Global Genomic Services Market Size By Type(pharma genomics, clinical genomics), By Geographic Scope And Forecast

Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Global Genomic Services Market Size By Type(pharma genomics, clinical genomics), By Geographic Scope And Forecast

Genomic Services Market Size And Forecast

Genomic Services Market size was valued at USD 5,703.67 Million in 2021 and is projected to reach USD 28,166.67 Million by 2030, growing at a CAGR of 19.34% from 2023 to 2030.

The genomics market has been recently flourishing with increased funding from private players and governments to further boost the application of genomics in several life science sectors. The Global Genomic Services Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

What is Genomic Services?

Genomics is basically the science of studying the entire genetic blueprint, or genome, of living things. To do this, scientists use some pretty cool technology, like DNA sequencing via the Sanger method or NGS. These tools help us map out genes, figure out what they do, and even identify the ones that might be responsible for causing diseases. And things are moving fast in genomics, thanks to new and improved technologies! We're talking about NGS, genome editing techniques like CRISPR-Cas9, and fancy quantitative technologies like qPCR and dPCR that measure gene expression. Even DNA sequencing itself has come a long way over the years – from the Sanger and Maxam-Gilbert methods to next-gen stuff like pyrosequencing, SOLiD sequencing, and even using Nanopores! Need some help with next-generation sequencing? The Genomics Services Laboratory can lend a hand with everything from designing your experiment and preparing your library to generating the sequence data and analyzing it. They're especially good at using bioinformatics to make sense of really complex sequencing datasets, like when you're combining DNA and RNA sequence data.

Global Genomic Services Market Overview

Lately, the genomics market has been buzzing! We're seeing more and more money flowing in from both private companies and governments, all to speed up how genomics is used in life science. Think about iteveryone's excited about setting up genome banks and doing genomic studies focusing on different countries, regions, and even ethnicities. This has led to some cool public–private partnerships, plus more investments from private firms and governments. For example, deCODE genetics and the Government of Iceland teamed up to analyze coronavirus genomes. And in India, the Government is helping Haystack Analytics study how viruses spread using genome sequencing. With all these new start-ups and projects, the global genomics services market is expected to really take off. Remember back in February 2019 when the Minister of Science and Sports (Canada) announced USD 22.7 million in funding, plus USD 33.4 million from provincial governments, for 36 projects through Genome Canada? Those projects covered everything from agriculture to health and the environment. Plus, the personalized medicine market is booming, which is great news for companies in genomics! More and more pharmaceutical companies are investing in personalized medicine research. This means doctors can figure out exactly what a patient needs and prescribe the best treatments, leading to better health outcomes. And looking ahead, advances in gene therapy could even replace traditional surgeries and drugs, letting doctors treat diseases by simply introducing a gene into a patient's cells.

In spite of the huge potential, dearth of trained technicians is an important factor which is restraining the growth of the genomics services market in the developing nations. Many of the developing nations either have low number of technicians or they lack the training needed for using sophisticated sequencers. Sharing and storing genomic data has become challenging as an individual genome consumes around 100 gigabytes. After constant sequencing, the requirements reached exabytes and petabytes from gigabytes. For storing human genomic data, approximately 40 exabytes of storage can be needed by 2050 which generates a concern for data storage. Genomics data can be utilized for several applications such as toxicogenomics, diagnostics, and pharmacogenomics. But, the analysis of large volumes of data generated in genomics research is a key challenge.

Global Genomic Services MarketSegmentation Analysis

The Global Genomic Services Market is segmented on the basis of Type and geography.

Genomic Services Market by Type

  • Pharma Genomics
  • Clinical Genomics

To Get Summarized Market Report By Type-

Based on Type, the market is segmented into pharma genomics, clinical genomics. Pharma Genomics accounted for the largest market share in 2021 and is projected to grow at the highest CAGR during the forecast period. Pharma genomics uses genomic data to evaluate a patient’s response to specific drugs. Pharma genomics can be employed to predict negative medication reactions or decrease efficacy, resulting in better health outcomes and lower costs. New methods are being investigated in clinical trials as the field of pharmaceutical genomics expands. In the future, pharmaceutical genomics will be used to create custom medications to address a variety of medical conditions, such as cardiovascular disease, Alzheimer’s disease, cancer, and asthma. Precision medicines have been shown to be effective in the treatment of cancer. Pharma genomics and related expertise are required for the development of such drugs.

Genomic Services Market by Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of regional analysis, the Global Genomic Services Market is classified into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America accounted for the largest market share in 2021 and is projected to grow at the highest CAGR during the forecast period. Europe was the second-largest market in 2021. In North America, the primary factor driving the market growth is the increasing rate of diagnosis and majority of fibromyalgia combined with the more extensive availability of advanced approved products to manage the disease. For instance, according to the American Chronic Pain Association, 2-4% of Americans have fibromyalgia. Also, the rising focus of the competitors to launch innovative drugs in the region is counted to drive market growth. Fibromyalgia affects people physically, mentally, and socially.

Key Players

The major players in the market are Thermo Fisher Scientific, Laboratory Corporation of America Holdings, Eurofins Scientific, PerkinElmer Genomics, Illumina, Inc. and many others.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In April, 2022, Thermo Fisher Scientific has launched the Gibco CTA TrueCut Cas9 protein, which is made in accordance with GMP standards, to facilitate genome editing in research and production applications. The proteins are produced in accordance with USP requirements, which include traceability documentation, aseptic production, and safety testing.

• In February, 2022, Laboratory Corporation of America Holdings (LH) announced the completion of its purchase of privately held Personal Genome Diagnostics Inc, a supplier of complete liquid biopsy and tissue-based genomic products and services. Labcorp would pay USD 450 million in cash at closing and up to an additional USD 125 million if future performance criteria were met.

• In March, 2021, Eurofins Viracor BioPharma Services has announced the availability of its new PanCancerIQ genomic profiling test, which is a next-generation sequencing (NGS) service that allows for thorough genomic profiling of tumour samples. The Eurofins Viracor new PanCancerIQ test service incorporates Illumina’s TruSight Oncology 500 (TSO500) NGS technology and bioinformatics, as well as clinical interpretation via a knowledgebase established by MD Anderson Cancer Center in collaboration with Philips.

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2019-2030

BASE YEAR

2022

FORECAST PERIOD

2023-2030

HISTORICAL PERIOD

2019-2021

UNIT

USD(MILLION)

KEY COMPANIES PROFILED

Thermo Fisher Scientific, Laboratory Corporation of America Holdings, Eurofins Scientific, PerkinElmer Genomics, Illumina, Inc. and many others.

SEGMENTS COVERED

By Type and By Geography.

CUSTOMIZATION SCOPE

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support

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