Global Genomics Services Market: Major Trends Reshaping the Future of the Industry

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What Will the Genomics Services Industry Market Size Be by 2025?
The valuation of the genomics services sector has experienced swift escalation recently, projected to increase from $15.51 billion in 2024 to $18.29 billion the following year, demonstrating an 18.0% compound annual growth rate across this timeframe; this historical upward movement is fundamentally driven by the emergence of next-generation sequencing methodologies, heightened emphasis on genomic studies within oncology research, progress in the field of pharmacogenomics, broadening utility of genomics within agricultural contexts, and the expanding availability of direct-to-consumer genetic testing options.

What's the Long-Term Growth Forecast for the Genomics Services Market Size Through 2029?
Anticipation is high for substantial expansion within the genomics services sector over the foroming years, projecting a market valuation reaching $33.64 billion by 2029, propelled by a compound annual growth rate (CAGR) of 16.5%; this upward trajectory during the projection window is fueled by several key factors, notably the broadening acceptance of precision medicine approaches, heightened research concentration on intricate illnesses, a surge in interest surrounding microbiome investigations, greater utilization of companion diagnostics, and the progressive absorption of genomic data into standard medical procedures, while dominant patterns shaping this period involve swift progress in single-cell genomics technologies, the scaling up of tailored genomic offerings, the incorporation of multi-omics data interpretation, the application of artificial intelligence and machine learning for genomic insights, alongside the proliferation of cloud-based platforms supporting genomic workflows.

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What Are the Key Growth Drivers Fueling the Genomics Services Market Expansion?
Anticipation of heightened need for gene therapy interventions is projected to bolster the expansion trajectory of the genomics services sector in the near future, given that gene therapy represents a medical approach aimed at curing or averting illnesses by confronting the root genetic problem. This targeted treatment modality for both inherited conditions and long-term ailments relies on genomic services for crucial functions such as accurately identifying the necessary tissue, rigorously measuring and defining the characteristics of viral vectors utilized, and thoroughly assessing potential shedding risks; demonstrating this momentum, The American Society of Gene & Cell Therapy (ASGCT), a US-based medical non-profit, reported in January 2023 that the available gene therapy candidates grew by six percent, following the authorization of five distinct gene therapies throughout 2022, and furthermore, in that same year, the entire spectrum of gene, cell, and RNA therapies under development, spanning from early preclinical stages to nearing final registration, saw a seven percent augmentation, culminating in 3,726 therapies actively being researched, which collectively substantiates the assertion that the rising requirement for gene therapy solutions is the catalyst behind the genomics services market's upward movement.

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What Are the Key Trends Driving Genomics Services Market Growth?
Leading enterprises within the genomics services sector are concentrating efforts on broadening the array of offerings accessible, specifically integrating sophisticated capabilities like advanced long-read sequencing solutions, in response to the escalating need for in-depth genetic examination and bespoke medical treatments. These cutting-edge long-read sequencing techniques leverage state-of-the-art methodologies to examine hereditary material across greater sequence spans, thus enabling a more exhaustive and precise delineation of both DNA and RNA structures. Illustratively, in the month of April in 2024, Clinical-Microbiomics A/S, a biotech firm situated in Denmark, introduced an expanded suite of advanced long-read sequencing services which encompass 16S, ITS, 18S rRNA, isolate, and metagenomics sequencing options designed precisely to satisfy the rigorous demands of those engaged in academic, clinical, and industrial research, delivering superior clarity and quality in microbial assessments. This augmented capacity in long-read sequencing, covering a diverse spectrum of sequencing modalities, is intended to establish new benchmarks for evaluating microbial populations and conducting microbiome studies, representing a notable progression in the comprehension of microbial ecosystems and propelling significant breakthroughs in the domain.

How Is the Genomics Services Market Segmented?
The genomics servicesmarket 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; Healare Facilities And Diagnostic Centers; Pharmaceutical And Biotechnological Companies; Contract Research Organizations (CROs), Others End Users

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Which Companies Are Leading the Charge in Genomics Services Market Innovation?
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

Which Regions Are Leading the Global Genomics Services Market in Revenue?
North America was the largest region in the genomics services market in 2024. 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.

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