Overview and Scope
Genomics services involve analyzing an individual’s genetic material to provide insights into their health, ancestry, and potential disease risks. These services often utilize advanced technologies such as deoxyribonucleic acid (DNA) sequencing to decode an individual’s genome and offer personalized recommendations for healthcare and lifestyle choices based on genetic information.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry 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
The genomics services market report table of contents includes:
1. Executive Summary
2. Genomics Services Market Characteristics
3. Genomics Services Market Trends And Strategies
4. Genomics Services Market – Macro Economic Scenario
5. Global Genomics Services Market Size and Growth
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31. Genomics Services Market Other Major And Innovative Companies
32. Global Genomics Services Market Competitive Benchmarking
33. Global Genomics Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Genomics Services Market
35. Genomics Services Market Future Outlook and Potential Analysis
36.Appendix
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