and favorable government policies for reimbursement in countries in the region in the region. This growth can be attributed towards the technological developments in the countries, which has allowed growth in medical technology. The clinical use of this technology plays a significant part in shaping the healthcare industry and provides much precise, efficient and safer alternatives to disease management. The increasing awareness about the health and availability of new treatment methods drives the market in this region is key factors in the growth of the European NGS Services market.

Drivers – European NGS Services Market

Increased Uses In The Applications

Increasing awareness level among people regarding the availability of various treatment options for European NGS Services management is anticipated to impel the demand. The growth and dominance of new generation sequencing technology has caused a shift in the framework of scientific research, opening the doors to a new era of oncology research and diagnostics, as well as requiring scientists with stronger molecular knowledge alongside computational skills to carryout complex researches is the other major factor driving growth.

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Challenges – European NGS Services Market

Cost and Time Associated with Development

Diagnostic laboratories would have to invest enormous sums for the procurement and setting up of the equipment, software and consumables required for NGS. This often discourages small scale laboratories to adopt the new technology and forces then to continue using the traditional methods of identifying diseases are the restraining factors for the European NGS Services Market.

European NGS Services Industry Outlook

Product Launches was the key strategy of the players in the European NGS Services Industry. European NGS Services top 10 companies include Genomnia SRL, Mina INC., Macrogen Inc., Microsynth AG, Seqomics, Source Bio Science, DNA Vision SA, Eurofins Genomics Inc., Beijing Genomics Institute (BGI) and Febit / Comprehensive Biomarker Center GMBH (CBC).

Acquisitions/Product Launches

In August 2019, Eurofins Genomics Inc acquired Blue Heron Biotech, a company specializing in advanced gene synthesis. This acquisition provides valuable synergies for both companies owing to the inherent connection between their main product segments.

Key Takeaways

Increasing requirement for skilled professionals for efficient sample preparation and analysis of NGS is set to propel the growth of the market.

Rising healthcare expenditure is the driving factors for the growth of European NGS Services market.

U.K. is estimated to record the fastest growth rate during the forecast period 2020-2025.

Related Reports:

A. Next Generation Sequencing Market

B. European Pharmaceutical Filtration Market

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