Genomics Market to be Worth $72.62 Billion by 2030
Added: (Wed Nov 01 2023)
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Meticulous Research®—a leading global market research company, published a research report titled ‘Genomics Market by Offering (Systems, Consumables, Software, Services), Technology (Sequencing, Microarray, PCR), Application (Diagnostics, Life Science Research), End User (Pharmaceutical Companies, Hospitals, Academic Institutes, CRO) - Global Forecast to 2030.’
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According to this latest publication from Meticulous Research®, the genomics market is projected to reach $72.62 billion by 2030, at a CAGR of 18.2% during the forecast period.The growth of this market can be attributed to funding and investments from private and public organizations, a decline in sequencing costs, and an increase in the prevalence of genetic diseases. Additionally, the rising adoption of personalized medicine and gene therapy is expected to provide significant growth opportunities for the market’s growth. However, the shortage of skilled professionals in bioinformatics and genomics and the challenges related to the commercialization and scaling of genomic technologies are expected to hamper the growth of the genomics market.
Key Players
The key players operating in the global genomics market are Agilent Technologies, Inc. (U.S.), Pacific Biosciences of California, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Bio-Rad Laboratories, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Illumina, Inc. (U.S.), Oxford Nanopore Technologies plc (U.K.), New England Biolabs, Inc. (U.S.), Promega Corporation (U.S.), and QIAGEN N.V. (Netherlands).
Genomics market: Future Outlook
The global genomics market is segmented by Offering [Systems, Consumables, Software & Services], Technology [Sequencing {NGS, Sanger Sequencing and Pyrosequencing}, DNA Microarray, PCR, Nucleic Acid Extraction and Purification, Other Technologies], Application [Drug Discovery & Development, Diagnostics, Life Science Research {Stem Cell Research, Cancer Research, Other Life Science Research}, Other Applications], End User [Pharmaceutical & Biotechnology Companies, Hospitals, Academic & Research Institutes, Diagnostic Laboratories, Contract Research Organizations, Other End Users] and Geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.
Based on offering, the genomics market is segmented into systems, consumables, and software & services. In 2023, the consumables segment is expected to account for the largest share of the market. The large market share of this segment is attributed to increased demand for consumables for next-generation sequencing and a rise in genetic research, quality control, and research reproducibility. As genomic research grows, the demand for consumables is expected to keep rising.
Based on technology, the genomics market is segmented into sequencing, DNA microarray, PCR, nucleic acid extraction and purification, and other technologies. In 2023, the sequencing segment is expected to account for the largest share of the market. The large market share of this segment is attributed to its scalability, improvements in the efficiency of the sequencing process, and advances in sequencing technology.
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Based on application, the genomics market is segmented into drug discovery & development, diagnostics, life science research, and other applications. In 2023, the drug discovery & development segment is expected to account for the largest share of the market. The large market share of this segment is attributed to the high prevalence of chronic diseases such as diabetes and cancer and the increased need for discovering effective drug therapies against diseases.
Based on end user, the genomics market is segmented into pharmaceutical & biotechnology companies, hospitals, academic & research institutes, diagnostic laboratories, contract research organizations, and other end users. In 2023, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of the market. The large market share of this segment is attributed to the use of genomics in targeted drug development, biomarker discovery, personalized medicine, and data analysis.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa. In 2023, North America is expected to hold the largest share of the global genomics market due to significant R&D investments, an advanced healthcare system, the presence of prominent market players, and a surge in the adoption of new technologies.
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Key questions answered in the report-
• Which are the high-growth market segments in terms of offering, technology, application, end user, and country/region?
• What was the historical market for genomics across the globe?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, restraints, challenges, opportunities, and trends in the global genomics market?
• Who are the major players in the global genomics market?
• What is the competitive landscape, and who are the market leaders in the global genomics market?
• What are the recent developments in the genomics market?
• What are the different strategies adopted by the major players in the genomics market?
• What are the geographical trends and high-growth regions/countries?
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