Published Date: 20-Jan-2023
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According to a new report, published by KBV research, 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.
The Hospitals market is experiencing a CAGR of 13.4% during (2022 - 2028). The best healthcare environment for the diagnosis and treatment of a wide range of ailments is a hospital. Because diagnostic centers often work with hospitals, hospitals already have a diagnostic setup. Furthermore, it is projected that further healthcare infrastructure development would improve hospital facilities already in place.
The Cancer market is leading the Global Omics Lab Services Market by End-Use in 2021; thereby, achieving a market value of $31.7 billion by 2028. A unique opportunity to identify the molecular and clinical features of cancer patients is provided by the use of multi-omics approaches. Because mRNA transcripts are involved in the development of cancer, one example of the incompatibility in related biological processes that need to be resolved in genomics and transcriptomics is the disentangling of inconsistencies in post-translational improvements or diversity in expression profiles.
The Testing / Lab Services market would showcase a CAGR of 13.1% during (2022 - 2028). The main drivers of the services category are the high cost of goods, the need for the knowledge needed for genomics, and end users' attention to core business activities. The fast acceptance of Whole Genome Sequencing (WGS) and the use of sequence databases for disease screening and prognosis have led to an increase in NGS-based genomics services.
The Proteomics market has acquired maximum revenue share in the Global Omics Lab Services Market by Type in 2021; thereby, achieving a market value of $46.5 billion by 2028. The market for omics lab services is expanding as a result of the increased prevalence of the target illnesses as well as other factors, such as the growing need for custom medications and improved diagnostics for treating the diseases. Additionally, the market is expanding as a result of increased focus on product utilization in the development of pharmaceuticals, biomarker research, and clinical diagnostics for the identification and treatment of disorders.
The Repeat market is anticipated to grow at a CAGR of 13.1% during (2022 - 2028). The One-off market is expected to witness a CAGR of 13.6% during (2022 - 2028). Given that the human genome was only completely mapped 15 years ago, genetic testing has grown in popularity. The crucial role genetic testing plays in precision medicine, a disease treatment and prevention strategy that seeks to maximize ef?cacy by taking individual variability in environment, genes, and lifestyle into account, as well as improving next-generation sequencing methods & concurrent drops in sequencing costs can be credited for a significant portion of this trend.
The North America market dominated the Global Omics Lab Services Market by Region in 2021; thereby, achieving a market value of $52.0 billion by 2028. The Europe market is poised to grow at a a CAGR of 12.5% during (2022 - 2028). Additionally, The Asia Pacific market would register a CAGR of 13.4% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Qiagen N.V., Quest Diagnostics Incorporated, Illumina, Inc., BGI Group, Q2 Solutions (IQVIA), Flomics Biotech, PhenoSwitch Bioscience
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