Global Omics Lab Services Market Size Expected to Surpass USD 245.69 Billion by 2032, With CAGR 13.4%: Polaris Market Research

New York, NY, Feb. 01, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a new research report titled “Omics Lab Services Market Share, Size, Trends, Industry Analysis Report, By Services (Genomics, Proteomic, Transcriptomic, Metabolomics, Epigenetics); By Business; By Product; By End Use; By Region; Segment Forecast, 2023 – 2032” in its research database.

“According to the latest research study, the global omics lab services market size & share are expected to generate revenue of USD 245.69 Billion by 2032 and are estimated to be valued at USD 69.93 billion in 2022, at a compound annual growth rate (CAGR) of 13.4% from 2023 to 2032”

What is Omics Lab Services? What is the Expected Size & Share of the Omics Lab Services Market?

The omics lab is one of the few facilities in the world which has the equipment and expertise to investigate the human microbiome for both industry and academic purposes. The rapidly rising demand for the omics lab services market can be attributed to the development of new techniques and methodologies for advanced profiling of bacterial, viral, and fungal community structure and function or even assessing the health of the gut wall itself.

The market is witnessing growth due to the factors such as increasing demand or adoption of the services and increasing participation of different companies. For instance, in October 2022, Illumina Inc. entered into a strategic partnership with AstraZeneca to accelerate drug target discovery using AI-based genomic analysis.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Requests.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
• Includes Updated List of tables & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Key data covered in the market report

• Robust qualitative and quantitative market analysis based on segment breakdown within the consideration of both economic and non-economic factors.
• Market evaluation based on market value for each segment breakdown.
• Indicates the region and segment breakdown that is anticipated to witness the fastest growth rate and acts as a market-dominant.
• The competitive landscape includes market ranking for major market competitors, new service product launches, partnerships, and business expansion.
• The company profile section offers a comprehension of the company overview, company insights, product benchmarking, and SWOT analysis for the major market players.

Some of the Top Market Players Are:

• Agilent Technologies
• Beijing Genomics
• Q2 Solutions
• Flomics Biotech
• PhenoSwitch Bioscience
• QIAGEN; Quest Diagnostics
• Thermo Fisher
• Illumina

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Key factors driving market growth

• Growth of genomic data pool from research activities to push the market

The growth of the genomic data pool from research activities has enabled biologists, physicians, and patients to probe the genetic predisposition to certain diseases further. The clinical application of this data pool is anticipated to transform the healthcare system providing more accurate, effective, and reliable disease management solutions. The Omics lab services market size is expanding as even though clinical use of genomic data is still in a nascent stage, efforts are being made by industrial and healthcare communities to incorporate genetic data into clinical workflows successfully.

The field of oncology has benefitted most from omics research, and one newly developed use of NGS clinical tests is for quantifying circulating tumor DNA from plasma. Several NGS technologies may be used, such as cancer-personalized profiling by deep sequencing. Omics lab services market sales are soaring as high throughput RNA sequencing developments have highlighted the importance of transcriptomics in biological and clinical research. RNA sequencing uses NGS technologies or microarrays in two ways to perform transcriptomics.  

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Recent trends influencing the market

Increasing investments in genomics to boost the market

• Governments in several nations have made considerable investments in genomics in recent years. These government investments have helped the development of new technologies significantly. For instance, the Department of Biotechnology launched the Genome India Project in January 2020. The initiative aims to collect 10,000 genetic samples from Indian residents to create a reference genome.
• The creation of diagnostic tools based on omics research is still in its infancy. The challenge for developers in the next year will be to provide reliable and timely outcomes to show the clinical value of such tests. Such examples will be necessary to convince healthcare professionals to use the tests and convince other parties to pay for their costs.

Segmentation assessment

• The Proteomics segment is predicted to dominate the industry’s market segment

Based on services, the proteomics segment is predicted to dominate the industry’s market segment. The primary expansion of the market is attributable to the high frequency of technologies for identifying and qualifying the entire protein composition of a cell, tissue, or organism. Omics lab services market demand is on the rise due to proteomics-based technologies being used in a variety of research settings, including the identification of several diagnostic markers and vaccine candidates, understanding the pathogenicity processes, changing expression patterns in response to different signals and interpretation of functional proteins pathways in various disorders.

• The diagnostic labs segment will be the market leader

Based on the business, the diagnostic lab’s segment will be the market leader. Increased testing and availability of resources for conducting tests are the primary causes of market expansion. Omics lab services market trends include improved hospital reliance on diagnostics laboratories for testing and evaluation. The development of the diagnostic laboratories market is expected to be aided by rising demand for inexpensive services, increased awareness of personalized medicine, and technological improvements.

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Omics Lab Services Market: Report Scope

Geographic Overview

• Factors such as high accuracy and sensitivity propel the market

North America held the largest omics lab services market share due to its high accuracy, sensitivity, and specificity are some factors driving market expansion. The growth in genetic illnesses, the demand for personalized medicine, and the accessibility of cutting-edge diagnostic techniques are the main drivers of regional market expansion.

Browse the Detail Report “Omics Lab Services Market Share, Size, Trends, Industry Analysis Report, By Services (Genomics, Proteomic, Transcriptomic, Metabolomics, Epigenetics); By Business; By Product; By End Use; By Region; Segment Forecast, 2023 – 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/omics-lab-services-market      

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Polaris Market Research has segmented the omics lab services market report based on services, business, product, end-use, and region:

By Services Outlook

• Genomics
• Proteomics
• Transcriptomic
• Metabolomics
• Epigenetics

By Business Outlook

• Hospitals
• Research Institutes
• Diagnostic Labs

By Product Outlook

• Hardware Equipment
• Testing / Lab (Services)
• Analytics / Interpretation

By End Use Outlook

• Cancer
• Pharmaco
• Reproductive
• Forensics
• Skincare
• Nutrition
• Other Categories

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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