The genomics services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Genomics Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The genomics services market size has grown rapidly in recent years. It will grow from $13.16 billion in 2023 to $15.51 billion in 2024 at a compound annual growth rate (CAGR) of 17.9%. The growth in the historic period can be attributed to the advent of next-generation sequencing technologies, increasing focus on genomics in cancer research, advances in pharmacogenomics, increasing applications of genomics in agriculture, and the rise of direct-to-consumer genomics testing services.
The genomics services market size is expected to see rapid growth in the next few years. It will grow to $30.07 billion in 2028 at a compound annual growth rate (CAGR) of 18%. The growth in the forecast period can be attributed to the increasing adoption of precision medicine, increasing research focus on complex diseases, growing interest in microbiome research, increased adoption of companion diagnostics, and increasing integration of genomics into routine healthcare practices. Major trends in the forecast period include rapid advancements in single-cell genomics, expansion of personalized genomics services, integration of multi-omics analysis, AI and machine learning in genomics interpretation, and cloud-based genomics platforms.
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Scope Of Genomics Services Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Genomics Services Market Overview
Market Drivers -
The increasing demand for gene therapy is expected to propel the growth of the genomics services market going forward. Gene therapy is a medical strategy to treat or prevent diseases by addressing the fundamental genetic issue. Gene therapy provides targeted treatments for genetic disorders and chronic diseases by addressing the underlying genetic causes. Genomic services are used in gene therapy to target the correct tissue, quantify and characterize viral vectors, and understand the risk of shedding. For instance, in January 2023, according to The American Society of Gene & Cell Therapy (ASGCT), a US-based non-profit medical organization, the gene therapy pipeline expanded by 6%, with the approval of five gene therapies in 2022. Additionally, in 2022, the pipeline for gene, cell, and RNA therapies, from preclinical to pre-registration, expanded by 7%, resulting in 3,726 therapies under development. Therefore, the increasing demand for gene therapy is driving the growth of the genomics services market.
Market Trends -
Major companies operating in the genomics services market are focusing on expanding their product portfolio by adding advanced services such as advanced long-read sequencing services to meet the increasing demand for comprehensive genomic analysis and personalized medicine. Advanced long-read sequencing services involve cutting-edge technologies to analyze genetic material with more extended sequence reads, allowing for more thorough and accurate characterization of DNA and RNA. For instance, in April 2024, Clinical-Microbiomics A/S, a Denmark-based biotechnology company, launched advanced long-read sequencing services that include 16S, ITS, 18S rRNA, isolate, and metagenomics sequencing services. These services are tailored to meet the stringent requirements of academic, clinical, and industrial researchers, providing unparalleled resolution and quality in microbial analysis. The enhanced long-read sequencing capabilities, encompassing a wide range of sequencing options, aim to redefine microbial analysis and microbiome research standards. These advancements mark a significant step forward in microbiome research, providing researchers with detai
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