Genomics Market to be Worth $72.62 Billion by 2030 - Exclusive Report by Meticulous Research®

According to a new market research report titled, 'Genomics Market by Offering (Systems, Consumables, Software, Services), Technology (Sequencing, Microarray, PCR), Application (Diagnostics, Life Science Research), End User (Pharmaceutical Companies, Hospitals, Academic Institutes, CRO) - Global Forecast to 2030,' published by Meticulous Research®, the genomics market is expected to grow at a CAGR of 18.2% from 2023 to 2030 to reach $72.62 billion by 2030.

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Genomics is the study of genes and their function, including genome organization, structure, function, and evolution. It involves analyzing the DNA sequence and studying the interactions between genes, environmental factors, and individual characteristics to gain a comprehensive understanding of the biological systems and processes that regulate life. Genomics plays an essential role in personalized medicine, genetic counseling, biotechnology, and drug development.

Key market players are implementing various market strategies such as acquisitions and collaborations. For instance, in May 2022, Illumina, Inc. (U.S.) collaborated with Allegheny Health Network (U.S.) to enhance patient care by evaluating the impact of in-house comprehensive genomic profiling (CGP). In May 2020, F. Hoffmann-La Roche Ltd (Switzerland) acquired Stratos Genomics (U.S.), a genetic sequencing company, to expand nanopore sequencing technology.

The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in this market in the last three to four years.

The key players operating in the global genomics market are Agilent Technologies, Inc. (U.S.), Pacific Biosciences of California, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Bio-Rad Laboratories, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Illumina, Inc. (U.S.), Oxford Nanopore Technologies plc (U.K.), New England Biolabs, Inc. (U.S.), Promega Corporation (U.S.), and QIAGEN N.V. (Netherlands).

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Falling Cost of Sequencing to Drive the Genomics Market's Growth

The cost of sequencing genomics has steadily decreased over the past several years, making it feasible for researchers to sequence the genomes of more individuals and organisms, leading to new discoveries and insights. Since the first human genome was sequenced in 2001 at the cost of several billion dollars, the price of sequencing a genome has decreased dramatically. Today, it is possible to sequence a human genome for under USD 1,000. The decrease in cost has been driven by advances in sequencing technology and improvements in the efficiency of the sequencing process. As the cost of sequencing has decreased, it has become more feasible to sequence the genomes of large populations, leading to new discoveries in fields such as population genetics and personalized medicine. It has also made it possible to sequence the genomes of many different species, which has led to new insights into the evolution of life on Earth. One of the most significant implications of the falling cost of sequencing is that it has made genomic medicine more accessible. Sequencing a patient's genome enables doctors to identify genetic variations that may contribute to the patient's disease, allowing them to develop personalized treatment plans. This process has the potential to revolutionize medicine and improve patient outcomes significantly. Thus, the declining cost of genomics sequencing has significantly impacted scientific research and opened up new possibilities for personalized medicine.

The global genomics market is segmented based on Offering [Systems, Consumables, Software & Services], Technology [Sequencing {NGS, Sanger Sequencing and Pyrosequencing}, DNA Microarray, PCR, Nucleic Acid Extraction and Purification, Other Technologies], Application [Drug Discovery & Development, Diagnostics, Life Science Research {Stem Cell Research, Cancer Research, Other Life Science Research}, Other Applications], End User [Pharmaceutical & Biotechnology Companies, Hospitals, Academic & Research Institutes, Diagnostic Laboratories, Contract Research Organizations, Other End Users] and Geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.

Based on offering, in 2023, the consumables segment is expected to account for the largest share of the market. Increased demand for consumables due to the surge in genomic research and the rising adoption of genomics in drug discovery & development, sample preparation, and quality control in laboratories contribute to the large market share of this segment. Sample preparation is a critical step in genomic analysis, and it often requires consumables such as DNA extraction kits and purification columns. According to National Human Genome Research Institute (U.S.), it is estimated that genomics research will generate between 2 and 40 exabytes of data within the next decade. As more samples are being processed in genomic research, the demand for these consumables is increasing.

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Based on technology, in 2023, the sequencing segment is expected to account for the largest share of the market. Increasing availability and affordability of sequencing technology coupled with advances in data analysis and expanding applications in diverse fields contribute to the large market share of this segment. Sequencing technology is utilized to sequence the genomes of large populations, leading to new discoveries in fields like population genetics and personalized medicine.

Based on application, in 2023, the drug discovery & development segment is expected to account for the largest share of the market. The increasing prevalence of chronic diseases such as diabetes and cancer contributes to the large market share of this segment. According to Global Genes (U.S.), a non-profit advocacy organization for individuals and families fighting rare and genetic diseases., there are more than 10,000 distinct types of genetic and rare diseases, with nearly 400 million people living with at least one rare disease.

Based on end user, in 2023, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of the market. Increased attention towards personalized medicine, smart drug delivery, and biomarker discovery contributes to the large market share of this segment.

In 2023, North America is expected to hold the largest share of the global genomics market due to technological innovations, the presence of key players, and high investments in research. Many key technologies used in genomics, such as DNA sequencing and bioinformatics, were developed in North America. As a result, the region has a strong base of genomics expertise, including academic researchers and industry leaders.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/genomics-market-1262

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