Genomics Market Projected to Surpass USD 111 Billion by 2032

Genomics Market to Reach USD 111.51 Billion by 2032, Driven by Personalized Medicine and Technological Advancements

The global genomics market is projected to expand from USD 35.57 billion in 2024 to USD 111.51 billion by 2032, registering a CAGR of 15.35% during the forecast period. This growth is fueled by increasing applications in personalized medicine, advancements in sequencing technologies, and heightened government and private sector investments in genomic research.

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Competitive Landscape

Key players shaping the genomics market include Illumina, Inc., Thermo Fisher Scientific, Eurofins Scientific, Exact Sciences Corp., and Invitae Corporation. These companies are actively engaging in mergers, acquisitions, and partnerships to enhance their technological capabilities and expand their global footprint.​

Regional Insights
United States: Genomics Growth and Consolidation
The United States remains at the forefront of genomics innovation. Notable developments include Invitae Corporation's acquisition by Labcorp following its Chapter 11 bankruptcy filing in early 2024. Additionally, Exact Sciences Corp. has expanded its portfolio through acquisitions such as Genomic Health, Thrive Earlier Detection Corp., and Base Genomics, bolstering its position in cancer diagnostics. ​

Asia Pacific: Genomics Opportunities and Trends
Asia Pacific is experiencing rapid growth in the genomics sector, driven by government initiatives and increasing demand for personalized medicine. For instance, India's Department of Biotechnology launched the 'Genome India Project' to collect 10,000 samples for building a reference genome. China and Japan are also investing heavily in genomic research, focusing on applications in agriculture, healthcare, and biotechnology.

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Europe: Genomics Trends and Updation
Europe is witnessing significant advancements in genomics, with the UK's National Health Service (NHS) exploring the integration of genetic testing into routine healthcare. Companies like Genomics, an Oxford University spinout, have developed tests approved by the MHRA for predicting risks of common diseases. Additionally, Bupa has introduced genetic testing services to enhance disease prevention strategies. ​

Middle East and Africa: Genomics Growth and Opportunity
The Middle East and Africa region are gradually embracing genomics, with countries like the UAE and South Africa investing in genomic research and infrastructure. These efforts aim to address region-specific health challenges and contribute to global genomic databases. Collaborations with international organizations are also facilitating knowledge transfer and capacity building in genomics.​

Recent Developments
In August 2024, Eurofins Scientific acquired Orchid Cellmark, a UK-based DNA and forensic testing company, enhancing its capabilities in genetic analysis. ​

Illumina, Inc.'s acquisition of Grail, a cancer detection firm, has faced regulatory challenges in both the US and EU, highlighting the complexities of consolidation in the genomics industry. ​

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Market Segmentation: In-Depth Analysis:

by Product & Service

Consumables
Systems and software
Services

The market is divided into three segments based on product and service: consumables, systems and software, and services. In 2024, consumables will have the largest market share (x%). Consumables in the genomic system continue to be used as the number of genetic tests worldwide rises. This is among the elements propelling the market. Key players' usage of reagents and nucleic acids produces the segment's income. Illumina Inc. launched a product in June that will make whole genome sequencing inexpensive and accessible for labs of all sizes, and in August it debuted the NovaSeq 6000 reagent kit.

by Technology

Sequencing
Microarray
PCR
Nucleic Acid Extraction and Purification
Others

The market is divided into segments based on technology, including PCR, microarray, sequencing, nucleic acid extraction and purification, and others. In 2024, the genomics market's greatest share (x%) was held by the PCR sector. The main drivers of the genomics market's expansion include advancements in technology, a rise in genomics research, and the decreased cost of PCR DNA amplification. The market is primarily driven by technical investment and DNA expansion using PCR. In 2024, the second category will have the most share (x%). The benefits of sequencing technology, which is utilized in a variety of fields including agriculture and animal breeding, include ultra-high throughput, scalability, and fast speed.

by Test Type

Diagnostic Test
Genetic Test
Newborn Screening
Pre-implantation Testing
Prenatal Testing
Carrier Testing

by Application

Diagnostic
Drug Discovery
Precision Medicine
Others

The market is divided into many segments based on application, including drug discovery, precision medicine, diagnostics, and others. The genomics market's largest and fastest-growing application sector is diagnostics. The growing research on genetic abnormalities and illnesses like cancer, as well as the falling cost of sequencing, are the reasons for this segment's growth. Due to decreased sequencing costs and increased research on diseases including cancer and genetic disorders, the drug discovery segment now maintains the second position in the market.

by Method

Molecular Test
Chromosomal Test
Biochemical Test

by End User

Research Centers
Hospitals and Clinics
Pharmaceutical Companies

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Market Key Players : In-Depth Analysis:

1. Thermo Fisher Scientific Inc
2. Illumina Inc.
3. QIAGEN N.V.
4. Agilent Technologies Inc
5. Eurofins Scientific
6. BGI
7. GE Healthcare
8. Bio-Rad Laboratories Inc
9. F. Hoffmann-La Roche Ltd
10.Oxford Nanopore Technologies

Note:

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