Genomic Services Market Size To Reach USD 17.5 Billion By 2032 - SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) According to Research by SNS Insider, The Genomic Services market to grow at a CAGR of 11.8%, Fueled by advancements in personalized medicine, gene therapy, and the rising demand for drug discovery

Pune, Oct. 11, 2024 (GLOBE NEWSWIRE) -- Global Genomics Services Market Size Analysis:

According to SNS Insider, The Genomics Services Market was valued at USD 6.3 billion in 2023 and is expected to reach USD 17.5 billion by 2032, growing approximately 11.8% CAGR over the forecast period of 2024-2032.

Such strong growth is being driven by increased investment in genomic research, increasing genetic disorder prevalence, and the ever-growing demand for personalized medicine. In addition, technological advancements in genomic sequencing and cooperative efforts among all sectors spur market growth.

Market Overview

Demand for Genomics Services Market is gaining momentum through increased demand for genomic research and testing services. A surge in chronic disease instances and the need for personalized health solutions have contributed substantially to the rise in the demand for genomic services. This makes the market have big players that do innovative ideas to better their service deliverables and, therefore, enhances competition and innovation. In addition, the genomics sector emerges as a key player due to the pandemic being put under the spotlight in vaccine development and management of infectious diseases, resulting in increased funding and therefore interest. Advancements in next-generation sequencing (NGS) and polymerase chain reaction (PCR), among others, continue to be potent on the supply side in advancing service efficiency and access. As such, the market is therefore set for a significant growth spurt as the demand for genomic services continues to be on the increase.

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Key Genomic Services Market Players:

• Thermo Fisher Scientific, Inc.
• 23andMe, Inc.
• Agilent Technologies
• Bio-Rad Laboratories, Inc.
• BGI Genomics
• Color Genomics, Inc.
• Danaher Corporation
• GE Healthcare
• Illumina, Inc.
• Myriad Genetics, Inc.
• Eppendorf AG
• Eurofins Scientific
• F. Hoffmann-La Roche Ltd.
• Oxford Nanopore Technologies
• Pacific Biosciences of California, Inc.
• QIAGEN N.V.
• Quest Diagnostics Incorporated, and others.

Genomic Services Market Report Scope:

Report Attributes	Details
Market Size in 2023	US$ 6.3 Billion
Market Size by 2032	US$ 17.5 Billion
CAGR	CAGR of 11.8% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Segment Analysis

By Services Type

The Genomic Services Market can be segmented into several service types including Gene Expression Services (RNASeq), Epigenomics Services, Genotyping, Next-Generation Sequencing (NGS), and others. Of them, the Next-Generation Sequencing (NGS) segment held the highest share of 34.5% in 2023 and is expected to grow further with positive payment policies and new laboratory developments that utilize NGS technology. Its wide usage in the clinical field also aids in its growth process. For instance, in August 2020, GeneDx, Inc. partnered with Pediatrix Medical Group to offer NGS-based genomic sequencing in neonatal care units, which manifests how NGS is expanding its scope of healthcare services.

By Technology

The genomic services market can be segmented based on the technology into Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), Microarray, and others. In 2023, PCR accounted for the most significant share of 35.9%, mainly because of its extensive applications in genomic research and its critical function in meeting COVID-19's increased demand for testing services.

By Application

The market has been segmented based on application into Diagnostics, Research, and others. The research segment was the market leader in 2023, taking a 40.1% share, due to increasing government funding for disease studies from cancer to rare disorders. Further growth in the research segment is supported by growth in engagement of genome sequencing within various applications, especially precision medicine. For example, the School of Medicine at Washington University is running an interventional study to find out whether ChromoSeq, a whole-genome sequencing assay, would be quickly taken on as routine testing for MDS patients. The growing trend toward genome research is likely to drive growth in the market significantly.

By End User

The market is also categorized based on end-users, consisting of research institutes, healthcare facilities and diagnostic centers, pharmaceutical and biotechnological companies, and CROs. In 2023, research institutes held 38.4% share of the total shares held by shareholders of this market, primarily due to the rising numbers of genomics-related research and development processes. Government funding for genome research projects is also boosting this sector, with programs such as the National Integrated Center for Genomic, Tropical Biodiversity, and Environment launched in September 2021 by Indonesia's National Research and Innovation Agency.

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Genomic Services Market Key Segmentation:

By Services Type

• Gene Expression Services (RNASeq)
• Epigenomics Services
• Genotyping
• Next-generation Sequencing
• Others

By Technology

• Polymerase Chain Reaction (PCR)
• Next-generation Sequencing (NGS)
• Microarray
• Others

By Application

• Diagnostics
• Research
• Others

By End-user

• Research Institutes
• Healthcare Facilities & Diagnostic Centers
• Pharmaceutical & Biotechnological Companies
• Contract Research Organizations (CROs)

Regional Analysis

North America dominated the Genomics Services Market in terms of share in 2023 because of highly active R&D phases and relatively stronger funding for genomic research projects. Some of the top players such as Illumina, Thermo Fisher Scientific, and Agilent Technologies are available in this region to boost up this market. The healthcare infrastructure is one of the most advanced, which allows easy integration of genomic services. The rise in chronic diseases and rising interest in personalized medicine will further propel the market in the region.

The Asia-Pacific region is expected to be the most high-growth region. China and India are investing strongly in genomic research and infrastructure. High penetrations of advanced technologies coupled with increased awareness about genomics among healthcare service providers will boost adoption. More importantly, partnerships between regional governments with private sector companies to foster genomic research and innovation will be a boon for the growth of the market. For instance, in April 2023, China National GeneBank announced a collaboration with regional hospitals, with which it will collaborate in increasing its genome testing capacity in the region.

New Developments

• In January 2024, Genomic Health launched a new portfolio of personalized genomic testing services for the advancement of patient outcomes in cancer diagnostics.
• In February 2024, Illumina launched its new next-generation sequencing platform, the NextSeq 1000 in the hopes that greater throughput and cost-effectiveness will be sufficient for genomic research.

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