Pune, India, Jan. 16, 2023 (GLOBE NEWSWIRE) -- 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.
This information is presented by Fortune Business Insights, in its report titled, "Genomics Services Market, 2022-2029."
Key Industry Development
December 2021- To strengthen Serbia's reputation as a nation that invests in science and emerging technologies, BGI created a genome sequencing platform in Belgrade in conjunction with the Serbian government and the Institute for Molecular Genetics and Genetic Engineering (IMGGI).
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Genomics Services Market Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 11.0% |
| 2029 Value Projection | USD 15.40 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 6.64 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 165 |
Driving Factors
Growing Cancer and Other Chronic Disease Prevalence to Drive the Genomics Services Market Growth
Globally, the prevalence of several chronic diseases is rising, including cancer and genetic disorders. As a result, the market's need for different treatment choices is rising quickly. Genome analysis tests are incorporated for the early diagnosis of several ailments, including cancer and unusual genetic diseases. The effective management and treatment of the condition are made possible by the genome analysis, which aids doctors in understanding the genetic changes and causes of the disease.
Key Takeaways for Genomics Services Market
- The genomics services market is experiencing significant growth due to increasing demand for personalized medicine and the use of genomics in drug development.
- The market is also being driven by advances in sequencing technology, which have led to a decrease in the cost of DNA sequencing.
- The market is highly fragmented, with a large number of small and medium-sized companies providing genomics services.
- The market is also characterized by a large number of partnerships and collaborations between companies, academic institutions, and research organizations.
- Government funding and initiatives are also playing a significant role in driving the growth of the market.
COVID-19 Impact
Market Expansion Impacted by Decline in Demand for Genomics Services during COVID-19
During the pandemic period of the market for genomics services, COVID-19's effects led to slower growth. Reduced demand for genomics services as a result of decreased research activity in areas such as cancer research, personalized medicine, and others are among the factors contributing to the market's downturn. However, due to the increased use of some technologies for diagnosis during the COVID-19 pandemic, such as polymerase chain reaction and next-generation sequencing, demand for these technologies was strong.
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Genomics Services Market Report Coverage
The research report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies deployed at a rapid pace at the global level. The report examines various paradigm shifts associated with the transformation of software. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.
Segments
Next-generation Sequencing Segment to Experience Dynamic Growth during the Forecast Period
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 led the market by high share due to favorable reimbursement policies for next-generation sequencing technology, establishment of new NGS laboratories, and others.
Polymerase Chain Reaction Segment to Hold Largest Market Share Owing to the Diagnostic Benefits of Polymerase Chain Reaction (PCR)
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 rising applications of PCR in genomic research.
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Research Segment to Dominate the Market Due to Increasing R&D Activities in Genomics
On the basis of application, the market is segmented into diagnostics, research, and others.
The research segment dominated the market with a significant share, owing to the increasing government funding for the research of various diseases such as cancer and others.
Research Institutes Segment to Dominate Market Due to Growing Number of R&D Activities Related to Genomics
On the basis of end user, the market is segmented into research institutes, healthcare facilities & diagnostic centers, pharmaceutical & biotechnological companies, and contract research organization (CROs).
The research institutes segment dominated the market with a significant share.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights
In 2021, the North American market was worth USD 2.68 billion. The rise of the North America market was ascribed to the U.S.'s acceptable reimbursement rules for genomics, the region's high per capita spending on advanced medicines, and the rising number of government programs supporting genomics research. The market in Europe will be primarily fueled by the growing use of precision medicine and other technologies for the study and diagnosis of various diseases there. Along with this, more genomic services are being introduced in the area to assist market expansion.
Due to shifting regulatory rules for the use of precision medicines, an increase in the frequency of chronic diseases, and the opening of new genome research centers in the region, Asia Pacific is expected to develop at a high rate.
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Competitive Landscape
Partnerships among Companies to Secure their Brand Values in the Global Market
Prominent players in the market are constantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
List of Key Players Covered in the Report
- Illumina, Inc. (U.S.)
- QIAGEN (The 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.)
Table of Content
- Key Insights
- Overview of Genomic Projects – For Key Countries
- Overview of Genomic Services
- New Product Launches
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
- Prevalence of Key Diseases, By Key Country/Region
- Global and Regional Genomics Software Market, 2018-2029
- Impact of COVID-19 on Genomics Market
- Key Industry Trends
- Global Genomics Services Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Service Type
- Gene Expression Services (RNASeq)
- Epigenomics Services
- Genotyping
- Next Generation Sequencing
- Sanger Sequencing
- Others
- Market Analysis, Insights and Forecast – By Service Type
Toc Continue…
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