Enjoy complimentary customisation on priority with our Enterprise License!
The genomics market size is forecast to increase by USD 5.21 billion at a CAGR of 3.16% between 2023 and 2028. The market is experiencing significant growth due to the increasing focus on personalized medicine and rare disorder diagnosis. Key drivers include rising investments in genomics research and development, as well as advances in sequencing technologies. However, the market also faces challenges such as varying regulations in genomics research and genetic testing, and the need for raw material suppliers and sensitive instruments to support these advances. The Science Council anticipates continued growth in this field, with the potential to revolutionize healthcare and diagnostics. The market is experiencing substantial expansion due to the growing emphasis on personalized medicine and the diagnosis of rare disorders. This expansion is driven by increased investments in genomics research and development and advancements in next-generation sequencing. However, the market encounters challenges including varying regulations in genomics research and testing, as well as the requirement for reliable raw material suppliers and sensitive instruments to support these advancements. Continued growth in this sector is anticipated, with the potential to significantly impact healthcare and diagnostics.
To learn more about the genomics market report, Request Free Sample
The market is experiencing significant growth due to the integration of artificial intelligence (AI) and bioengineering technologies. These advancements are revolutionizing various sectors, including cancer research, diagnostics, and gene therapy, among others. Bioengineering, a critical component of genomics, enables the manipulation of DNA code to develop novel therapeutics and diagnostic tools. The application of this technology in chronic diseases, genetic disorders, and viral diseases is transforming the healthcare landscape. The diagnostics segment of the market is witnessing substantial growth, with AI-driven solutions playing a pivotal role in improving accuracy and efficiency.
Geographic expansion is a key trend in the market, with companies expanding their operations to cater to the growing demand for genomics-based solutions. Bioengineering is also playing a crucial role in gene therapy, which holds immense potential for treating rare genetic disorders. Trained professionals in the field of life sciences are in high demand to develop and implement these advanced therapies. Synthetic biology, a subfield of bioengineering, is another emerging area in the market. It involves designing and constructing new biological parts, devices, and systems to perform specific functions, offering exciting possibilities for the development of novel therapeutics and industrial applications.
In conclusion, the market is undergoing rapid transformation due to the integration of AI and bioengineering technologies. Applications in cancer research, diagnostics, gene therapy, and synthetic biology are driving the growth of this market, with ethical considerations and geographic expansion being key trends. The future of genomics holds immense potential for improving healthcare and addressing various societal challenges.
The genomics market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The products segment is estimated to witness significant growth during the forecast period. The market encompasses the use of bioengineering technologies in the analysis of an organism's genetic material, particularly in the fields of cancer research and chronic diseases. Complete genomics plays a significant role in this market with advanced offerings. Artificial intelligence (AI) is increasingly being integrated into genomics research and testing, enhancing the efficiency and accuracy of results. The products segment of the market comprises instruments and consumables. Instruments include polymerase chain reaction systems, CRISPR-Cas systems, next-generation sequencers, and microarray instruments. These tools facilitate nucleic acid extraction, isolation, purification, gene cloning/amplification, high-throughput sequencing, and gene expression analysis. Companies in the market are continually innovating to offer advanced products.
Features such as LIMS compatibility, automation, high throughput capability, and multiple read and run mode options are becoming increasingly popular. As a result, the market is witnessing the introduction of a wide array of instruments that cater to diverse research needs.
Get a glance at the market share of various segments. Request Free Sample
The Products segment accounted for USD 26.20 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 33% to the growth of the global genomics market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions, Request Free Sample
Fueled by heightened genomics research funding and advancements in precision medicine and personalized therapies, the demand for genomics analyses is on the rise in this region. The US the market is characterized by intense competition, with companies continually investing in the creation and implementation of advanced technologies for oncology, rare disease diagnosis, and prenatal diagnosis applications. These companies are strategically targeting end-users such as biopharmaceutical firms, research institutes, and academic institutions engaged in cancer-focused translational research, clinical research, and fundamental research activities.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising investments in genomics research and development is the key driver of genomics market growth. Genomics research has experienced substantial growth due to the introduction of advanced technologies such as microarrays, Multi-omic-based approaches, next-generation sequencing (NGS), and PCR biosystems. These innovations have attracted substantial investments from research institutions and organizations in the US and beyond, enabling the development of new therapeutics and personalized medicines for various diseases. The creation of extensive genomics databases, including GenBank and The European Molecular Biology Laboratory (EMBL) Nucleotide Sequence Database, has revolutionized healthcare systems. By accelerating drug development, clinical research, and gene therapies, these databases have significantly impacted healthcare delivery.
