Genomics Services Market – Business Opportunities and Global Forecast to 2029
The global genomics services market size was valued at USD 6.64 billion in 2021. The market is projected to grow from USD 7.41 billion in 2022 to USD 15.40 billion by 2029, exhibiting a CAGR of 11.0% during the forecast period. Governmental programs and funding to support the development of clinical genome-based diagnosis and treatment. Companies providing genomics to research institutes, healthcare facilities, and pharmaceutical & biotechnology companies for research & diagnosis purposes. Fortune Business Insights™ shares this information in its report titled “Global Genomics Services Market, 2022-2029.”
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Drivers and Restraints
Governmental Programs and Funding to Support the Development of Clinical Genome-Based Diagnosis and Treatment
The use of genome sequencing for the effective diagnosis and treatment of a variety of illnesses is being encouraged by the governments of several nations. Such activities are projected to boost the use of genome sequence analysis in numerous sorts of research, including breakthrough medicine development, drug delivery, new screening techniques, and population genetic diversity studies. For instance, the Biden administration announced a USD 1.7 billion investment in April 2021 to enhance the identification, monitoring, and mitigation of COVID-19 viral variants and to build the infrastructure for future demands in genomic sequencing. Additionally, in October 2020, the Canadian government contributed USD 11.9 million through Genomic Canada to 10 new genome initiatives aimed at advancing biomedicine and drug discovery by 2035.
Segments
Next-generation Sequencing Segment to Experience Dynamic Growth Due to Favorable Reimbursement Policies
On the basis of service type, the market is segmented into Gene Expression Services (RNASeq), epigenomics services, genotyping, next-generation sequencing, sanger’s sequencing, and others.
The next-generation sequencing segment dominates due to profitable reimbursement policies for next-generation sequencing technology, the establishment of new NGS laboratories, and others.
Polymerase Chain Reaction Segment to Hold Largest Market Share Owing Rising Applications
On the basis of technology, the market is segmented into Polymerase Chain Reaction (PCR), Next-generation Sequencing (NGS), microarray, sanger sequencing, and others.
The PCR segment held the majority of the global genomics services market share during 2021 due to the increasing applications of PCR in genomic research.
Research Segment to Dominate the Market Due to Increasing Government Funding
On the basis of application, the market is segmented into diagnostics, research, and others.
The research segment dominated and held a significant genomics services market share owing to the increasing government funding for the research of various diseases such as cancer, and rare diseases, among others.
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Research Institutes Segment to Dominate Market Due to Growing Number of R&D Activities Related to Genomics
On the basis of end users, the market is segmented into research institutes, healthcare facilities & diagnostic centers, pharmaceutical & biotechnological companies, and Contract Research Organizations (CROs). Research institutes to lead increasing genome research funding by governments of various countries.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.
Regional Insights
North America To Have a Highest Market Share Owing to Adequate Reimbursement Policies
The market in North America was valued at USD 2.68 billion in 2021. The North American genomics services market growth was attributed to adequate reimbursement policies in the U.S. for genomics, high per capita expenditure on advanced therapies, and increasing government initiatives for the research of genomics, thereby supporting the market growth in the region.
Europe will be mainly fueled by the growing use of precision medicine and various technologies used for the study and diagnosis of various diseases there. Additionally, more genomic services are being introduced in the area to assist market expansion.
Asia Pacific region is driven at a high rate due to a shift in the regulatory rules for the use of precision medicines. Increase in the frequency of chronic diseases and the opening of new genome research centres in the region.
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Competitive Landscape
Launch of a Research Test by Illumina Co-created with Merck to Uncover More About the Tumor Genome
Array-based technology pioneer, Illumina, Inc. has announced the release of a research test that it co-developed with Merck (known as MSD outside the U.S. and Canada). The study expands on Illumina’s mission to globally enable thorough genetic profiling and advance research essential to achieving precision oncology. The test expands on the widely used, market-leading TruSightTM Oncology 500 assay by evaluating a novel genetic signature. The ability to identify genetic alterations employed in the assessment of homologous recombination insufficiency will allow researchers to get deeper insights into the tumour genome and will be available globally, with the exception of the U.S. and Japan.
Industry Development
September 2021- A new sequencing facility has been established in Maastricht by Macrogen Europe, a division of Macrogen, Inc. Due to its advantageous location, the new sanger sequencing facility can provide findings for sanger sequencing within 24 hours after sample pickup throughout Belgium and the Netherlands.
List of Key Players Covered in the Report
Illumina, Inc. (U.S.)
QIAGEN (Netherlands)
PerkinElmer Inc. (U.S.)
Eurofins Scientific (Luxembourg)
Macrogen, Inc. (South Korea)
GENEWIZ (U.S.)
LGC Limited (U.K.)
Q2 Solutions (U.S.)
Bio Rad Laboratories, Inc. (U.S.)
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