Genomics Market to be Worth $70.52 Billion by 2031
Author : Pallavi Garudkar | Published On : 29 Apr 2024
Meticulous Research®—a leading global market research company, published a 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.’
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According to this latest publication from Meticulous Research®, the genomics market is projected to reach $70.52 billion by 2031, at a CAGR of 11.1% during the forecast period. The growth of the genomics market is driven by the rising prevalence of genetic diseases, the increasing incorporation of genomic data in clinical workflows, increasing funding and investments in genomics projects, the growing applications of genomics in the healthcare sector, rising pharmaceutical R&D expenditures, decreasing costs of sequencing, and increasing healthcare spending. However, the lack of standardized approaches in genomics and concerns over the security & privacy of genomic data restrain the growth of this market.
Moreover, the rising adoption of personalized medicines and gene therapies is expected to generate market growth opportunities. However, the shortage of skilled bioinformatics and genomics personnel and the commercialization and scaling of genomic technologies are major challenges for market stakeholders.
Key Players
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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Genomics Market: Future Outlook
The global genomics market is segmented by 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 their market shares at the global and regional levels.
Based on offering, the genomics market is segmented into systems, consumables, software, and services. In 2024, the consumables segment is expected to account for the largest share of the market. The large market share of this segment is attributed to increased demand for consumables for next-generation sequencing and a rise in genetic research. As genomic research grows, the demand for consumables is further expected to rise, driving the market’s growth.
Based on technology, the genomics market is segmented into sequencing, microarray, PCR, nucleic acid extraction and purification, and other technologies. The sequencing segment is expected to register the highest CAGR during the forecast period. The factors contributing to the segment’s highest CAGR are technological advancements in sequencing, improvements in the efficiency of sequencing processes, and the increased scalability of sequencing technologies. Moreover, key players are implementing various growth strategies, such as product launches, approvals, and acquisitions, contributing to the market’s growth. For instance, in August 2022, Bio-Rad Laboratories acquired Curiosity Diagnostics, Sp. Z. o. o. (Poland) for the development of a new generation of rapid PCR systems to market.
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Based on application, the genomics market is segmented into drug discovery & development, diagnostics, life science research, and other applications. 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 high prevalence of chronic diseases such as diabetes and cancer and the increased need for discovering effective drug therapies against diseases.
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