Genomics Services Market Analysis

Genomics Services Market Analysis

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Based on service type, the genomics services market is segmented as next generation sequencing, sanger sequencing, microarray, genotyping, and other services. The next generation sequencing held a majority market value of USD 1.5 billion in 2022. The advent of next-generation sequencing (NGS) technology has revolutionised gene sequencing in terms of reproducibility and cost savings. As a result, significant breakthroughs in NGS technology have been made to promote its use in clinical labs and hospitals. Furthermore, the majority of recent advances in the field have been focused on making the technology more user-friendly and intelligent. These attributes have fuelled the adoption of NGS services among a wide range of end-users.
 

Based on application, the genomics services market is segmented as research and diagnostics. The research segment dominated the market in 2022 due to increased government funding for the research of various diseases such as cancer and rare disorders, among others. Also, growing use of genome sequencing in broad application areas such as precision medicine is contributing to the expansion of the research segment.
 

Based on end-user the market is segmented as research institutes, diagnostic centers, pharmaceutical & biotechnological companies, contract research organization (CROs)s, and other end-users. The research institutes segment is expected to show highest revenue with growth rate of 11.5% during the analysis period. The segment dominance is owing to the factors such as researchers specialized in genomics, and fundings from government agencies, private foundations and industry collaborations drive the segment growth in the genomics services market. Furthermore, the collaborations with other academic institutions, hospitals, and biotechnology companies is expected to accelerate the research institutes segment in the forecast period.
 

North America genomics services market is expected to reach USD 4.6 billion by 2032. Increasing demand for biotechnological practices along with presence of several key players in the region is expected to supplement the market growth. Furthermore, the increasing prevalence of chronic diseases such as cancer, increased government investment in research, and rising awareness among consumers fuel regional market growth. Moreover, the availability of advanced healthcare infrastructure that contributes to expanding technological breakthroughs in this sector and increased demand for biotechnology practices in the region is expected to fuel regional growth.