Genomics Market

Market Overview:

The global genomics market size reached US$ 29.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 68.8 Billion by 2028, exhibiting a growth rate (CAGR) of 15% during 2023-2028.

Genomics is the study of the function, mapping, structure, evolution, and genomes (genes) of an individual. It relies on consumables, systems, software, and services for diagnostics, drug discovery, development of precision medicine, and agricultural research. It aids in providing diagnostic and predictive insights that help healthcare professionals in research and finalizing treatment options for diseases, such as Alzheimer's, diabetes, and cancer. As a result, it is utilized around the world in studying biological systems and solving complex genetic problems in hospitals, private clinics, diagnostic, and research centers.

Significant advancements in the genomic field, increasing prevalence of chronic and infectious disorders among the masses, and rising preferences for personalized medicines are major factors bolstering the market growth. It can also be attributed to the growing adoption of non-invasive cancer screening-based research. In addition, the expanding global population, changing climatic conditions, rising food security concerns, and spreading awareness about the harmful effects of chemical-based fertilizers are driving the need for genomics to improve crop yield. This, in confluence with the shifting consumer preferences for organic food products, is contributing to the market growth. Furthermore, expanding investments in research and development (R&D) of biotechnology, coupled with extensive improvements in medical infrastructure and diagnostic technologies, are creating a positive outlook for the market. Apart from this, the integration of genomics-based apps and tests to identify DNA alterations is offering lucrative growth opportunities to industry investors.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global genomics market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, application, technology, and end-user.

Breakup by Component:

• Products
  • Instruments and Software
  • Consumables and Reagents
• Services
  • Core Genomics Services
  • NGS-Based Services
  • Biomarker Translation Services
  • Computational Services
  • Others

Consumables and reagents hold the biggest market share as they aid in performing single-molecule and real-time (SMRT) sequencing.

Breakup by Application:

• Functional Genomics
• Epigenomics
• Biomarkers Discovery
• Pathway Analysis
• Others

Functional genomics dominates the application segment as they help improve crop plants, human health, and livestock.

Breakup by Technology:

• Sequencing
• Microarray
• Polymerase Chain Reaction
• Nucleic Acid Extraction and Purification
• Others

Sequencing exhibits a clear dominance in the market as it provides information on genetic variants that can lead to different diseases.

Breakup by End-User:

• Research Centers
• Hospitals and Clinics
• Pharmaceutical and Biotechnology Companies
• Others

Pharmaceutical and biotechnology companies hold the majority of the total market share as they help modify genes and provide a new platform for the high-throughput genetic analysis of forest trees.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

North America holds the majority of the global genomics market share on account of increasing preferences for personalized medicines.

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are 23andMe, Inc, Agilent Technologies, Inc., Bayer AG, BGI Group, Bio-Rad Laboratories, Inc., Danaher Corporation, Illumina, Inc., Oxford Nanopore Technologies, PerkinElmer, Inc., Myriad Genetics, Inc., F. Hoffmann-La Roche Ltd, and Thermo Fisher Scientific Inc.

Report Coverage: