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2024

Genomics Market

Genomics Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product, by Technology, by Application, by End User : Global Opportunity Analysis and Industry Forecast, 2024-2033

LS : Diagnostics and Biotech

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Author's: Suraj Sajeev | Roshan Deshmukh
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Genomics Market Research, 2033

The global genomics market size was valued at $33.2 billion in 2023, and is projected to reach $97.1 billion by 2033, growing at a CAGR of 11.5% from 2024 to 2033. The growth of the genomics market is driven by several key factors such as increased use of genomics in drug research and development, more competition in the global pharmaceutical industry, higher demand for genetically modified animals and plants, decreasing costs of genetic procedures, efforts by private and public organizations to grow the market, rising demand for nucleic acid sequencing, and the entry of new players into the genomics market

Genomics Market

Market Introduction and Definition

Genomics is a field of science that studies the genetic material of an organism that includes the structure, function, evolution, mapping, and editing of genomes. Genomics deals with collective characterization and quantification of an organism's genes, their interrelations, and impact on the organism. Genomics involves the sequencing and analysis of genomes through bioinformatics and uses of DNA sequencing to gather and analyze the function and structure of complete genomes. Advances in genomics have generated a revolution in discovery-based research and in complex biological system. It also includes studies of intragenomic phenomena such as effect of one gene on another (epistasis) , one gene affecting more than one trait (pleiotropy) , and other interactions between loci and alleles within the genome. 

Key Takeaways

  • The Genomics Market share study covers 20 countries. The research includes a segment analysis of each country in terms of value for the projected period 2023-2033.
  • More than 1, 500 product literatures, industry releases, annual reports, and other such documents of major Genomics industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
  • The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.

Key market dynamics

Increase in use of genomics in R&D of new drugs, rise in competition in the global pharmaceutical industry, surge in demand for genetically modified animals and plants, constantly reducing prices of genetic procedures drives the market growth, Further, initiatives taken by private & public organizations, rise in demand for nucleic acid sequencing, and entry of new players in the genomics market growth, further boosts the growth of the genomics market. Moreover, increase in preference for modified medicine and popularization of alliances between research institutes & companies are expected to offer new growth opportunities to the players of the genomics market. However, lack of skilled professionals, high equipment costs required in genomics, and the lack of awareness in some countries are anticipated to restrict the growth of the genomics market across the globe. 

Statement from Industry leader

In a recent interview in November 2023, Dr. Joydeep Goswami, the Senior Vice President of Corporate Development and Strategic Planning at Illumina, discussed the transformative impact of genomics on drug development. He stated that the integration of genomics into the drug discovery and development process can significantly improve lifetime health management, patient outcomes, and cost-effectiveness. Goswami highlighted that when drug targets are supported by genetically validated mechanisms, the probability of success for the drug molecule increases by 150%. Additionally, the cost per drug approval can decrease by almost half, primarily driven by the increased success rates enabled using genomics. Goswami emphasized that genomics has the power to reshape the entire drug discovery and development landscape. By leveraging the insights and data generated through genomic technologies, pharmaceutical companies can identify more promising drug targets, streamline the development process, and ultimately bring safer and more effective therapies to patients in a more efficient and cost-effective manner. The Illumina executive's remarks underscore the growing recognition of the pivotal role that genomics is playing in transforming the pharmaceutical industry and driving advancements in personalized and precision medicine.

Market Segmentation

The genomics market share is segmented into product, technology, application, and end user. By product, the market is divided into Consumables and Reagent, Services and Instruments, Systems and Software. As per technology, the market is divided into Sequencing, PCR, Flow Cytometry, Microarray and Others. By application, the market is divided into Functional Genomics, Epigenomics, Pathway Analysis, Biomarker Discovery and Others. By end user, the market is divided into Clinical Research, Academic and Government Institutions, Hospitals and Clinics, Pharmaceutical and Biotechnology Companies and Others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Regional/Country Market Outlook

In developed regions such as North America and Europe, the market is driven mostly due to favorable government initiatives and funding. Further, the wide spread of genomic technologies such as next-generation sequencing (NGS) , PCR-based diagnostics, and other genomic technologies further drives the market growth. 
In Asia-Pacific, the Genomics Market Size is expected to grow at a healthy growth rate during the Genomics Market Forecast period. This is attributed to the presence of key players and rise in number of genomic related start-up companies in the region. For instance, few of the companies which were incorporated after 2020 include Medisix Therapeutics, Gene Solutions, Novena Global Lifecare and Asa Rén among others. 

