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Genomics Services Market Trends

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

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Genomics Services Market Trends

In recent years, the area of genomics has observed a major technological improvement, with prominent breakthroughs such as the revolutionary CRISPR technology, which allows for precise editing of DNA by adding, removing, or modifying specific regions of the genome. The technology uses an enzyme that breaks DNA at specific sites while being led by an extremely small RNA molecule. Also, nanotechnology represents a substantial improvement in genomics research, with potential applications in the development of genetically modified organisms (GMOs) and abolition of existing limitations. Therefore, nanotechnology allows integration management techniques in a variety of fields, including agriculture, lowering uncertainty and expanding possibilities in genomics research. Thus, technological advancement in the field of genomics enhance the demand for market.

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.