Genomics Market Poised for Significant Growth, Projected to Reach USD 119.34 Billion by 2033, Says Straits Research

The global genomics market is set for robust expansion, with a valuation of USD 41.48 billion in 2024 and an anticipated growth to USD 119.34 billion by 2033, reflecting a CAGR of 12.46% during the forecast period (2025-2033), according to Straits Research. The market's growth is driven by increasing investments in genomic research, advances in sequencing technologies, and the expanding applications of genomics in healthcare, agriculture, biotechnology, and personalized medicine.

Genomics, which involves the study of genes, their functions, structures, and evolution, is pivotal for understanding disease susceptibility, drug responses, and human biology. Market offerings include systems and software, consumables, and services, while technologies such as sequencing, microarray, and PCR are integral to research and diagnostics. Key applications encompass diagnostic testing, precision medicine, functional genomics, biomarker discovery, and pathway analysis.

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Market Drivers and Opportunities

Government-funded genome projects are major contributors to market growth. Initiatives such as Genomics England's Genomic Medicine Service, the Saudi Human Genome Program, and India's Genetic Variation cataloging project demonstrate global commitment to genomic research. The decreasing costs of next-generation sequencing (NGS) technologies and the increasing demand for personalized medicine have also encouraged innovation in products and services. Companies such as Illumina, PerkinElmer, and PacBio are leading advancements by launching innovative software suites, automated sequencing systems, and long-read sequencing technologies for rare disease detection.

Market Restraints

Despite significant potential, the market faces challenges including a shortage of skilled technicians in developing regions and high costs of genomics instruments. Additionally, stringent regulatory frameworks across different countries can delay product launches and limit market expansion.

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Regional Insights

North America dominates the global genomics market, accounting for 42.5% of market share in 2021, due to extensive funding from research institutes and pharmaceutical companies. Collaborative efforts in genomics are expanding practical applications in the region, exemplified by partnerships like Illumina and Nashville Biosciences for drug development. Meanwhile, the Asia-Pacific region is projected to witness the fastest growth, driven by rising demand for diagnostics and therapeutics and initiatives such as the Genome Asia 100K project. Europe continues to grow steadily, with innovations in plant breeding, agricultural genomics, and a favorable regulatory framework supporting market development.

Technology and End-User Trends

PCR remains the leading technology segment in 2023, owing to its essential role in amplifying DNA sequences and its application across oncology, infectious disease diagnostics, and precision medicine. Functional genomics leads application segments, facilitating understanding of disease phenotypes and enabling the development of targeted therapies. Pharmaceutical and biotechnology companies account for the largest end-user share at 57.3%, driven by genomic-based drug discovery, while hospitals and clinics are increasingly integrating genomic services for patient care.

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Key Players

Agilent Technologies
Bio-Rad Laboratories, Inc.
BGI Genomics
Color Genomics, Inc.
Danaher Corporation
Eppendorf AG
Eurofins Scientific
Hoffmann-La Roche Ltd.
GE Healthcare
Illumina, Inc.
Myriad Genetics, Inc.
Oxford Nanopore Technologies
Pacific Biosciences of California, Inc.
QIAGEN N.V.
Quest Diagnostics Incorporated

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