Press release
Genomics Market is Expected to Reach US$ 68.8 Billion by 2028
Genomics Market
Report Highlights
How big is the genomics market?
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.
What is genomics?
Genomics is the study of the structure of the genome that contains non-coding DNA, genes, chloroplast, and mitochondrial DNA. It is employed to prevent, manage, and treat diseases. Genomics aims to understand the mapping of the genes and sequence the DNA by examining the molecular mechanisms and the interplay of genetic and environmental factors in diseases. Genomics is also instrumental in solving complex genetic problems, and the examination of the biological functions of individual genes is a common process in medical and biological research. As a result, genomics finds application in diagnostics, drug discovery, development of precision medicine, and agricultural research.
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What are the growth prospects and trends in the genomics industry?
The market is primarily driven by the growing demand for personalized medicine to provide effective treatment. Genomics is also used in the agricultural sector to produce genetically modified (GM) plants and organisms. Besides this, the introduction of microarrays and DNA technologies backed by genomics is attracting extensive investment from government and private agencies. Along with this, governments of various countries are promoting research and development activities in the field of genomics, which, in turn, is providing a favorable market outlook. In addition to this, the rising incidences of chronic diseases and cancer have resulted in the growing adoption of non-invasive cancer screening-based research, thereby propelling the market growth. Moreover, the advent of next-generation sequencing technology has enabled the development of life-science databases and projects to support scientific research, which is propelling the market growth. Looking forward, the market is expected to grow at a CAGR of 15% during the forecast period (2023-2028).
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
Products
Instruments and Software
Consumables and Reagents
Services
Core Genomics Services
NGS-Based Services
Biomarker Translation Services
Computational Services
Others
Breakup by Application:
Functional Genomics
Epigenomics
Biomarkers Discovery
Pathway Analysis
Others
Breakup by Technology:
Sequencing
Microarray
Polymerase Chain Reaction
Nucleic Acid Extraction and Purification
Others
Breakup by End-User:
Research Centers
Hospitals and Clinics
Pharmaceutical and Biotechnology Companies
Others
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
Who are the key players operating in the industry?
The report covers the major market players including:
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.
Hoffmann-La Roche Ltd
Thermo Fisher Scientific Inc.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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