New Report Forecasts Strong Growth in Genomic Services Market with 11.8% CAGR

[thorat Ketan]

The Global Genomic Services Market Size valued at USD 6.3 billion in 2023, is projected to reach a staggering USD 17.5 billion by 2032, growing at a robust CAGR of 11.8% over the forecast period 2024–2032, according to recent market intelligence. This surge is being fueled by rising investments in personalized medicine, the rapid adoption of next-generation sequencing (NGS), and increasing demand for genomic data analysis in both research and clinical settings.

Genomic services encompass a wide range of offerings—from sequencing, gene expression analysis, and genotyping to bioinformatics solutions. These services enable researchers and clinicians to decode genetic information for disease diagnostics, drug discovery, and population health studies. As the global focus on precision healthcare intensifies, genomic services are becoming essential tools in clinical decision-making and drug development pipelines.

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Key Market Drivers

1. Rising Demand for Precision Medicine

As healthcare systems transition from traditional to precision-based models, genomics is at the heart of this transformation. By providing insights into individual genetic profiles, genomic services help clinicians deliver personalized treatment strategies for cancer, rare diseases, and chronic conditions.

2. Growth in Next-Generation Sequencing (NGS) Adoption

NGS technologies have revolutionized genomic analysis by enabling high-throughput, cost-effective, and rapid sequencing of DNA and RNA. Genomic service providers are increasingly integrating NGS platforms to cater to the growing demand from academic research institutions, biopharma companies, and clinical laboratories.

3. Increased Funding and Government Initiatives

Public and private investments in genomics research are expanding rapidly. Global initiatives such as the U.S. NIH All of Us Research Program, Genomics England, and China’s Precision Medicine Initiative are bolstering demand for outsourced genomic services.

4. Rising Prevalence of Genetic Disorders and Cancer

With an increase in the incidence of genetic abnormalities, cancers, and inherited diseases, genomic services are increasingly used for screening, diagnosis, and monitoring. Genetic testing is becoming a standard protocol in oncology and reproductive medicine.

5. Growing Applications in Agriculture and Consumer Genomics

Beyond healthcare, genomic services are gaining traction in agriculture (crop improvement, livestock genomics) and consumer markets (ancestry testing, lifestyle genomics), further broadening the scope of market growth.

Key Market Segmentation

By Services Type

• Gene Expression Services (RNASeq)
• Epigenomics Services
• Genotyping
• Next-generation Sequencing
• Others

By Technology

• Polymerase Chain Reaction (PCR)
• Next-generation Sequencing (NGS)
• Microarray
• Others

By Application

• Diagnostics
• Research
• Others

By End-user

• Research Institutes
• Healthcare Facilities & Diagnostic Centers
• Pharmaceutical & Biotechnological Companies
• Contract Research Organizations (CROs)

 

 Key Genomics Services Companies

• Thermo Fisher Scientific, Inc.
• 23andMe, Inc.
• Agilent Technologies
• Bio-Rad Laboratories, Inc.
• BGI Genomics
• Color Genomics, Inc.
• Danaher Corporation
• GE Healthcare
• Illumina, Inc.
• Myriad Genetics, Inc.
• Eppendorf AG
• Eurofins Scientific
• Hoffmann-La Roche Ltd.
• Oxford Nanopore Technologies
• Pacific Biosciences of California, Inc.
• QIAGEN N.V.

 Recent Developments

• March 2024: Thermo Fisher Scientific launched a new integrated genomic services platform aimed at simplifying cancer panel sequencing for clinical laboratories.
• December 2023: Illumina signed a multi-year partnership with a leading European university hospital to provide whole genome sequencing and bioinformatics support.
• September 2023: Eurofins expanded its genomic services lab in the U.S. to meet rising demand in pharmaceutical R&D and personalized medicine.

Opportunities and Challenges

Opportunities:

• Integration of AI and machine learning in genomic data interpretation.
• Expansion of direct-to-consumer (DTC) genetic testing.
• Rise in companion diagnostics for targeted therapies.
• Increased outsourcing of genomics services by pharmaceutical companies.

Challenges:

• High costs associated with complex genomic workflows.
• Data privacy and regulatory concerns surrounding genetic data.
• Shortage of skilled personnel in bioinformatics and genetic counseling.
• Reimbursement issues for clinical genomic testing in some countries.

Future Outlook

The genomic services market is entering a transformative era characterized by cross-industry integration, personalized healthcare, and data-driven research. As technology becomes more accessible and genomic literacy improves, the market will witness broader adoption across clinical, academic, and consumer landscapes.

The forecasted growth—from USD 6.3 billion in 2023 to USD 17.5 billion by 2032—demonstrates the sector’s immense potential to redefine how diseases are understood, diagnosed, and treated. Service providers that embrace innovation, expand their offerings, and focus on scalability will be well-positioned to lead the market in the coming decade.

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