Genomics Market Size, Share & Analysis | Industry Report 2024

The global genomics market was valued at $13.5bn in 2016 and is anticipated to reach $28.4bn by 2024.

The global genomics market is witnessing lucrative growth owing to factor such as rise in prevalence of chronic diseases, changing lifestyle factors, growing geriatric population, technological advancements such as next-generation sequencing (NGS), and an increase in funding for research & development. The Human Genome Project (HGP), which was an international collaborative research program with a core objective to completely sequence the human gene has triggered the discovery of several new data points about the human genetics.

The project was initiated in 1990 with funding received from the U.S. government and several other international agencies. The HGP was declared successful in 2003, and the data generated through this project is the foundation of several modern discoveries about human DNA. The project to completely sequence a single human DNA was completed with an estimated cost of USD 2.7 billion. However, it is now possible to sequence the DNA at USD 5000 due to modern technology and continuous innovations in the field of genomic sequencing.

In 2016, Europe was the leading region with a market share of nearly 42%. The high disease burden, and efforts to drive personalized medicine through the Public Health Genomics European Network (PHGEN) project are some of the crucial factors contributing to the large share of the region. Europe is followed by North America and Asia Pacific.

By 2024, North America is expected to be the fastest growing market due to high emphasis on diagnosis through molecular diagnostics and precision medicine. In U.S., the high investment in genomic research, the presence of advanced NGS technologies, and collaboration amongst various stakeholders such as government, academic centers and healthcare practitioners are anticipated to drive the future market expansion. Moreover, some of the biggest companies such as Illumina, Bio-Rad and Roche Diagnostics are rolling out several new products in this market to increase affordability and penetration of the genomics market.

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Key findings from the study: -

• The global genomics market is witnessing lucrative growth owing to factor such as rise in prevalence of chronic diseases, changing lifestyle factors, growing geriatric population, technological advancements such as next-generation sequencing (NGS), and increase in funding for research & development.
• The project to completely sequence a single human DNA was completed with an estimated cost of USD 2.7 billion. However, it is now possible to sequence the DNA at USD 5000 due to modern technology and continuous innovations in the field of genomic sequencing.
• Key players operating in the market include Illumina Inc., Pacific Biosciences, Agilent Technologies, GE Healthcare, Life Technologies, Thermo Fischer Scientific, Affymetrix, Inc., Qiagen, BGI, Roche Diagnostics, Bio-Rad Laboratories Inc., and Cepheid.

Ameri Research has segmented the Genomics Market by Application, product type, Technology :

Market Segmentation:

Genomics Market by Product (Revenue, Million, 2014 – 2024)
• Instruments/Systems
• Consumables
• Services

Genomics Market by Technology, (Revenue, USD Million, 2014 – 2024)
• Diagnostics
• Personalized Medicine
• Drug Discovery and Development
• Academic Research
• Agriculture

Genomics Market by Application (Revenue, USD Million, 2014 – 2024)
• PCR
• DNA Sequencing
• DNA Microarray
• Nucleic Acid Extraction and Purification

Genomics Market Regional Outlook (Revenue, USD Million, 20124- 2024)
• North America
o U.S.
o Canada

• Europe
o UK
o Germany
o France
o Italy
o Spain

• Asia Pacific
o Japan
o China
o India
o Australia

• Latin America
o Brazil
o Mexico
o Columbia

• Middle East and Africa
o South Africa
o Saudi Arabia

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