Genomics Market to Reach $70.52 Billion by 2031: Pioneering Growth Driven by Advancements in Genomic Technologies and Expanding Applications in Healthcare
Meticulous Research®, a globally recognized leader in market
intelligence solutions, has released its latest industry report, titled “Genomics
Market by Technology (Sequencing, Microarray, PCR, Nucleic Acid Extraction),
Application (Drug Discovery, Diagnostics, Research), End User (Pharmaceuticals,
Hospitals, Academics), Offering (Instruments, Consumables, Software) – Global
Forecast to 2031.”
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According to the report, the global genomics market
is on track to grow significantly, reaching a market size of $70.52 billion
by 2031, with an impressive CAGR of 11.1% during the forecast
period. This robust growth is attributed to the increasing prevalence of
genetic disorders, growing adoption of genomic data in clinical workflows,
rising investments in genomic research, and expanding applications in
personalized healthcare. The declining costs of sequencing and increasing
R&D expenditures in the pharmaceutical sector further propel the demand for
genomics technologies.
Despite the positive growth trajectory, challenges such as
the lack of standardized genomic protocols and concerns over data
security and privacy pose restraints to market expansion.
Opportunities and Challenges
The report highlights that the rising adoption of
personalized medicine and gene therapies will unlock new growth
opportunities for market stakeholders. However, hurdles related to the shortage
of skilled genomics professionals and the complexities involved in scaling
genomic technologies for commercial use remain key challenges for industry
participants.
Prominent Market Players
The report identifies key players shaping the global
genomics market, 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) (U.S.)
- BGI
Genomics Co. Ltd. (China)
These companies are actively adopting strategies such as new
product launches, acquisitions, and partnerships to drive innovation and
consolidate their market position. For instance, in August 2022, Bio-Rad
Laboratories enhanced its PCR capabilities through the acquisition of Curiosity
Diagnostics (Poland), aiming to develop advanced rapid PCR systems.
Segment Analysis
- By
Offering:
The market is segmented into systems, consumables, software, and services. In 2024, the consumables segment is expected to capture the largest market share, driven by increased demand for next-generation sequencing consumables and ongoing genetic research activities. - By
Technology:
Among various technologies, sequencing is projected to register the highest CAGR during the forecast period, fueled by technological advancements, improved efficiency, and scalability. - By
Application:
The drug discovery & development segment is expected to exhibit the fastest growth, driven by the increasing prevalence of chronic diseases like cancer and the need for more effective therapies. - By
End User:
In 2024, pharmaceutical and biotechnology companies are expected to hold the largest market share. Genomics plays a critical role in targeted drug development, biomarker discovery, and personalized medicine—enabling these companies to develop innovative therapies and improve patient outcomes.
Regional Insights
The report provides an in-depth analysis of regional trends
across North America, Europe, Asia-Pacific, Latin America, and the Middle
East & Africa. North America is expected to maintain its
dominance in the genomics market in 2024, driven by substantial R&D
investments, an advanced healthcare infrastructure, and the strong presence
of major industry players. Additionally, the rapid adoption of cutting-edge
genomic technologies positions the region as a global leader in genomics
innovation.
Conclusion
The global genomics market presents unprecedented growth
opportunities driven by continuous advancements in technology, the growing
integration of genomics in healthcare, and the rising focus on personalized
medicine. However, addressing challenges related to data security, talent
shortages, and the standardization of genomic workflows will be crucial to
unlocking the full potential of this market.
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