The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Genomics Services Global Market Report 2023, the genomics services market is expected to show significant growth in the forecast period.

Market Overview

• 2023 Market Size: $13.16 billion
• 2024 Projected Market Size: $15.51 billion
• CAGR (2023-2024): 17.9%

The genomics services market has experienced rapid expansion due to technological advancements, such as next-generation sequencing, the increasing role of genomics in cancer research, and growing applications in agriculture and direct-to-consumer genomics testing.

Future Market Growth

• 2028 Projected Market Size: $30.07 billion
• CAGR (2024-2028): 18%

The market is expected to continue growing rapidly, driven by the adoption of precision medicine, increased research on complex diseases, rising interest in microbiome research, and the integration of genomics into routine healthcare.

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Key Trends and Drivers

• Gene Therapy Demand: The increasing demand for gene therapy, which addresses genetic disorders by targeting underlying genetic causes, is a significant driver of market growth. Genomic services play a crucial role in gene therapy by ensuring targeted treatments and accurate characterization of viral vectors.
• Single-Cell Genomics: Advancements in single-cell genomics are allowing for more precise analysis at the cellular level, driving the market forward.
• Multi-Omics Integration: The integration of genomics with other omics disciplines, such as proteomics and metabolomics, is expanding the scope and applications of genomic services.
• AI and Machine Learning: The incorporation of AI and machine learning in genomics is enhancing data analysis and interpretation, leading to more personalized and accurate healthcare solutions.
• Cloud-Based Genomics Platforms: Cloud platforms are providing scalable and accessible solutions for genomic data storage and analysis, facilitating collaboration and innovation.

Impact of Gene Therapy on the Market

• Growth in Gene Therapy: The increasing demand for gene therapy is expected to significantly propel the genomics services market. For instance, the gene therapy pipeline expanded by 6% in 2022, with 3,726 therapies under development. This growth underscores the critical role of genomic services in supporting gene therapy research and applications.

Leading Companies and Innovations

• Major Players: Thermo Fisher Scientific Inc., Danaher Corporation, Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, and Eurofins Scientific SE are among the key players driving innovation in the genomics services market.
• Advanced Long-Read Sequencing Services: Companies are expanding their product offerings with advanced long-read sequencing services, which provide more comprehensive and accurate genomic analysis. For example, Clinical-Microbiomics A/S launched advanced long-read sequencing services in April 2024, setting new standards in microbial analysis and microbiome research.

Notable Acquisitions

• Frontage Laboratories and Ocean Ridge Biosciences: In April 2021, Frontage Laboratories Inc. acquired Ocean Ridge Biosciences to strengthen its presence in the genomics services market. This acquisition is expected to enhance Frontage’s offerings, providing more affordable and accurate genomics services.

Market Segmentation

• By Product: Instruments or Systems or Software, Consumables and Reagents
• By Services Type: Gene Expression Services (RNASeq), Epigenomics Services, Genotyping, Next-Generation Sequencing, Sanger’s Sequencing, Other Service Types
• By End-User: Research Institutes, Healthcare Facilities and Diagnostic Centers, Pharmaceutical and Biotechnological Companies, Contract Research Organizations (CROs), Other End Users

Regional Insights

• North America: Dominated the genomics services market in 2023, driven by advanced research infrastructure and significant investment in genomics.
• Asia-Pacific: Expected to be the fastest-growing region during the forecast period, fueled by increasing research activities and healthcare advancements.

Conclusion

The genomics services market is poised for continued growth, driven by advancements in gene therapy, single-cell genomics, and the integration of AI in genomics. As the demand for personalized medicine and comprehensive genomic analysis increases, the market will likely see significant innovation and expansion.

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