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How has the genomics services market grown over the years?

The market size for genomics services has seen swift expansion in the past few years. It is anticipated to rise from $15.51 billion in 2024 to $18.34 billion in 2025, marking a compound annual growth rate (CAGR) of 18.3%. The advancements in next-generation sequencing technologies, a heightened emphasis on genomics in the realm of cancer research, progress in pharmacogenomics, a rise in the usage of genomics in agriculture, and the emergence of direct-to-consumer genomics testing services have all contributed to the growth observed during the historic period.

What Is the forecasted market size and growth rate for the genomics services market?

Expectations are high for the genomics services market size to experience swift expansion in the coming years. The forecast predicts that it will escalate to $35.41 billion by 2029, with an impressive compound annual growth rate (CAGR) of 17.9%. A number of factors are anticipated to fuel this surge throughout the forecast period, such as the escalating acceptance of precision medicine, intensified research focus on intricate diseases, mushrooming interest in microbiome research, higher uptake of companion diagnostics, and enhanced integration of genomics into everyday healthcare procedures. Key trends slated for the forecast period encompass rapid advancements in single-cell genomics, broadening of personalized genomics services, incorporation of multi-omics analysis, the application of AI and machine learning in genomics interpretation, and the rise of cloud-based genomics platforms.

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What are the major factors driving growth in the genomics services market?

The genomics services market is predicted to expand as the need for gene therapy rises. Gene therapy, a medical technique aimed at treating or preventing illnesses by addressing the core genetic problem, provides focused treatments for genetic ailments and chronic diseases by tackling the inherent genetic causes. Gene therapy utilizes genomic services to target the appropriate tissue, quantify and characterize viral vectors, and comprehend the shedding risk. For example, in January 2023, The American Society of Gene & Cell Therapy (ASGCT), a non-profit medical body based in the US, reported a 6% surge in the gene therapy pipeline, with five gene therapies approved in 2022. Moreover, in 2022, the development pipeline for gene, cell, and RNA therapies—from preclinical stages to just before registration—grew by 7%, leading to 3,726 therapies under development. Hence, the genomics services market is growing due to the increased demand for gene therapy.

What key areas define the segmentation of the global genomics services Market?

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

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What are the top market players propelling the growth of the genomics services industry?

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

What key trends are currently impacting the genomics services market’s development?

Leading entities in the genomics services industry are striving to broaden their product range by incorporating cutting-edge offerings like advanced long-read sequencing services. This move is directed towards fulfilling growing needs for exhaustive genomic review and personalized healthcare. The advanced long-read sequencing services employs innovative procedures for conducting genetic material analysis with longer sequence reads. This enables a more detailed and precise evaluation of DNA and RNA. For instance, Clinical-Microbiomics A/S, a biotech company from Denmark, introduced advanced long-read sequencing services encompassing features like 16S, ITS, 18S rRNA, isolate, as well as metagenomics sequencing services in April 2024. These services are custom-made to conform to the rigorous demands of clinical, academic and industrial research sectors, offering unmatched quality and resolution in microbial examination. The turged-up long-read sequencing ability, offering a broad spectrum of sequencing choices, intends to set new benchmarks for microbial scrutiny and microbiome research. This development stands as a crucial milestone in microbiome research, supplying researchers with an in-depth understanding of microbial assemblies and enabling revolutionary findings in the science field.

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What regions are dominating the genomics services market growth?

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.

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