Omics Lab Services Market Size Worth $194.04 Billion By 2030

 

The global Omics Lab Services Market size is expected to reach USD 194.04 billion by 2030, registering CAGR of 13.72% during the forecast period, according to a new report by Grand View Research, Inc. The development of the market is attributed to growing integration of the genomics data into clinical workflow and rising adoption of direct-to-consumer omics. Moreover, rising demand for early disease diagnostic test, technological advancements aided with increasing government funding is further propelling growth of the overall market.

Growing recognition of omics' potential in human disease management and other nonconventional applications has fueled the implementation of omics data. This, in turn, has increased competition among firms to introduce products and technologies by leveraging available genetic information, capitalizing on the ample growth avenues in the market. Advanced laboratory analytics also support the development of precision and personalized medicine, which has an influence beyond general patient care. Thorough progress has already been made in the field of oncology, and developments in omics and single-cell micro technology have greatly benefited progress toward upcoming patient-centered approach.

Moreover, the field of oncology has benefited most from omics research, and one newly developed use of NGS clinical tests is for the quantification of circulating tumor DNA (ctDNA) from plasma. Numerous NGS technologies, such as Cancer Personalized Profiling by deep Sequencing, may be used. High-throughput RNA sequencing developments have brought light the importance of transcriptomics in biological and clinical research. RNA sequencing using NGS technologies or microarrays are two ways to perform transcriptomics. Proteomics and metabolomics are two domains that have been significantly characterized by improvements in NMR and MS technologies.

Furthermore, key players operating in the market are focusing on incorporating omics technology in early diagnosis. For instance, in May 2021, Burning Rock Biotech Limited launched PRESCIENT, first pan cancer, multi omics early detection study in China. In March 2022, PrognomiQ invested USD 46.0 million in advancing development of multiomics for early detection of cancer. In September 2022, Bertis launched Proteomic based research of its new biomarkers for diagnosis of ovarian cancer. Moreover, in July 2022, Mission Bio, Inc. launched Tapestri platform for single cell multiomics-based MRD detection in blood cancers. These initiatives and research in the field of omics for the development of early diagnosis tools is further propelling the overall omics labs services market growth.

Related Press Release@ Omics Lab Services Market Report

Omics Lab Services Market Report Highlights

• Epigenetic segment is expected to show fastest growth during the forecast period which can be attributed to the future potential offered by epigenetic analysis
• Diagnostic labs segment held the largest market share in 2021 owing to the rising testing and availability of the wide range of resources for performing diagnostic tests
• Hardware equipment segment dominated the omics lab services market in 2021 and is anticipated to show at fastest growth rate during the forecast period owing to Rapid technological advancements in genomics and transcriptomics through the development of hardware equipments
• North America held the largest market share which can be attributed to the increasing adoption of genetic testing due to its high accuracy, sensitivity, and specificity

List of key players in global Omics Lab Services Market

• Agilent Technologies, Inc.
• Beijing Genomics Institute (BGI)
• Q2 Solutions
• Spectrus
• Flomics Biotech
• PhenoSwitch Bioscience
• QIAGEN
• Quest Diagnostics Incorporated
• Thermo Fisher Scientific, Inc.
• Illumina, Inc.

 

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Omics Lab Services Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 79,904.95 million
Revenue forecast in 2030	USD 194.04 billion
Growth rate	CAGR of 13.72% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

 

Omics Lab Services Market Segmentation

Grand View Research has segmented the global omics lab services market report based on the services, business, frequency of service, product, end-use, and region:

Omics Lab Services Services Outlook (Revenue, USD Million, 2018 - 2030)

• Genomics
• Proteomics
• Transcriptomic
• Metabolomics
• Epigenetics

Omics Lab Services Business Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals
• Research Institutes
• Diagnostic Labs

Omics Lab Services Frequency of Service Outlook (Revenue, USD Million, 2018 - 2030)

• One-off
• Repeat
• Continuous

Omics Lab Services Product Outlook (Revenue, USD Million, 2018 - 2030)

• Hardware Equipment (Instrument, Kits, Chips)
• Testing / Lab (Services)
• Analytics / Interpretation (Personalization and Interpretation)

Omics Lab Services End-Use Outlook (Revenue, USD Million, 2018 - 2030)

• Cancer
• Pharmaco
• Prescription
• Non-Prescription
• Reproductive
• Other Genetic Tests
• Forensics
• Population Studies
• Skincare
• Nutrition
• Vitamins and Supplements
• Genealogy
• Other Categories

Omics Lab Services Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Denmark
• Sweden
• Norway
• Rest of Europe
• Asia Pacific
• Japan
• China
• India
• Australia
• Thailand
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of LATAM
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Kuwait
• Rest of MEA

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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

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