Genomics Services Market to Observe Highest Growth of $30.07 billion with Excellent an Excellent CAGR of 18% by The End of 2028

"""The Business Research Company recently released a comprehensive report on the Global Genomics Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Genomics Services Market 2024 Key Insights:

• 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%.
• Gene Therapy Demand Drives Growth In Genomics Services Market
• Enhance Product Offerings With Advanced Long-Read Sequencing Services
• North America was the largest region in the genomics services market in 2023

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