Industry Trends:

  • In April 2024, according to NIH (National Institutes of Health) , researchers are leveraging advancements in sequencing technology to understand cancer mechanisms, identify genetic risks, and develop personalized treatments. Comprehensive genomic profiling is increasingly used to identify actionable mutations in tumors, which can be targeted with specific therapies, improving treatment outcomes.
  • According to the Center for Genomics and Data Science Research (NHGRI) in May 2024, the NHGRI launched the CGDSR to tackle the challenges of analyzing complex genomic datasets. The center focuses on developing computational methods to understand the genomic basis of diseases, aiming to translate these findings into clinical practice.

Competitive Landscape

The major players operating in the Genomics industry include Color Genomics, Inc., BGI Genomics, Agilent Technologies, Bio-Rad Laboratories, Inc., Danaher Corporation, Eppendorf AG, Eurofins Scientific, F. Hoffmann-La Roche Ltd., GE Healthcare and Illumina, Inc.

Recent Key Strategies and Developments

  • In May 2024, Sophia Genetics had announced that it is collaborating with Microsoft and NVIDIA to influence their expertise in technology and genomics to bring a streamlined and scalable whole genome sequencing (WGS) analytical solution to healthcare institutions, with the aim to make the solution available to customers before the end of the year. 
  • In May 2024, Bruker Corporation had announced that it has closed its asset acquisition of the business of NanoString Technologies, Inc. This acquisition strengthened its portfolio as the company has now acquired substantially all of the assets and rights associated with NanoString’s business, including the nCounter, GeoMx, CosMx and AtoMx product lines, for approximately USD 392.6 million in cash, and the assumption of certain liabilities. In 2023, NanoString generated revenues of approximately USD 168 million.
     

Key Sources Referred

  1. World Health Organization
  2. Center of Disease Control and Prevention
  3. National Library of Medicine
  4. Global Alliance for Genomics and Health (GA4GH)  
  5. Genomics Organization for Academic Laboratories (GOAL)
  6. Alliance for Genomic Discovery (AGD)

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the genomics market analysis from 2024 to 2033 to identify the prevailing genomics market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the genomics industry segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global genomics market trends, key players, market segments, application areas, and market growth strategies. 

Genomics Market Report Highlights

Aspects Details
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Market Size By 2033

USD 97.1 Billion

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Growth Rate

CAGR of 11.5%

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Forecast period

2024 - 2033

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Report Pages

280

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By Product
  • Consumables and Reagent
  • Services
  • Instruments, Systems and Software
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By Technology
  • Sequencing
  • PCR
  • Flow Cytometry
  • Microarray
  • Others
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By Application
  • Functional Genomics
  • Epigenomics
  • Pathway Analysis
  • Biomarker Discovery
  • Others
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By End User
  • Clinical Research
  • Academic and Government Institutions
  • Hospitals and Clinics
  • Pharmaceutical and Biotechnology Companies
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Rest of LAMEA)
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Key Market Players

Eurofins Scientific SE, Eppendorf AG, Agilent Technologies, BGI Genomics, Illumina, Inc., Bio-Rad Laboratories, Inc. , F. Hoffmann-La Roche Ltd., GE Healthcare, Color Genomics, Inc., Danaher Corporation

Author Name(s) : Suraj Sajeev | Roshan Deshmukh
Frequently Asked Questions?

Upcoming trends in the global genomics market include the increasing use of AI and machine learning for data analysis, the growth of personalized medicine, and the integration of genomics into routine clinical practice. Additionally, advancements in sequencing technologies and the expansion of direct-to-consumer genetic testing are expected to drive market growth.

Leading application of genomics market is functional genomics in 2023.

North America is the largest regional market for Genomics Market in 2023

The Genomics Market was valued at $33.2 billion in 2023 and is estimated to reach $97.14 billion by 2033, exhibiting a CAGR of 11.5% from 2024 to 2033.

Key players to occupy major share in the genomics market include players such as Agilent Technologies, Bio-Rad Laboratories, Inc., and Danaher Corporation among others.

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Genomics Market

Global Opportunity Analysis and Industry Forecast, 2024-2033