Genomics Market to Grow at 12.3% CAGR, Fueled by Precision Medicine and Sequencing Innovations
Genomics is the study of genomes, which is the structure, function, evolution and mapping of an organism’s DNA. Overall, the market has influenced this area of human life in a great way over the years. Hence, medicine and biomedical sciences are in the process of a rapid transformation due to the genomics revolution. The increasing global cancer incidence has led to higher levels of government support in the form of grants for genomics projects. The idea of personalized medicine has been made possible by studying the Human Genome and has revolutionized the way clinical oncology and rare genetic disorders are managed/ treated.
Genomics Market size was valued at USD 37.1 billion in 2023 and is poised to grow from USD 41.66 billion in 2024 to USD 105.39 billion by 2032, growing at a CAGR of 12.3% during the forecast period (2025-2032).
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Key Drivers of Market Growth
1. Personalized Medicine: The shift towards individualized treatment plans based on genetic profiles has revolutionized healthcare, enabling more effective and targeted therapies.
2. Technological Advancements: Innovations in sequencing technologies, such as nextgeneration sequencing (NGS), have reduced costs and increased the speed and accuracy of genomic analysis.
3. Increased Research Funding: Governments and private entities are investing heavily in genomics research, recognizing its potential to address complex diseases and improve public health outcomes.
4. Rising Prevalence of Chronic Diseases: The growing incidence of conditions like cancer and rare genetic disorders has heightened the demand for genomic diagnostics and therapies.
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Market Segmentation
By Product & Service: Consumables and reagents, services, instruments, systems, and software.
By Technology: Sequencing, PCR, flow cytometry, microarrays, among others.
By Study Type: Functional genomics, biomarker discovery, pathway analysis, epigenomics, and others.
By Application: Drug discovery and development, diagnostics, agriculture and animal research, and more.
By End Use: Government and academic institutes, hospitals and clinics, pharmaceutical and biotechnology companies, among others.
Regional Insights
North America currently leads the genomics market, attributed to its robust research infrastructure, substantial funding, and presence of key industry players. However, the AsiaPacific region is anticipated to witness the fastest growth, driven by increasing investments in healthcare infrastructure, rising awareness of personalized medicine, and supportive government initiatives.
Top Players in Genomics Market
Illumina, Inc. (US)
Thermo Fisher Scientific (US)
Qiagen N.V. (Netherlands)
BGI Group (China)
F. Hoffmann-La Roche AG (Switzerland)
Danaher Corporation (US)
Pacific Biosciences of California, Inc. (US)
Oxford Nanopore Technologies, Ltd. (United Kingdom)
Eurofins Scientific SE (Luxembourg)
Bio-Rad Laboratories, Inc. (US)
Myriad Genetics, Inc. (US)
Fluidigm Corporation (US)
PerkinElmer, Inc. (US)
Twist Bioscience Corporation (US)
Natera, Inc. (US)
Veracyte, Inc. (US)
Personalis, Inc. (US)
10x Genomics, Inc. (US)
Quest Diagnostics (US)
Genomics Market Recent Developments
