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Genomics Services Market Size

Report ID: GMI5811
Published Date: May 2023
Report Format: PDF

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Genomics Services Market Size

Genomics Services Market size was valued at around USD 4.3 billion in 2022 and is estimated to register over 11.2% CAGR between 2023 and 2032. Growing genomic research along with rising popularity of non-invasive cancer screening-based research studies is noted to be as a contributing factor for market expansion.

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The development of next-generation sequencing technology is being greatly aided by startups focused on genetics and expanding biotech companies. Further, a positive picture for the industry is also being created by growing investments in biotechnology research and development (R&D) coupled with significant advancements in healthcare facilities and diagnostic technologies.

Genomics Services Market Report Attributes
Report Attribute	Details
Base Year:	2022
Genomics Services Market Size in 2022:	USD 4.3 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	11.2%
2032 Value Projection:	USD 12.3 Billion
Historical Data for:	2018 to 2022
No. of Pages:	120
Tables, Charts & Figures:	214
Segments covered:	Service Type, Application, End-user, and Region
Growth Drivers:	Technological advancements in genomics Rising prevalence of genetic disorders Increasing usage of genomics in specialized or personalized medicines
Pitfalls & Challenges:	Lack of trained professionals in the field of genomics High cost required to set up genomic laboratories

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Genomics is the study of an organism’s complete set of DNAs including all its genes and non-coding regions. Genomics services refer to a range of scientific and technological services that involve the analysis and interpretation of an individual’s genomic information. They typically involve the analysis of DNA samples to extract genetic information and provide insights into various aspects of an individual’s genetic makeup. These services can be used for a variety of purposes such as genetic testing, pharmacogenomics, precision medicine, and genomic research. Moreover, genomic services contribute to the advancements in personalized medicine as well as in disease prevention.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market size for genomics services was valued at around USD 4.3 billion in 2022 and is estimated to reach USD 12.3 billion by the end of 2032, owing growing genomic research along with rising popularity of non-invasive cancer screening-based research studies.

The next generation sequencing held a majority market value of USD 1.5 billion in 2022, on account of its increasing usage in clinical labs and hospitals due to benefits such as reproducibility, cost-effectiveness, and user-friendly attribute.

The research institutes segment is expected to show highest revenue with growth rate of 11.5% during 2023-2032, owing to the factors such as presence of researchers specialized in genomics, along with fundings from government agencies, private foundations, and industry collaborations.

North America market for genomics services is expected to reach USD 4.6 billion by end of 2032, backed by increasing demand for biotechnological practices, along with presence of several key players in the region.