PUBLISHER: The Business Research Company | PRODUCT CODE: 1509645
PUBLISHER: The Business Research Company | PRODUCT CODE: 1509645
Genomics services entail the analysis of an individual's genetic material to glean insights into their health, ancestry, and potential disease risks. These services leverage advanced technologies such as deoxyribonucleic acid (DNA) sequencing to decode an individual's genome, offering personalized recommendations for healthcare and lifestyle choices based on genetic information.
The primary products of genomics services encompass instruments or systems, software, and consumables and reagents. Instruments are specialized tools or devices designed for specific tasks or measurements, often within scientific or technical contexts. Systems comprise interconnected components or elements that collaborate to achieve a particular function or objective. Software refers to programs and instructions that enable computers and electronic devices to execute tasks, process data, or manage operations. Various genomics services include gene expression services (RNASeq), epigenomics services, genotyping, next-generation sequencing, Sanger sequencing, and others. These services cater to diverse end-users, predominantly research institutes, healthcare facilities and diagnostic centers, pharmaceutical and biotechnological companies, and contract research organizations (CROs).
The genomics services market research report is one of a series of new reports from The Business Research Company that provides genomics services market statistics, including genomics services industry global market size, regional shares, competitors with a genomics services market share, detailed genomics services market segments, market trends and opportunities, and any further data you may need to thrive in the genomics services industry. This genomics services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 projected growth in the forecast period can be attributed to several factors, including the rising adoption of precision medicine, the growing research focus on complex diseases, the increasing interest in microbiome research, the heightened adoption of companion diagnostics, and the growing integration of genomics into routine healthcare practices. Major trends expected in the forecast period include rapid advancements in single-cell genomics, the expansion of personalized genomics services, the integration of multi-omics analysis to provide comprehensive insights, the utilization of artificial intelligence (AI) and machine learning in genomics interpretation to enhance accuracy and efficiency, and the emergence of cloud-based genomics platforms offering scalable and accessible solutions for data storage and analysis. These trends are poised to shape the landscape of genomics services and research in the coming years.
The increasing demand for gene therapy is expected to drive the growth of the genomics services market in the foreseeable future. Gene therapy, a medical approach aimed at treating or preventing diseases by addressing fundamental genetic issues, offers targeted treatments for genetic disorders and chronic diseases by tackling their underlying genetic causes. Genomic services play a crucial role in gene therapy by facilitating the targeting of correct tissues, quantifying and characterizing viral vectors, and assessing the risk of shedding. For example, in January 2023, The American Society of Gene & Cell Therapy (ASGCT) reported a 6% expansion in the gene therapy pipeline, with the approval of five gene therapies in 2022 alone. Furthermore, the gene, cell, and RNA therapy pipeline saw a 7% expansion in 2022, resulting in 3,726 therapies under development. Hence, the rising demand for gene therapy is a key driver behind the growth of the genomics services market.
Major companies in the genomics services market are focusing on expanding their product portfolios to meet the increasing demand for comprehensive genomic analysis and personalized medicine. This includes offering advanced services such as advanced long-read sequencing services. These services utilize cutting-edge technologies to analyze genetic material with longer sequence reads, enabling more thorough and accurate characterization of DNA and RNA. For instance, in April 2024, Clinical-Microbiomics A/S launched advanced long-read sequencing services tailored to meet the needs of academic, clinical, and industrial researchers. These services, encompassing a wide range of sequencing options, aim to provide unparalleled resolution and quality in microbial analysis, facilitating groundbreaking discoveries in microbiome research.
In April 2021, Frontage Laboratories Inc., a US-based contract research organization, acquired Ocean Ridge Biosciences. This acquisition enables Frontage to enhance its presence in the genomics services sector, offering information-rich, affordable, and accurate genomic services to its clientele. Ocean Ridge Biosciences, a US-based life science company specializing in genomics services, aims to expand its customer base while maintaining its high standards of service quality.
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.
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 countries covered in the genomics services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The genomics services market consists of revenues earned by entities by providing services such as experimental design consultation, library preparation, sequencing services, and data analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The genomics services market also includes sales of DNA sequencing kits, DNA sequencing platforms, bioinformatics tools, and sequencing platforms. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Genomics Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on genomics services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for genomics services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The genomics services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.