At a compound annual growth rate of 18.9%, the size of the worldwide Genomics market is projected to reach USD 127.12 Billion in 2030.
The global genomics market size is projected to exceed USD 98.45 billion by 2028 with an annual CAGR of 21.5% from 2021 to 2028. This can be attributed to the factors like falling costs of sequencing, increasing investment research and development from national and international government bodies across the world, and pharmaceutical expansion. Additionally, analytics, interpretation and applications components have significantly boosted the value and further growth of global genomics technology market.
Whilst, global genomics market is in a strong position worldwide, the market is still facing several challenges such as acute skill shortages, failures in commercialization and dearth of collaborations between academic research and clinical application. Furthermore, increasing government support for providing technical and financial assistance, strong academic base for genomics is anticipated to be an opportunity to the global genomics market.
Genomics is a new branch of science leading scientific breakthroughs. Genomics is a process that incorporates DNA sequencing and bioinformatics techniques to sequence, assemble, and study the function and structure of genomes. The genomics is usually applied to understand the genetic make-up of an individual and determine the possibility of genomes to certain genetic diseases.
Genomics technology helps discover precision medicine thereby leading to diagnostic and therapeutic development. Currently, the global genomics market is characterised by small, medium, as well as large size companies at a pre-revenue to larger revenue stage. The companies are concentrated around the world reflecting strong base and growth opportunities for the global genomics market.
The key players in the global genomics market are General Electric Company, IntegraGen, BGI, QIAGEN, Agilent Technologies, F. Hoffmann-La Roche, Pacific Biosciences of California, Danaher, Oxford Nanopore Technologies, Thermo Fisher, and Illumina among others. Many of these companies have launched genomes projects for the public sector investment and are investing heavily in genomics. Partnership, mergers & acquisitions, and expansions are seen by investors as a crucial step forward for improving their competitive position. As a result, companies are getting a competitive edge.
Genomics Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 98.45 billion|
|Growth Rate||CAGR of 21.5% during 2021-2028|
|Segment Covered||Technology, End User, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Electric Company, IntegraGen, BGI, QIAGEN, Agilent Technologies, F. Hoffmann-La Roche, Pacific Biosciences of California, Danaher, Oxford Nanopore Technologies, Thermo Fisher, and Illumina among other|
Key Segments of the Global Genomics Market
Technology Overview, 2018-2028 (USD Billion)
- Next generation sequencing
End User Overview, 2018-2028 (USD Billion)
- Drug discovery
End User Overview, 2018-2028 (USD Billion)
- Diagnostic Centers
- Research Institute
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa
Reasons for the study
- To put forward the latest size growth trends, industry composition of the global genomics market, and insights into key market influencers, challenges, and opportunities that lie ahead in short-term and long run to the genomics market by segments.
- To highlight the exciting developments taking place in genomics market and highlight its enormous potential to help you make better decision and transform wealth of your business.
What does the report include?
- Highlights of opportunities for growth and differentiation for market players in the global genomics market.
- Role of central government in boosting the genomics market, industry segments, and players in a range of countries.
- Market size from historic years, current years, and future market size forecasts based on previous years’ studies and other aspects.
Who should buy this report?
- Investors, industry experts, research institutes, policymakers, health innovation strategists looking for in-depth insights about the genomics market.
- The report is intended to all the industry players across the globe and the interested public.
Frequently Asked Questions (FAQ) :
Growing government support, increased focus on genomics studies, lowering sequencing cost, and increased genomics applications are the key factors for growth of global genomics market. The exponential growth of genomics market is attributed to other factor such as essential genetic developments and applications of genomics in areas such as intragenomic phenomena, like epistasis, heterosis, pleiotropy, etc. On-bioengineering and synthetic biology are some key fields that have taken genomics market to the next level.
The global genomics facilitates better understanding of the genetic make-up of an individual and determine the possibility of genomes to certain genetic diseases. Moreover, genomics when coupled with advanced technologies such as genomics, proteomics, and bioinformatics is offering thrice return on investment as well as opportunities for developing new diagnostics, therapeutics, and vaccines for treating new strongly emerging diseases. Thus growing number of small, medium, and large enterprises are implementing advanced technologies in transforming the genomics research and solutions.
Depending on different segments the market is classified into technology segments namely next generation sequencing and PCR. The next generation sequencing accounted for a significant market share in 2020 and may continue to witness a stable growth in genomics market. Next generation sequencing is largely being used in genomics and its use will rise in future with growing DNA sequencing tests.
End User Segment
Depending on different segments the market is classified into end user segments namely diagnostics, drug discovery, and others. Genomics is highly used in drug discovery besides common diseases. It is playing a crucial role in discovering drugs for Alzheimer’s disease and effective preventive measures. These are some key factors leading to growth of drug discovery segment.
Depending on different segments the market is classified into application segments namely pharmaceutical, biotechnological, diagnostic centers, and research institute. Genomics in pharmaceutical industry or pharmacogenomics is allowing the development of effective, safe medications and doses according to a patient’s genetic makeup.
North American contributes majorly to the global genomics market and is expected to outpace the market growing at a measurable rate. The key factors such as presence of large, small, and medium pharmaceutical and biotechnological companies, strong academic base, and foreign genomics companies in the region is driving growth of North America in global genomics market. Also, APAC is dominating the market because companies in APAC are focusing on sequencing stage apart from sampling, analysis, and interpretation.