The global Genomics Market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Genomics refers to the study of genes and their functions. Applications of genomics include disease diagnosis, pharmacogenomics, and agricultural biotechnology. Genomics tools help to understand biological pathways, predict disease risks, and develop personalized treatment approaches.
Market key trends:
One of the key trends in the genomics market is the increasing adoption of next-generation sequencing (NGS) technologies. NGS allows rapid sequencing of genomes at a relatively low cost. It has numerous applications including whole genome sequencing, RNA sequencing, CHIP-sequencing, targeted resequencing, de novo sequencing, among others. The reduced costs and increased efficiency of NGS over traditional Sanger sequencing is driving its adoption in research and clinical settings.
The global genomics market is segmented by product & services, technology, application, and end user. Based on product & services, the instruments segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is due to increasing demand for next-generation sequencing instruments for whole genome sequencing and whole exome sequencing.
The global genomics market is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period, due to increasing R&D investments and funding for genomics projects by government and private organizations.
Regionally, North America dominated the genomics market in 2022 owing to robust research infrastructure, presence of key market players, and increasing adoption of genomic techniques. Asia Pacific is expected to be the fastest growing region during the forecast period due to rising healthcare expenditures in emerging economies of China and India.
Key players operating in the genomics market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), and QIAGEN N.V. (Germany). The market size for 2023 is US$ 46.2 Bn. These players are focusing on expanding their presence in developing countries to leverage lucrative growth opportunities.