The Global Genomics Market to Reach $70.52 Billion by 2031, Fueled by Advances in Technology and Growing Demand for Personalized Medicine
Meticulous Research®, a globally recognized leader in market
intelligence, today released an in-depth report titled “Genomics Market by
Technology (Sequencing, Microarray, PCR, Nucleic Acid Extraction), Application
(Drug Discovery, Diagnostics, Research), End User (Pharmaceutical, Hospitals,
Academic), Offering (Instruments, Consumables, Software) – Global Forecast to
2031.” The report projects the genomics market to reach an impressive
$70.52 billion by 2031, growing at a CAGR of 11.1% over the forecast period.
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The market's remarkable growth is driven by several key
factors, including the rising prevalence of genetic disorders, the increasing
integration of genomic data in clinical practices, growing investments in
genomics research, and an expanding range of applications across healthcare.
Decreasing sequencing costs and a global rise in healthcare spending are
further contributing to this rapid growth. However, the market faces challenges
such as the lack of standardized protocols in genomics and ongoing concerns
surrounding data privacy and security.
Growth Drivers and Opportunities
The genomics market is poised for significant expansion,
supported by the increasing adoption of personalized medicine and gene
therapies. Personalized medicine's ability to offer tailored treatments based
on individual genetic profiles is gaining traction globally, opening new doors
for market players. In addition, technological advancements in sequencing and
bioinformatics, alongside growing pharmaceutical R&D expenditures, are
propelling the demand for genomics solutions. Despite these growth opportunities,
the industry must address critical challenges, such as a shortage of skilled
genomics professionals and the complexities involved in scaling genomic
technologies for commercial applications.
Key Industry Players
The competitive landscape of the global genomics market is
dominated by major players, including:
- 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.)
- BGI
Genomics Co. Ltd (China)
These key players are actively involved in driving
innovation, expanding their product portfolios, and entering strategic
partnerships to meet the growing demand for advanced genomics solutions.
Segmental Overview
- Offering:
The genomics market is segmented by offerings into systems, consumables, software, and services. In 2024, consumables are expected to hold the largest market share, driven by the increasing demand for next-generation sequencing (NGS) consumables and a surge in genetic research activities. As the scope of genomic research continues to expand, the need for consumables is anticipated to further accelerate market growth. - Technology:
The genomics market is categorized by technology into sequencing, microarray, PCR, nucleic acid extraction, and purification. Among these, the sequencing segment is projected to register the highest CAGR during the forecast period, owing to continuous technological advancements in sequencing methods and the growing scalability of sequencing technologies. Key industry players are actively investing in product development and strategic acquisitions to strengthen their market positions. For example, in August 2022, Bio-Rad Laboratories acquired Curiosity Diagnostics to develop the next generation of rapid PCR systems. - Application:
In terms of application, the genomics market is divided into diagnostics, drug discovery & development, life science research, and others. Drug discovery & development is expected to witness the highest CAGR due to the rising prevalence of chronic diseases, such as cancer and diabetes, which necessitates the discovery of more effective therapies. - End
Users:
The market's end-user segments include pharmaceutical & biotechnology companies, hospitals & clinics, academic & research institutes, diagnostic laboratories, and contract research organizations (CROs). Pharmaceutical and biotechnology companies are projected to dominate the market in 2024, largely due to their increasing use of genomics in drug development, personalized medicine, biomarker discovery, and data analytics. These companies are leveraging NGS and other genomic technologies to accelerate research, improve patient outcomes, and enhance the efficacy of therapies.
Geographic Insights
Regionally, North America is expected to hold the largest
share of the global genomics market in 2024, owing to substantial R&D
investments, an advanced healthcare infrastructure, the presence of key
industry players, and the early adoption of cutting-edge genomic technologies.
Europe and the Asia-Pacific region are also poised for robust growth, driven by
favorable government initiatives, increasing healthcare spending, and growing
awareness of the benefits of genomic research in these regions.
Future Outlook
As the genomics landscape continues to evolve, the market is
set to experience rapid growth, driven by technological innovations, increased
investments, and the expanding scope of genomics applications in healthcare.
However, industry stakeholders must address existing challenges, such as
workforce shortages and the complexity of commercializing genomic technologies,
to fully capitalize on the market's potential.
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