Global Genomics Market Is Expected To Grow Up To A CAGR Of 9.17% by 2032

The global genomics market size was worth around USD 36.25 Billion in 2023 and is predicted to grow to around USD 79.83 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 9.17% between 2024 and 2032.

Genomics involves the study of genetic material, such as DNA and genes, within organisms to understand health conditions. The key applications include disease diagnostics and pharmaceutical development. The contribution of genomics in the detection of diseases like cancer and COVID-19 highlights its importance in precision medicine. Genomics plays a significant role in personalized medicine, where genetic information is used to create treatment plans to suit individual patients.

Browse the full “Genomics Market by Deliverables (Services and Products), by Application (Epigenomics, Functional, Biomarker Discovery, Pathway Analysis, and Others), and by End-User (Government and Academic Institutes, Clinical Research, Biotechnology and Pharmaceutical Companies, Hospitals and Clinics, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024–2032” Report at https://www.zionmarketresearch.com/report/genomics-market

Market Growth Factors

• Technological advancements: Innovations like automated systems for genome analysis and next-generation sequencing (NGS) have made sequencing faster and more affordable.
• Government Investment: Programs like Genome India and Genomics England have drawn many government investments in the genomics market.
• COVID-19:  The genomics market played a key role in understanding the virus while boosting demand for technologies.

Restraining Factors

• Cost: High initial expenditure on advanced sequencing equipment and recurrent costs for consumables create obstacles to the expansion of the genomics industry.
• Shortage of Skill: Developing countries often lack trained technicians to operate the tools and equipment.

Genomics Market: Report Scope

Market Segmentation

The genomics market is segmented into deliverables, technology, applications, end users, and regional insights.

Based on deliverables, the genomics market is segmented into products and services. The product segment is expected to lead the market during the forecast period due to investments in equipment, software, and consumables along with technological advances.

On the basis of technology, the market is classified into next-generation sequences (NGS), polymerase chain reaction (PCR), microarray, and Sanger sequencing. Out of these, the polymerase chain reaction segment is projected to maintain its lead in the market due to its abundant availability and increased demand during COVID-19.

Based on application, the genomics market is diversified into diagnostic and research. Of these, the diagnostic segment is the market leader, owing to direct consumer tests and NGS clinical diagnostics application.

On the basis of end-user, the genomics industry is segregated into research institutes, healthcare facilities, and biotechnology & pharmaceutical companies. The biotechnology and pharmaceutical companies segment leads the market due to the increasing number of people upskilling in genetics and investments in novel gene therapies.

North America is expected to lead the global genomics market during the forecast. It is seen that a large number of companies in North America are undertaking research and development in the genetic field. Programs like the Precision Medicine Initiative and substantial investments in genomic research are expected to drive growth in the region. North America has advanced research facilities and the presence of major market players, which contribute to its highest market share.

Key Market Players

• Illumina, Inc.
• Thermo Fisher Scientific. Inc.
• QIAGEN N.V.
• Eurofins Scientific
• Agilent Technologies. Inc.
• GE Healthcare
• BGI
• Bio-Rad Laboratories. Inc.
• Oxford Nanopore Technologies
• F. Hoffmann-La Roche Ltd.

Recent Developments

• 2024 - Gencove and Ferris Genomics partnered for whole-genome sequencing services.
• 2024 - 10x Genomics introduced new and improved products at the AGBT General Meeting.
• 2024 – Veracyte acquired C2i Genomics to enhance its technology for detecting and monitoring cancer more effectively.

Global Genomics Market: By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

About Us:
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

Contact Us:
Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com