Genomics Market Size, Share, Growth Analysis, By Product & Service (Consumables & Reagents, Services), End User (Pharmaceutical and Biotechnology, Hospital & Clinical), By Study Type (Functional, Genomics), By Region - Industry Forecast 2024-2031

Genomics Market size was valued at USD 27.81 billion in 2022 and is poised to grow from USD 33.25 billion in 2023 to USD 411.35 billion by 2031, growing at a CAGR of 19.4% in the forecast period (2024-2031).

Genomics involves the study of genomes, focusing on the structure, function, evolution, and mapping of an organism's DNA. This field has significantly impacted human life, driving a rapid transformation in medicine and biomedical sciences due to the genomics revolution. The rising global incidence of cancer has prompted increased government support through grants for genomics projects. The concept of personalized medicine, made possible by studying the Human Genome, has revolutionized clinical oncology and the treatment of rare genetic disorders. Academics are increasingly investigating the connection between genetics and cognitive disorders to better understand the brain's role in these conditions. The genomics market is experiencing rapid revenue growth due to the expanding research on cancer and cancer therapies, the growing demand for quick and straightforward clinical diagnoses, and the increased investment in R&D by government organizations and biopharmaceutical companies.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Genomics market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Genomics Market Segmental Analysis

The genomics market is segmented into Product & Service, Technology, Study Type, Application, End Use, and Region. Based on Product and Service, the market is segmented into Consumables and Reagents, Services, Instruments, Systems, and Software. Based on Technology, the market is segmented into Sequencing, PCR, Genomics, Microarrays, Other Technologies. Based on Study Type, the market is segmented into Functional Genomics, Biomarker Discovery, Pathway Analysis, Epigenomics, and Other Study Types. Based on Application, the market is segmented into Drug Discovery and Development, Diagnostics, Agriculture and Animal Research, and Other Applications. Based on End User, the market is segmented into Government and Academic Institutes, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, and Other End Users. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

Drivers of the Global Genomics Market

The genomics market is being propelled by the expanding application of Next-Generation Sequencing (NGS) in cancer research. NGS technologies are increasingly utilized for whole-genome sequencing, genome diversity studies, metagenomics, epigenetics, non-coding RNA discovery, protein-binding site identification, and RNA sequencing for gene expression profiling. These diverse applications of NGS are significantly contributing to the growth of the genomics market.

Restraints in the Global Genomics Market

The genomics market is experiencing a growing demand for a skilled genetic workforce. However, a potential limitation is the availability of competent personnel. Additionally, the high cost of genomic equipment and challenges related to data storage for sequenced data from 2023 to 2031 are expected to impact market growth. Integrating genomic approaches and technologies into healthcare systems holds promise for enhancing safety, quality, efficiency, and cost-effectiveness. Nevertheless, achieving these benefits largely depends on the availability of skilled professionals.

Market Trends of the Global Genomics Market

Organizations using the Illumina OmniExpress chip, such as Ancestry.com, will need to transition to the customized Illumina Global Screening Array (GSA) microarray, as the OmniExpress chip will be phased out. This shift will compel these organizations to either adopt the GSA chip, switch to Thermo Fisher Scientific products, or implement next-generation sequencing technology to maintain their operations.