Genomics Services Industry Insights: Market Forecast to 2029

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How Is The Genomics Services Market Size Likely To Evolve From 2025 Through 2034?

The size of the genomics services market has seen rapid expansion in recent years. This market is set to increase from $15.51 billion in 2024 to $18.29 billion in 2025, achieving a compound annual growth rate (CAGR) of 18.0%. The growth observed in previous periods is attributable to the introduction of next-generation sequencing technologies, a growing emphasis on genomics in cancer research, advancements in pharmacogenomics, wider applications of genomics in agriculture, and the emergence of direct-to-consumer genomics testing services.

The genomics services market size is projected to experience substantial expansion in the coming years. By 2029, it is anticipated to reach $33.64 billion, demonstrating a compound annual growth rate (CAGR) of 16.5%. This growth during the projected period can be linked to the rising acceptance of precision medicine, an amplified research emphasis on intricate diseases, heightened curiosity in microbiome research, increased implementation of companion diagnostics, and the growing incorporation of genomics into standard healthcare procedures. Key developments during this forecast period encompass swift progress in single-cell genomics, the broadening of personalized genomics services, the merging of multi-omics analysis, the application of AI and machine learning in genomics interpretation, and the emergence of cloud-based genomics platforms.

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What Are The Drivers Pushing New Developments In The Genomics Services Market?

The anticipated expansion of the genomics services market is being propelled by the rising need for gene therapy. Gene therapy represents a medical approach designed to manage or avert illnesses by rectifying core genetic problems. This therapy offers precise solutions for chronic and genetic ailments by targeting their fundamental genetic origins. Within gene therapy, genomic services play a crucial role in accurately targeting tissues, quantifying and characterizing viral vectors, and assessing shedding risks. For example, data from The American Society of Gene & Cell Therapy (ASGCT), a US-based non-profit medical organization, indicated that in January 2023, the gene therapy development pipeline saw a 6% increase, following the approval of five gene therapies during 2022. Moreover, in 2022, the pipeline encompassing gene, cell, and RNA therapies, spanning from preclinical stages to pre-registration, grew by 7%, accumulating 3,726 therapies currently under development. Consequently, the expanding demand for gene therapy is a key factor fueling the growth within the genomics services market.

What Are The Major Segments Identified In The Genomics Services Market?

The genomics servicesmarket 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 Trends Are Redefining The Genomics Services Market Dynamics?

Leading companies active in the genomics services market are concentrating on expanding their offerings by incorporating sophisticated services, such as advanced long-read sequencing, to address the escalating demand for thorough genomic analysis and personalized medicine. Advanced long-read sequencing services utilize state-of-the-art technologies to examine genetic material using more extended sequence reads, thus enabling a more complete and accurate description of DNA and RNA. As an illustration, in April 2024, Clinical-Microbiomics A/S, a Denmark-based biotechnology company, unveiled advanced long-read sequencing services that include 16S, ITS, 18S rRNA, isolate, and metagenomics sequencing services. These particular services are designed to fulfill the exacting requirements of academic, clinical, and industrial researchers, delivering unparalleled resolution and quality in microbial analysis. The improved long-read sequencing capabilities, encompassing a wide array of sequencing choices, are intended to redefine the benchmarks for microbial analysis and microbiome research. These breakthroughs represent a significant advancement in microbiome research, providing researchers with detailed insights into microbial communities and facilitating groundbreaking discoveries within the domain.

Which Global Market Leaders Are Shaping The Future Of The Genomics Services Sector?

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

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What Regional Growth Trends Are Shaping The Genomics Services Market Outlook?

North America was the largest region in the genomics services market in 2024. 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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