Dublin, Nov. 03, 2023 (GLOBE NEWSWIRE) -- The "Global Omics Lab Services Market Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Omics Lab Services Market, valued at an impressive USD 71.23 billion in 2022, is expected to exhibit a robust Compound Annual Growth Rate (CAGR) of 9.53% through 2028. This market represents a dynamic and integral segment within the ever-evolving field of omics sciences.
Market Growth Factors
Surging Demand for Personalized Medicine: The escalating demand for personalized medicine is a primary driver, as omics lab services play a crucial role in tailoring medical treatments to individual genetic profiles.
Advancements in High-Throughput Technologies: Continuous advancements in high-throughput technologies enhance the efficiency and effectiveness of omics lab services, enabling the swift and accurate analysis of vast amounts of biological data.
Need for Comprehensive Data Analysis: Omics lab services are vital for comprehensively analyzing biological data, making them essential in various fields, including drug discovery, agriculture, and environmental research.
Key Market Drivers
Growing Integration of Genomics Data Into Clinical Workflows: The integration of genomics data into clinical workflows is revolutionizing healthcare. Genomics data provides a comprehensive understanding of an individual's genetic makeup, influencing precision medicine. High-throughput technologies and bioinformatics tools make it feasible to generate and interpret genomics data efficiently.
Rising Adoption of Direct-to-Consumer Omics: The rising adoption of Direct-To-Consumer (DTC) omics services empowers individuals to access their genetic and omics information directly from specialized laboratories. This trend is driven by the convenience and transparency DTC services offer, fostering data sharing and research participation.
Rising Demand for Early Disease Diagnostic Tests: The demand for early disease diagnostic tests is on the rise. Early detection enables timely intervention and treatment, and advancements in omics technologies enhance diagnostic accuracy. Public health initiatives and the experience of the COVID-19 pandemic underscore the importance of early disease diagnosis.
Technological Advancements: Technological advancements have significantly improved the accuracy and efficiency of omics analyses. Automation, data analysis, and miniaturization technologies are reshaping the field of personalized medicine and expanding the applications of omics lab services.
Key Market Challenges
Lack of Skilled Professionals: A shortage of skilled professionals in the omics field is a significant challenge. The complexity of omics analyses requires specialized training and expertise, particularly in bioinformatics. Bridging the gap in skills and interdisciplinary collaboration is essential to address this challenge.
Slow Implementation of Omics Technology: The slow implementation of omics technology hinders its adoption. Rapid technological advancements, infrastructure requirements, regulatory considerations, and workforce training present obstacles to the efficient deployment of omics technologies.
Key Market Trends
Personalized Medicine: Personalized medicine is transforming healthcare, leveraging omics technologies to tailor medical interventions to an individual's unique genetic and molecular profile. Artificial intelligence and machine learning facilitate the analysis of omics data for personalized healthcare.
Multi-Omics Integration: Multi-omics integration, combining data from various omics disciplines, provides a more comprehensive understanding of biological systems. It is revolutionizing research, diagnostics, and personalized medicine, uncovering novel disease mechanisms and biomarkers.
Segmental Insights
Service Insights: Proteomics dominates the market due to its role in understanding biological functions, drug discovery, and its relevance in personalized medicine.
Business Insights: Diagnostic laboratories lead the market, playing a pivotal role in clinical applications, personalized medicine, and translating omics data into patient care.
Regional Insights: North America leads the market with its strong research ecosystem, advanced healthcare system, biotechnology industry, and supportive regulatory framework.
Report Scope: The report segments the Omics Lab Services Market by service, frequency of service, business, end use, and region. It also mentions companies such as Agilent Technologies, QIAGEN, Illumina, and Quest Diagnostics.
This comprehensive report highlights the growth, challenges, and trends in the Global Omics Lab Services Market, providing valuable insights for businesses, healthcare professionals, and researchers.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 178 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $71.23 Billion |
| Forecasted Market Value (USD) by 2028 | $123.99 Billion |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Global |
Key Topics Covered
1. Service Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customers
5. Global Omics Lab Services Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Service (Genomics, Proteomics, Transcriptomics, Metabolomics, Epigenetics)
5.2.2. By Frequency of Service (One-Off, Repeat, Continuous)
5.2.3. By Business (Hospitals, Research Institutes, Diagnostic Labs)
5.2.4. By End Use (Cancer, Pharmaco, Reproductive, Other Genetic Disease)
5.2.5. By Company (2022)
5.2.6. By Region
5.3. Market Map
6. North America Omics Lab Services Market Outlook
7. Europe Omics Lab Services Market Outlook
8. Asia-Pacific Omics Lab Services Market Outlook
9. South America Omics Lab Services Market Outlook
10. Middle East and Africa Omics Lab Services Market Outlook
11. Market Dynamics
11.1. Drivers
11.2. Challenges
12. Market Trends & Developments
12.1. Recent Developments
12.2. Product Launches
12.3. Mergers & Acquisitions
13. PESTLE Analysis
14. Porter's Five Forces Analysis
14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Product
15. Competitive Landscape
15.1. Business Overview
15.2. Company Snapshot
15.3. Product & Services
15.4. Financials (In case of listed companies)
15.5. Recent Developments
15.6. SWOT Analysis
15.6.1. Agilent Technologies, Inc.
15.6.2. Q2 Solutions LLC
15.6.3. Flomics Biotech
15.6.4. Qiagen N.V.
15.6.5. Thermo Fisher Scientific, Inc.
15.6.6. Illumina, Inc.
15.6.7. Quest Diagnostics Incorporated
15.6.8. Phenoswitch Bioscience
15.6.9. Spectrus Corporation
15.6.10. Beijing Genomics Institute
16. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/dxaf0m
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