Genomics Services Market With Key Players, Applications, Trends And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Genomics Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $30.07 billion In 2028 At A CAGR Of 18% :

The genomics services market size has grown rapidly in recent years. It will grow from $13.16 billion in 2023 to $15.51 billion in 2024 at a compound annual growth rate (CAGR) of 17.9%. The growth in the historic period can be attributed to the advent of next-generation sequencing technologies, increasing focus on genomics in cancer research, advances in pharmacogenomics, increasing applications of genomics in agriculture, and the rise of direct-to-consumer genomics testing services.

The genomics services market size is expected to see rapid growth in the next few years. It will grow to $30.07 billion in 2028 at a compound annual growth rate (CAGR) of 18%. The growth in the forecast period can be attributed to the increasing adoption of precision medicine, increasing research focus on complex diseases, growing interest in microbiome research, increased adoption of companion diagnostics, and increasing integration of genomics into routine healthcare practices. Major trends in the forecast period include rapid advancements in single-cell genomics, expansion of personalized genomics services, integration of multi-omics analysis, AI and machine learning in genomics interpretation, and cloud-based genomics platforms.

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Genomics Services Market Major Segments
The genomics services market covered in this report is segmented -

1) By Product: Instruments Or Systems Or Software, Consumables And Reagents
2) By Services Type: Gene Expression Services (RNASeq), Epigenomics Services, Genotyping, Next-Generation Sequencing, Sanger's Sequencing, Other Service Types
3) By End-User: Research Institutes, Healthcare Facilities And Diagnostic Centers, Pharmaceutical And Biotechnological Companies, Contract Research Organizations (CROs), Others End Users

Key Driver - Green Building Boom Ignites Growth In The Advanced Glass Market

The increasing demand for gene therapy is expected to propel the growth of the genomics services market going forward. Gene therapy is a medical strategy to treat or prevent diseases by addressing the fundamental genetic issue. Gene therapy provides targeted treatments for genetic disorders and chronic diseases by addressing the underlying genetic causes. Genomic services are used in gene therapy to target the correct tissue, quantify and characterize viral vectors, and understand the risk of shedding. For instance, in January 2023, according to The American Society of Gene & Cell Therapy (ASGCT), a US-based non-profit medical organization, the gene therapy pipeline expanded by 6%, with the approval of five gene therapies in 2022. Additionally, in 2022, the pipeline for gene, cell, and RNA therapies, from preclinical to pre-registration, expanded by 7%, resulting in 3,726 therapies under development. Therefore, the increasing demand for gene therapy is driving the growth of the genomics services market.

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Prominent Trend - Enhance Product Offerings With Advanced Long-Read Sequencing Services

Major companies operating in the genomics services market are focusing on expanding their product portfolio by adding advanced services such as advanced long-read sequencing services to meet the increasing demand for comprehensive genomic analysis and personalized medicine. Advanced long-read sequencing services involve cutting-edge technologies to analyze genetic material with more extended sequence reads, allowing for more thorough and accurate characterization of DNA and RNA. For instance, in April 2024, Clinical-Microbiomics A/S, a Denmark-based biotechnology company, launched advanced long-read sequencing services that include 16S, ITS, 18S rRNA, isolate, and metagenomics sequencing services. These services are tailored to meet the stringent requirements of academic, clinical, and industrial researchers, providing unparalleled resolution and quality in microbial analysis. The enhanced long-read sequencing capabilities, encompassing a wide range of sequencing options, aim to redefine microbial analysis and microbiome research standards. These advancements mark a significant step forward in microbiome research, providing researchers with detailed insights into microbial communities and facilitating groundbreaking discoveries in the field.

Genomics Services Market Players
Major companies operating in the genomics services market are Thermo Fisher Scientific Inc., Danaher Corporation, Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Eurofins Scientific SE, Agilent Technologies Inc., Illumina Inc., PerkinElmer Inc., QIAGEN Inc., LGC Limited, Myriad Genetics Inc., Q2 Solutions Inc., BGI Genomics Inc., 10x Genomics Inc., Invitae Corporation, Fulgent Genetics Inc., 23andMe Inc., Oxford Nanopore Technologies plc, Color Genomics Inc., GENEWIZ Inc., Foundation Medicine Inc., Pacific Biosciences Inc., Avance Biosciences Inc., Macrogen Inc

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Largest And Fastest Growing Region In The Market
North America was the largest region in the genomics services market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the genomics services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Genomics Services Market Report Structure
3. Genomics Services Market Trends And Strategies
4. Genomics Services Market - Macro Economic Scenario
5. Genomics Services Market Size And Growth
…..
27. Genomics Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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