Genomics Services Market Size to Surpass USD 15.40 Billion by 2029, exhibiting a CAGR of 11.0%
As per the report by Fortune Business Insights, The Global Genomics Services Market size is projected to reach USD 15.40 Billion by 2029, at a CAGR of 11.0% during the forecast period.
Pune, India, Sept. 19, 2023 (GLOBE NEWSWIRE) — The global genomics services market size was valued at USD 6.64 billion in 2021. The market is projected to grow from USD 7.41 billion in 2022 to USD 15.40 billion by 2029, exhibiting a CAGR of 11.0% during the forecast period. This information is presented by Fortune Business Insights, in its report titled, “Genomics Services Market, 2022-2029.”
Key Industry Development
December 2021- To strengthen Serbia’s reputation as a nation that invests in science and emerging technologies, BGI created a genome sequencing platform in Belgrade in conjunction with the Serbian government and the Institute for Molecular Genetics and Genetic Engineering (IMGGI).
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- The National Integrated Center for Genomic, Tropical Biodiversity, and Environment was developed by Indonesia’s National Research and Innovation Agency (BRIN) in the Cibiong region.
- The market is divided into Next-generation Sequencing (NGS), Microarray, Sanger Sequencing, and Other technologies based on technology.
- In collaboration with the IMI2 INNODIA project, Eurofins Scientific has donated its RNA sequencing technology to fund groundbreaking diabetes research.
- In 2021, the North American market was worth USD 2.68 billion. The expansion of the North American genetics services market was ascribed to elements including the U.S.’s adequate genomics reimbursement policies.
Discover the Leading Players Featured in the Report:
Illumina, Inc. (U.S.), QIAGEN (The Netherlands), PerkinElmer Inc. (U.S.), Eurofins Scientific (Luxembourg), Macrogen, Inc. (South Korea), GENEWIZ (U.S.), LGC Limited (U.K.), Q2 Solutions (U.S.), Bio Rad Laboratories, Inc. (U.S.)
|Forecast Period||2022 to 2029|
|Forecast Period 2022 to 2029 CAGR||11.0 %|
|2029 Value Projection||USD 15.40 Billion|
|Market Size in 2022||USD 7.41 Billion|
|Historical Data for||2018 to 2020|
|No. of Pages||165|
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Growing Cancer and Other Chronic Disease Prevalence to Drive the Genomics Services Market Growth
Globally, the prevalence of several chronic diseases is rising, including cancer and genetic disorders. As a result, the market’s need for different treatment choices is rising quickly. Genome analysis tests are incorporated for the early diagnosis of several ailments, including cancer and unusual genetic diseases. The effective management and treatment of the condition are made possible by genome analysis, which aids doctors in understanding the genetic changes and causes of the disease.
Next-generation Sequencing Segment to Experience Dynamic Growth during the Forecast Period
On the basis of service type, the market is segmented into Gene Expression Services (RNASeq), epigenomics services, genotyping, next-generation sequencing, sanger’s sequencing, and others.
The next-generation sequencing segment led the market by high share due to favorable reimbursement policies for next-generation sequencing technology, establishment of new NGS laboratories, and others.
Polymerase Chain Reaction Segment to Hold Largest Market Share Owing to the Diagnostic Benefits of Polymerase Chain Reaction (PCR)
On the basis of technology, the market is segmented into Polymerase Chain Reaction (PCR), Next-generation Sequencing (NGS), microarray, sanger sequencing, and others.
The PCR segment held the majority of the global genomics services market share during 2021 due to the rising applications of PCR in genomic research.
Research Segment to Dominate the Market Due to Increasing R&D Activities in Genomics
On the basis of application, the market is segmented into diagnostics, research, and others.
The research segment dominated the market with a significant share, owing to the increasing government funding for the research of various diseases such as cancer and others.
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Research Institutes Segment to Dominate Market Due to Growing Number of R&D Activities Related to Genomics
On the basis of end user, the market is segmented into research institutes, healthcare facilities & diagnostic centers, pharmaceutical & biotechnological companies, and contract research organization (CROs).
The research institutes segment dominated the market with a significant share.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By Services Type
- Gene Expression Services (RNASeq)
- Epigenomics Services
- Next-generation Sequencing
- Sanger’s Sequencing
- Polymerase Chain Reaction (PCR)
- Next-generation Sequencing (NGS)
- Sanger Sequencing
- Research Institutes
- Healthcare Facilities & Diagnostic Centers
- Pharmaceutical & Biotechnological Companies
- Contract Research Organization (CROs)
- North America (By Service Type, By Technology, By Application, By End-user, and By Country)
- Europe (By Service Type, By Technology, By Application, By End-user, and By Country
- Asia Pacific (By Service Type, By Technology, By Application, By End-user, and By Country
- Latin America (By Service Type, By Technology, By Application, By End-user, and By Country
- Middle East & Africa (By Service Type, By Technology, By Application, By End-user, and By Country
In 2021, the North American market was worth USD 2.68 billion. The rise of the North America market was ascribed to the U.S.’s acceptable reimbursement rules for genomics, the region’s high per capita spending on advanced medicines, and the rising number of government programs supporting genomics research. The market in Europe will be primarily fueled by the growing use of precision medicine and other technologies for the study and diagnosis of various diseases there. Along with this, more genomic services are being introduced in the area to assist market expansion.
Due to shifting regulatory rules for the use of precision medicines, an increase in the frequency of chronic diseases, and the opening of new genome research centers in the region, Asia Pacific is expected to develop at a high rate.
The research report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies deployed at a rapid pace at the global level. The report examines various paradigm shifts associated with the transformation of software. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.
Partnerships among Companies to Secure their Brand Values in the Global Market
Prominent players in the market are constantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
How big is the Genomics Services Market?
Genomics Services Market size was USD 7.41 Billion in 2022.
How fast is the Genomics Services Market growing?
The Genomics Services Market will exhibit a CAGR of 11.0 % during the forecast period, 2022-2029
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- Genomics Services Market
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