Dublin, March 06, 2023 (GLOBE NEWSWIRE) -- The "Global Omics Lab Services Market Size, Share & Industry Trends Analysis Report By Business (Diagnostic Labs, Research Institutes, and Hospitals), By End Use, By Type, By Product, By Frequency of Service, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Omics Lab Services Market size is expected to reach $139.1 billion by 2028, rising at a market growth of 12.9% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
- Thermo Fisher Scientific, Inc.
- Agilent Technologies, Inc.
- Qiagen N.V.
- Quest Diagnostics Incorporated
- Illumina, Inc.
- BGI Group
- Q2 Solutions (IQVIA)
- Flomics Biotech
- PhenoSwitch Bioscience
A biological science branch of study that ends in omics, like genomics, proteomics, transcriptomics, or metabolomics, is referred to as omics. Omics strives to characterize and quantify large groups of biological molecules that are relevant to an organism"s or a group of organisms" structure, function,
and dynamics.
The goal of functional genomics is to determine the functions of as many genes in a particular organism as feasible. Transcriptomics, proteomics, and saturated mutant collections are combined with other -omics approaches.
The market for omics lab services is expanding as a result of factors including rising customer demand and acceptance of the services as well as rising company involvement. For instance, to speed up therapeutic target identification utilizing AI-based genomic analysis, Illumina, Inc., and AstraZeneca engaged in a strategic alliance in October 2022.
Further study into the genetic susceptibility to certain illnesses has been made possible by the expansion of the genomic data pool as a result of research efforts. The clinical use of this data pool is anticipated to revolutionize the healthcare system by enabling the delivery of more precise, efficient, and dependable disease management solutions. The industrial and healthcare sectors are working to effectively integrate genetic data into clinical procedures, despite the fact that clinical usage of genomic data is still in its infancy.
The creation of diagnostic tools based on omics research is still in its infancy. The challenge for developers in the next years will be to provide outcomes that are reliable and timely enough 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.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic, 2020 experienced unheard-of growth. A variety of cancer immunotherapies have been evaluated using advanced omics technologies, including single-cell omics, multi-omics, and conventional omics techniques.
Additionally, the industry is being driven by the increasing use of "multi-omics" in research and the use of sophisticated sequencing platforms in the context of precision medicine. COVID-19 has significantly disrupted the pharmaceutical industry"s supply chain as a whole. In order to comprehend the COVID-19 virus, several small businesses have begun omics-based clinical studies.
Market Growth Factors
The Massive Investment of the Government for Genomics Projects
Governments in a number of nations have made considerable investments in genomics in recent years. These government investments have aided the development of new technology significantly. For instance, The Department of Biotechnology (DBT) launched the "Genome India Project (GIP)" in January 2020.
The goal of the initiative is to collect 10, 000 genetic samples from Indian residents in order to create a reference genome. Precision health, rare genetic illnesses, the mutation spectrum of genetic and complex diseases in the Indian population, genetic epidemiology of multifactorial lifestyle diseases, and translational research are some of the areas of focus of this project.
NGS Platforms On-going Technical Breakthroughs
Continuous technical breakthroughs in sequencing methods have made it possible to create effective, portable, and user-friendly NGS systems with a shorter turnaround time and the ability to offer rapid and accurate findings.
Leading corporations are increasing their R&D spending in order to strengthen their market positions and share since the launch of such items and technologies gives them an instant competitive advantage. Technical advancements have led to the addition of several new bioinformatics tools to metagenomics, increasing market revenue.
Market Restraining Factor
A Scarcity of Qualified Professionals
Data from omics can be utilized for a wide number of purposes, such as pharmacogenomics, diagnostics, and toxicogenomics. In some circumstances, technical improvements have made it possible for the instruments in use to give an analysis; however, the reader"s interpretation is still up to them.
It is vital to recruiting skilled professionals to evaluate and interpret the outcomes of sequencing data due to the intricacies involved and the requirement for an in-depth understanding of omics.
Scope of the Study
By Business
- Diagnostic Labs
- Research Institutes
- Hospitals
By End-Use
- Cancer
- Pharmaco
- Population Studies & Genealogy
- Reproductive
- Skincare
- Nutrition, Vitamin & Supplements
- Forensics & Others
By Type
- Proteomics
- Transcriptomic
- Metabolomics
- Genomics
- Epigenetics
By Product
- Hardware Equipment
- Testing / Lab Services
- Analytics / Interpretation
By Frequency of Service
- Continuous
- Repeat
- One-off
By Geography
- North America
- Europe
- Asia Pacific
- LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/idlrhz
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