Notable government organizations, including the National Human Genome Research Institute (NHGRI), Genome Canada, and the European Union, have invested significantly in genomics research, with the NIH allocating USD 25 billion for the Human Genome Project alone. These investments underscore the importance of genomics research in advancing healthcare and personalized medicine.
Advances in sequencing technologies is the upcoming trend in the genomics market. The Human Genome Project (HGP) marked a pivotal moment in the genomics industry by providing essential insights into human genome structure. Subsequently, the emergence of advanced genetic testing technologies, such as next-generation sequencing (NGS), revolutionized the field of synthetic biology. These innovations have enabled medical professionals to decipher genetic variations leading to disorders. NGS has significantly impacted genetic research by facilitating large-scale sequencing of the human genome, allowing for the identification of mutations and gene variants associated with diseases. This technological advancement has brought down the cost of sequencing, making genomics analysis and database management more accessible and affordable.
The market has witnessed substantial growth due to these developments, offering market companies a wealth of opportunities to explore genetic functionalities and contribute to disease diagnosis and treatment.
Varying regulations in genomics research and testing is a key challenge affecting genomics market growth. In the market, precision medicine and rare disorder diagnosis are key applications driving market growth. Raw material suppliers play a crucial role in supplying sensitive instruments and advanced technologies to market participants. Industry organizations contribute significantly to market research and development. However, the market faces challenges due to varying regulatory standards and compliances worldwide. companies must ensure their products meet stringent requirements for accuracy, quality, safety, and performance in applications such as diagnostics, research, therapeutics, and drug discovery. Compliance with regulatory bodies like the US FDA, European Medicines Agency (EMA), European Agency for the Evaluation of Medicinal Products (EAEMP), and Australia Therapeutic Goods Administration (ATGA) is essential for global companies.
The genomics market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the genomics market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
10X Genomics Inc. - The company provides a scalable and cost-effective solution in the market through its wave energy system. This system harnesses the energy from waves above the water surface, making it a competitive renewable energy alternative. By converting wave energy into usable power, the technology offers a sustainable energy solution. This wave energy technology aligns with the growing demand for renewable energy sources.
The genomics market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The genomics market is experiencing significant growth due to the increasing application of genomic data in various fields, including bioengineering and personalized medicine. Artificial intelligence (AI) is playing a pivotal role in genomics research, facilitating the analysis of complex genomic data. Companies like Illumina are leading the market with their advanced NGS (next-generation sequencing) technologies. The market is witnessing geographic expansion, with key players investing in research and development to cater to the growing demand for diagnostics in chronic diseases, cancer, and rare disorder diagnosis. Multi-omic-based approaches, such as flow cytometry and microarrays, are gaining popularity for their ability to provide comprehensive genetic information.
Technologies such as next-generation sequencing (NGS), microarrays, flow cytometry, and PCR biosystems are increasingly being adopted for the detection and diagnosis of various diseases. Cancer research is another area where genomics is making a significant impact. Multi-omic-based approaches, which combine data from different types of 'omics' (genomics, transcriptomics, proteomics, etc.), are being used to understand the complex nature of cancer and develop personalized treatment plans. Ethical issues are a concern in the market, particularly regarding the use of genetic information and data privacy. The Science Council and other organizations are addressing these concerns by advocating for strict regulations and guidelines.
Bioengineering and gene therapy are also driving the market, with ethical issues and trade regulations being major concerns. Raw material suppliers are providing sensitive instruments and trained professionals to support the research and development efforts. Synthetic biology and viral diseases are emerging areas of focus. The market is expected to continue its growth trajectory, with the increasing application of genomic data in front line genomics, scientific research, and clinical diagnostics. The market is poised for further growth, with the potential for significant advancements in the field of genomics and the increasing adoption of personalized medicine.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.16% |
Market growth 2024-2028 |
USD 5.21 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.5 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 33% |
Key countries |
US, UK, Germany, France, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
10X Genomics Inc., Abcam plc, Agilent Technologies Inc., Becton Dickinson and Co., BGI Group, Bio Rad Laboratories Inc., Danaher Corp., Eppendorf SE, F. Hoffmann La Roche Ltd., Hamilton Bonaduz AG, Illumina Inc., Myriad Genetics Inc., New England Biolabs Inc., Oxford Nanopore Technologies plc, Pacific Biosciences of California Inc., Promega Corp., QIAGEN NV, Standard BioTools Inc., Thermo Fisher Scientific Inc., and PerkinElmer Inc |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our genomics market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this genomics market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Solution
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.