Next-generation sequencing services market to reach $8.77b by 2030

The growing use of precision medicine and genomics drives the sector.

The global next-generation sequencing services market is expected to reach $8.77b by 2030 at a compound annual growth rate (CAGR) of 18.2%, according to a MarketsandMarkets report.

The sector’s expansion is attributed to the increasing use of precision medicine and genomics, as well as the rise of multi-omics research.

By application, the diagnostics application segment is anticipated to record the highest CAGR during the forecast period.

“Growth is being driven by the routine use of tumour profiling and comprehensive genomic profiling, as well as the steady rise in companion diagnostics tied to targeted therapies,” the report said.

By service type, the sequencing segment accounted for the dominant share in 2024, driven by service providers running high-throughput projects for oncology, rare disease, reproductive health, and surveillance.