Genomics deals with the mapping and sequencing of genomes, which then enables scientists to decode the DNA of humans, plants, and animals to better understand diseases and develop advanced diagnostic tools and personalized medicines. Advancements in gene sequencing technologies have made genomic analysis faster, cheaper and more accessible. This has accelerated research in personalized medicine, disease diagnosis, drug discovery, and agricultural biotechnology.
The global Genomics Market is estimated to be valued at US$ 46.2 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the genomics market is the continual decline in the cost of genome sequencing. Earlier genome sequencing was an expensive endeavor requiring huge resources and funding. However, technological advancements have significantly reduced the cost of sequencing a whole human genome from $3 billion in 2001 to just $600 in 2021. Key players like Illumina, Thermo Fisher Scientific and others have launched upgraded gene sequencing platforms that have boosted throughput and brought down costs further. This has increased access and adoption of genomic technologies across various industries like healthcare, pharmaceuticals, agriculture and more. The declining cost of sequencing is expected to boost genomic applications like population genomics, preimplantation genetic diagnosis and prenatal testing over the forecast period.
Segment Analysis
The global genomics market is segmented into products and services, technology, application, end-use, and region. Based on product and services, the instruments segment dominated the market in 2023, accounting for the largest revenue share. The high demand for instruments and rising adoption of genomic instruments like NGS, microarrays platforms among various end users has contributed to the large share of this segment.
Key Takeaways
The Global Genomics Market Size is expected to witness high growth during the forecast period. The global Genomics Market is estimated to be valued at US$ 46.2 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis
North America held the largest share of the genomics market in 2023. The region accounted for over 35% revenue share in 2023. This can be attributed to the presence of key players in North America and rising focus on precision medicine and clinical applications of genomics. The government initiatives to support research activities and funding genomics projects are also boosting market growth. For instance, National Human Genome Research Institute (NHGRI), a part of National Institutes of Health funds many genomics research projects in the US.
Key players
Key players operating in the genomics market are Signify Holding (PHILIPS), Illumina Inc., Thermo Fisher Scientific Inc., Eurofins Scientific, Agilent Technologies Inc., F. Hoffmann-La Roche Ltd, QIAGEN, Oxford Nanopore Technologies, 10x Genomics, PacBio. Signify Holding (PHILIPS) held the largest market share in 2023 owing to its wide genomics product portfolio including sequencing instruments, arrays, and software. Illumina Inc. is another leading player focusing on developing innovative NGS platforms with continuous technology advancements.
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