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What Are the Projected Expansion Rates of the Genomics Services Market for the Next Decade?

In recent years, there has been a rapid expansion in the genomics services market size. It is projected to surge from $15.51 billion in 2024 to $18.34 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 18.3%. The historical growth in this market is linked to the introduction of next-generation sequencing technologies, a greater emphasis on genomics in cancer research, advancements in pharmacogenomics, expanding use of genomics in agriculture, and the emergence of direct-to-consumer genomics testing services.

The market size for genomics services is projected to experience a swift upsurge in the coming years. It is estimated to ascend to $35.41 billion in 2029, with a CAGR of 17.9%. The upward trend in the projection period is attributed to factors like the surging adoption of precision medicine, escalating research emphasis on complicated diseases, burgeoning interest in microbiome research, augmented usage of companion diagnostics, and growing incorporation of genomics into routine healthcare practices. Prominent trends projected for the forecast period involve rapid progress in single-cell genomics, the proliferation of personalized genomics services, the incorporation of multi-omics analysis, the application of AI and machine learning in genomics interpretation, and the use of cloud-based genomics platforms.

How Are the key drivers Contributing to the Expansion of the Genomics Services Market?

The escalating need for gene therapy is predicted to spur the expansion of the genomics services market. Gene therapy represents a medical approach that prevents or treats diseases by dealing with the root genetic problem. This therapy offers specific treatments for genetic disorders and persistent diseases by tackling the genetic causes at their root. Genomic services play a crucial role in gene therapy by targeting the right tissue, quantifying and characterizing viral vectors, and comprehending the shedding risk. For example, in January 2023, The American Society of Gene & Cell Therapy (ASGCT), a non-profit medical organization based in the US, reported a 6% increase in gene therapy progression with the approval of five therapies in 2022. Furthermore, in 2022, the preclinical to pre-registration development track for gene, cell, and RNA therapies experienced a 7% rise, which resulted in 3,726 therapies in the process of development. Hence, the rising demand for gene therapy is fueling the expansion of the genomics services market.

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Which Companies Are Redefining the Future of the Genomics Services Market?

Major companies operating in the genomics services market are:

• Saint-Gobain S.A.

• Spiegelau GmbH

• AGC Inc.

• Arc International S.A.

• Nippon Sheet Glass Co. Ltd

What Trends Are Poised to Drive the Future Success of the Genomics Services Market?

Dominant players in the genomics services sector are placing emphasis on diversifying their product ranges to incorporate superior services such as advanced long-read sequencing services, in response to the rising demand for exhaustive genomic analysis and individualized medicine. This technology involves the use of avant-garde tools to examine genetic matter with extensive sequence reads, enabling a more comprehensive and precise portrayal of DNA and RNA. For example, in April 2024, Clinical-Microbiomics A/S, a biotech firm from Denmark, introduced advanced long-read sequencing services which featured 16S, ITS, 18S rRNA, isolate, and metagenomics sequencing services. These offerings have been devised to meet the strict requirements of academic, clinical, and industrial scientists, offering unmatched resolution and quality in microbial exploration. The augmented long-read sequencing proficiency, covering a broad spectrum of sequencing options, seeks to transform microbial analysis and microbiome research norms. These progressions represent a substantial progression in microbiome studies, awarding researchers with in-depth perceptions of microbial scenarios and paving the way for revolutionary findings in this sector.

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What Are the Main Segments of the Genomics Services Market, and How Are They Evolving?

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

What Are the Leading Regions in the Genomics Services Market Expansion?

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.

What Are the Core Features That Define the Genomics Services Market?

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.

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