Genomics Services Market Size to Reach USD 46.4 billion in 2030, Driven by Rising Demand for Personalized Medicine | SNS Insider

Genomics Services Market Scope & Overview

The Genomics Services Market had a valuation of USD 16.4 billion in 2022 and is projected to reach USD 46.4 billion by 2030, with a compound annual growth rate (CAGR) of approximately 12.8% during the forecast period from 2023 to 2030, as stated by SNS Insider.

Genomics services refer to a broad range of scientific and technological solutions aimed at analyzing and interpreting the genetic information of an organism. Genomics is the branch of molecular biology that focuses on the study of an organism's entire genome, which encompasses all of its genes and their interactions.

Key Players Covered in Genomics Services market report are: F. Hoffmann-La Roche Ltd, Agilent Technologies, Thermo Fisher Scientific, Inc, Bio-Rad Laboratories, Inc, 23andMe, Inc., Illumina, Inc, Myriad Genetics, Inc., Foundation Medicine, Inc., Danaher, Pacific Biosciences, Oxford Nanopore Technologies, BGI and others

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Market Analysis

One of the key factors contributing to the future prospects of the genomics services market is the increasing demand for personalized medicine. Genomics plays a crucial role in understanding an individual's genetic makeup and how it influences their susceptibility to certain diseases. With advancements in genomics, healthcare providers can develop personalized treatment plans based on a patient's genetic profile, leading to more effective and targeted therapies. This growing focus on personalized medicine is likely to drive the demand for genomics services in the coming years.

Impact of Recession

A recession can have significant implications for the genomics services market, affecting funding for research and development, consumer spending on healthcare, startups' viability, insurance coverage, and the industry's overall focus. However, the long-term impact will depend on the severity and duration of the recession, as well as the resilience and adaptability of genomics service providers. By navigating these challenges and identifying new opportunities, the market can continue to thrive, advancing the field of genomics and personalized medicine.

Segmentation Analysis

Functional Genomics and Clinical Research segments are poised to dominate the genomics services market due to their pivotal roles in understanding gene functions, driving targeted drug discovery, enabling precision medicine, facilitating diagnostics and prognostics, enhancing therapeutic decision-making, and advancing genomic epidemiology. The synergistic integration of functional genomics and clinical research will continue to propel the market forward, fueling innovation and ultimately improving patient care and health outcomes.

Genomics Services Market Segmentation as Follows:

By Application & Deliverables

·        Functional Genomics

·        Epigenomics

·        Pathway Analysis

·        Biomarker Discovery

·        Others

 By Deliverables

·        Products

o   Instruments/Systems/Software

o   Consumables & Reagents

·        Services

o   NGS-based Services

o   Core Genomics Services

o   Biomarker Translation Services

o   Computational Services

o   Others

By End users

·        Clinical Research

·        Academic & Government Institutes

·        Hospitals & Clinic

·        Pharmaceutical & Bio Technology Companies

·        Other End Users

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Regional Status & Analysis

The genomics services market in North America is witnessing unprecedented growth and shows no signs of slowing down. With pioneering research institutions, favorable regulatory support, technological advancements, and a proactive approach towards precision medicine, the region has firmly established itself as the epicenter of genomics services globally. As North America continues to push the boundaries of genomics, it will undoubtedly lead the way in shaping the future of personalized healthcare and revolutionize the medical landscape on a global scale.

Conclusion

The market holds promising future prospects due to the increasing demand for personalized medicine, expanding applications in agriculture and animal breeding, ongoing research and development activities, and advancements in sequencing technologies. As genomics continues to play a critical role in understanding and leveraging genetic information, the market is poised for continued growth and innovation.

Frequently Asked Questions/ Key Reasons to Purchase this Report

What is the projected outlook for genomics services market growth?

·        The market is projected to surpass USD 46.4 billion by 2030.

What are the major factors influencing the genomics services market?

·        As the global population continues to grow, the need for sustainable and efficient agricultural practices will increase, further driving the demand for genomics services in the agricultural sector.

Who are the leading players in the genomics services market?

·        F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc, Agilent Technologies, Thermo Fisher Scientific, Inc, 23andMe, Inc., Illumina, Inc, Danaher.

Table of Content

Chapter 1 Introduction

Chapter 2 Research Methodology

Chapter 3 Market Dynamics

Chapter 4. Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)

Chapter 5 Value Chain Analysis

Chapter 6 Porter’s 5 forces model

Chapter 7 PEST Analysis

Chapter 8 Genomics Services Market Segmentation, By Application & Technology

Chapter 9 Genomics Services Market Segmentation, By Deliverables

Chapter 10 Genomics Services Market Segmentation, By End-User

Chapter 11 Regional Analysis

Chapter 12 Company profile

Chapter 13 Competitive Landscape

Chapter 14 Use Case and Best Practices

Chapter 15 Conclusion

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