Genomics Market worth $66.85 billion in 2029

(EMAILWIRE.COM, November 15, 2024 ) The global Genomics Market is expected to reach USD 66.85 billion in 2029 from USD 42.64 billion in 2024, at a CAGR of 9.4% during the forecast period. The genomics market is rising rapidly as advancements in NGS, long-read sequencing, and CRISPR expand genomics applications in precision medicine, diagnostics, drug discovery, and agriculture. This, in turn, is driving demand for genomic tools and services due to the increasing incidence of genetic disorders, cancer, and viral infections. Key players are investing in the development of more efficient and cost-effective solutions, making genomics increasingly accessible for both research and clinical settings. As personalized medicine and population genomics continue to gain momentum, the market is expected to grow globally.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=613

Browse in-depth TOC on “Genomics Market”
671 – Tables
68 – Figures
562 – Pages

Based on offerings, the genomics market is divided into product and service segments. The product segment accounted for the largest share of the genomics market in 2023. This dominance is primarily attributable to the reagents, kits, and other consumables used in sequencing, PCR, and microarray technologies, which represent a major product category and contribute significantly to the market share. Advances in efficient and cost-effective sequencing technologies have also driven product innovation. As a result, genomics has become more accessible to a wider user base, including academic institutions, pharmaceutical companies, and healthcare providers. Product dominance in the genomics market is expected to continue due to its central role in enabling high-profile research and clinical advancements. However, the service segment accounted for the second-largest share in the market.

Based on technology, the genomics products market is divided into sequencing, PCR, gene editing, flow cytometry, microarrays, in situ hybridization, and other technologies. Sequencing technology holds the largest market share in 2023, largely due to its extensive use in clinical settings for disease diagnosis, genetic testing, and personalized medicine, making it a dominant technology in the genomics market. The increasing demand for sequencing in research, particularly in population genomics, pharmacogenomics, and rare disease studies, fuels the growth of this segment. Continuing innovations in sequencing technology—including read lengths, accuracy, and automation—will drive expansion in genomics and reinforce the leading position of this segment.

Based on product type, the market is segmented into reagents, kits, and consumables, instruments, and bioinformatics tools. The reagents, kits, and consumables segment accounted for the largest share of the genomics market in 2023. These consumables, used in sequencing, PCR, and microarray technologies, represent a major product category, contributing significantly to the market share. However, the instrument segment held the second-largest share within this category.

Based on application, the genomics market is segmented into drug discovery & development, diagnostics, agriculture and animal research, and other applications. In 2023, drug discovery & development applications accounted for the largest share, mainly due to increased demand for genomics research in areas such as cancer, rare diseases, and population genomics. Genomics helps researchers study genetic variations and mutations that cause diseases, allowing them to better understand conditions such as cancer, neurological disorders, and infectious diseases. This opens new avenues for discovering more precise therapeutic targets. Pharmaceutical companies are increasingly using genomics to develop targeted therapies, which enhances the speed and accuracy of bringing new treatments to market, thereby contributing significantly to this segment. However, the diagnostics segment accounted for the second-largest market share.

Based on study type, the genomics market is segmented into functional genomics, biomarker discovery, pathway analysis, epigenomics, and other study types. In 2023, the functional genomics segment accounted for the largest market share due to its importance in identifying potential drug targets, particularly in areas like cancer and genetic disorders, driving its widespread adoption in pharmaceutical research. The biomarker discovery segment held the second-largest market share.

Based on end users, the genomics product market is segmented into hospitals, clinics and diagnostic laboratories, academic & research institutes, pharmaceutical & biotechnology companies, CROs, and other end users. In 2023, the hospitals, clinics, and diagnostic laboratories segment held the largest share of the genomics market. This can be attributed to the increasing use of genomics in routine diagnostics and patient care—such as prenatal screening, oncology, and pharmacogenomics—which has made hospitals and clinics key users of genomics products.

The genomics market is segmented into six major regions: North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America was the largest regional market for genomics in 2023, with Europe being the second largest. North America’s large market share is attributed to the high prevalence of target diseases, which has increased the demand for cancer research and research into inherited rare diseases, along with government support. However, the Asia Pacific region is projected to be the fastest-growing segment, due to its large population and genomic initiatives aimed at studying genetic diversity and public health.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=613

The global genomics market is competitive, with key players including Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), F. Hoffmann-La Roche Ltd. (Switzerland), QIAGEN (Germany), Agilent Technologies, Inc. (US), Revvity (US), Laboratory Corporation of America Holdings (US), IQVIA Inc. (US), Charles River Laboratories (US), Bio-Rad Laboratories, Inc. (US), Eurofins Scientific (Luxembourg), PacBio (US), Oxford Nanopore Technologies plc (UK), Takara Bio Inc. (Japan), BGI Group (China), Eppendorf SE (Germany), Merck KGaA (Germany), BD (US), Abbott (US), 10X Genomics (US), New England Biolabs (US), Promega Corporation (US), Creative Biogene (US), Novogene Co., Ltd. (China), Helix, Inc. (US), Phalanx Biotech Group (US), and Polaris Genomics (US).

Illumina, Inc. (US):

Illumina is the market leader in commercializing genome sequencing solutions to help address questions about the functions of genetic variants and biological processes. To make the analysis of genetics easier, the company’s product line includes consumables, integrated systems, and analytical instrumentation. Genomics products are offered through the equipment and consumables segment of the company. Genomics services are also offered through the Service and Other Revenue segment of the company. Stable investments that the company made in research and development helped the company to refine its portfolio along with the innovation to improve its accuracy and bring new uses. For instance, Illumina’s first product from its proprietary Illumina Complete Long Read technology, was launched back in March 2023. Illumina Complete Long Read Prep, Human. Compatible with sequencing systems for high-performance, long-read human whole-genome sequencing on the following systems: NovaSeq X Plus, NovaSeq X, and NovaSeq 6000 Sequencing Systems.

Thermo Fisher Scientific Inc. (US):

Thermo Fisher Scientific Inc. is one of the leading providers of medical equipment, analytical instruments, reagents & consumables, software, and services. Through its Life Science Solutions segment, the firm operates in the genomics market. The company has a strong geographic presence across more than 100 countries. The company offers genomics products and services through the Genetic Sciences and Biosciences business. The company implements organic and inorganic growth strategies to support its business growth. For instance, in July 2043, the company launched the Novel Pre-transplant risk assessment assay, to assess the risk of kidney transplant rejection.

Danaher Corporation (US):

Danaher Corporation manufactures and commercializes medical, industrial, and commercial products and services. The company offers genomics products through its subsidiaries, Integrated DNA Technologies, Inc., Cepheid, Inc., and Beckman Coulter, which operates under the Life Sciences and Diagnostics segments. The company provides products & services to pharmaceutical and biotechnology companies, colleges & universities, research institutes, and government bodies (including government testing & diagnostic centers) through its sales and distribution offices network.

The company spends on innovation and implements strategies such as product launches, partnerships, and collaborations. For instance, In May 2024, Integrated DNA Technologies, a subsidiary of Danaher, partnered with Molecular Health to integrate their NGS capabilities and to extend genomic profiling.