Genomics Market to be Worth $70.52 Billion by 2031-Exclusive Report by Meticulous Research®

According to a new market research report titled, 'Genomics Market by Technology (Sequencing, Microarray, PCR, Nucleic Acid Extraction) Application (Drug Discovery, Diagnostic, Research) End User (Pharmaceutical, Hospital, Academic) Offering (Instrument, Consumable, Software) - Global Forecast to 2031,' published by Meticulous Research®, the genomics market is expected to register a CAGR of 11.1% from 2024 to 2031 to reach $70.52 billion by 2031.

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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).

The report offers a competitive landscape based on an extensive assessment of the offerings, geographic presences, and key growth strategies adopted by leading market players over the past three to four years.

The key players operating in the global genomics market are Agilent Technologies, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Pacific Biosciences of California, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K.), Eppendorf SE (Germany), Myriad Genetics, Inc. (U.S.), Revvity, Inc. (Formerly PerkinElmer, Inc.) (U.S.), and BGI Genomics Co. Ltd (China).

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Decreasing 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, and Services), Technology (Polymerase Chain Reaction (PCR), Sequencing [Next Generation Sequencing (NGS) and Other Sequencing Technologies], Nucleic Acid Extraction and Purification, Microarray and Other Technologies), Application (Diagnostics, Drug Discovery & Development, Life Science Research [Cancer Research, Stem Cell Research, and Other Life Science Research], and Other Applications), End User (Pharmaceutical & Biotechnology Companies, Hospitals & Clinics, Diagnostic Laboratories, Contract Research Organizations (CROs), Academic & Research Institutes, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes the market at the global and regional levels.

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Among all the offerings studied in this report, in 2024, 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 the 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.

Among all the technologies studied in this report, the sequencing segment is expected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing availability and affordability of sequencing technology, coupled with advances in data analysis and expanding applications in diverse fields. Sequencing technology is utilized to sequence the genomes of large populations, leading to new discoveries in fields like population genetics and personalized medicine.

Among all the applications studied in this report, the drug discovery & development segment is expected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing prevalence of chronic diseases such as diabetes and cancer. Additionally, genomics also plays an important role in the development of personalized medicine. Genomic data can identify genetic variations associated with an increased risk of certain diseases. The funding for the development of personalized medicine supports the segment's growth. For instance, in November 2021, Closed Loop Medicine Ltd (U.K.) announced the closing of a USD 17 million investment from the U.K. and European venture capital investors. The investment was utilized for the development of personalized drug + digital therapy (DTx) combination products.

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Among all end users studied in this report, in 2024, 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. Moreover, various companies are securing funding in the field of genomics aimed at scaling their technologies, enhancing customer focus, and supporting ongoing product innovations. For instance, in April 2023, Zetta Genomics Limited (U.K.) secured USD 2.4 million (GBP 1.9 million) in a second seed funding round. The funding is intended to help improve research, medical, and healthcare outcomes of genomics studies.

Among all geographies studied in this report, in 2024, North America is expected to hold the largest share of the global genomics market. North America's major market share can be attributed to technological innovations, the presence of key players, and high investments in R&D. The region has a strong base of genomics expertise, including academic researchers and industry leaders. The U.S. government is continuously focusing on genomic research to develop novel research approaches, creating opportunities for the use of genomic products. For instance, in March 2022, the National Institutes of Health (NIH) announced funding of USD 89 million for advancing genome editing projects to develop new technologies and novel research approaches in the somatic cell genome editing program.

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