Industry Outlook

The global genomics market held US$ 18,964.2 Mn in 2020 and expected to grow at compound annual growth rate (CAGR) of 10.4% during the forecast period from 2023 to 2030. The exploration of genomics has surpassed in the last three decades to massive advancements in the technology that allowed the researchers to sequence larger pieces of genome. Polymerase chain reaction (PCR) techniques, microarray and next-generation sequencing have made the whole genome sequencing cost effective and highly efficient. These advancements in the technology has assisted in the various fields of applied biology such as clinical genomics, discovery and development of novel drugs and personalized medicine for various chronic diseases. For instance, genomics have revolutionized point-of-care testing across various infectious diseases, cancer and congenital ailments enabling analysis of novel analytes, broad spectrum analytical performances and better turnaround time. Various biotechnology companies have ventured in the market of genomics changing the dynamics of the market. In 2003, the cost of sequencing of human genome of approximately US$ 3 billion. However, launch of highly advanced next-generation sequencing products by Illumina, Inc., have significantly decreased the cost of human genome sequencing to US$ 1,000. Thus, dramatic decrease in the cost of sequencing and growing investments in biopharmaceutical research have driven the growth of global genomics market. Projects such as Human Genome Project, Saudi Human Genome Program (SHGP), and U.K. 100,000 Genome Projects are further projected to drive the market for genomics worldwide. However, huge investment and research infrastructure required for genomics research are some of the major restraining factor for the growth of this market.

"Increased Adoption of NGS to Drive the Genomics Market"

In 2021, products segment held the largest share in the global genomics market. The product segment is further segmented in instrumentation technology and consumables/reagents sub-segment. The instrumentation technology segment is projected to grow at a significant rate during the forecast period owing to high adoption of NGS platforms. Simplified workflow on NGS, significant reduction in costs of NGS instruments and reagents, and growing implementation of NGS in clinical application such as oncology, genetic studies, and reproductive health will further drive the market during the forecast period. With the advent of microarrays and microfluidics in point-of-care diagnostics and advancements in PCR and nucleic acid amplification technologies in DNA sequencing will further drive the market.

"North America Dominated the Global Genomics Market"

In 2021, North America held the largest share in the global genomics market owing to huge investments on genomic research by government institutions, growing awareness regarding genetic analysis such as direct-to-consumer genetic testing, non-invasive prenatal testing and other genetic testing in the region. Moreover, growing number of budding biotechnology companies offering various genetic testing services in the region and presence of major biopharmaceutical giants in the region further make North America the most lucrative market in the global genomics market. Asia Pacific is projected to witness fastest growth during the forecast period owing to increasing genetic R&D activities, growing healthcare infrastructure focusing of genomic studies for drug discovery and disease treatment. Moreover, reducing cost of genomics services and foreign investments in the region further drive the growth of market.

Market is studied in order to understand the current dynamics and future trends in the global genomics market. The study includes market size and forecast for all considered segments presented in the report for the period from 2020 to 2030, along with respective compound annual growth rate (CAGRs) for the forecast period from 2023 to 2030, considering 2020 as the base year. The key players currently engaged in genomics market include Thermo Fisher Scientific, Inc., Bio-Rad Technologies, Inc., Illumina, Inc., Danaher Corporation, BGI, Pacific Biosciences, Oxford Nanopore Technologies., Myriad Genetics, Inc., among others. The companies are engaged in launch of novel products and tools to maintain their position in the market. Mergers & acquisitions are an important growth strategy undertaken in the industry to keep a competitive edge in the market. For instance, Thermo Fisher Scientific acquired Life Technologies in 2019 to become the market leader in the genomics market.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Genomics market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Genomics market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Genomics market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Genomics market?
• Which is the largest regional market for Genomics market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Genomics market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Genomics market worldwide?