Genomics Market Size, Share, and Trends 2024 to 2034

The global genomics market size was valued at USD 28 billion in 2022 and it is projected to hit over USD 164.2 billion by 2032, expanding at a CAGR of 19.4% during the forecast period 2023 to 2032.

Key Takeaways

• North America led the global market with the highest market share of 45% in 2022.
• By Component Type, the consumables segment has held the highest market share of 40% in 2022.
• By Technology Type, the PCR  segment had the major market share in 2022.
• By Application Type, the diagnostics segment dominated the market in 2022.
• By End-Users Type, the research centers and academic & government institutes segment led the global market in 2022.

Genomics Market in the U.S. 2023-2032

The U.S. genomics market size was valued at USD 7.47 billion in 2022 and is estimated to reach around USD 43.81 billion by 2032, growing at a CAGR of 19.40% from 2023 to 2032.

The region segmented into North America, Europe, Asia Pacific, Latin America and the Middle East, and Africa. Amongst all, North America holds major importance in the genomics sector and seized more than 45% of the market share in the year 2022. In the same region, the U.S. itself captures more than 80% of the market shares. U.S. shows presence of around 70% of startups in the genomic market. Government guidelines following reimbursement policies are the major factor that illuminating the growth of the market in the region.

Major companies like Illumina, Pacific Bioscience, MACROGEN hold the maximum share in the market and such companies are headquartered in the U.S. Qiagen, a Germany based firm holds important market shares in the European market. In the Asia Pacific, South Korea and China offers bright prospects of the market due to presence of largest population and per capita expenditures. Brazil is the major country that holds more than 50% of the share in Latin American Market.

Growth Factors

Increasing government funding in the field of microbiology and genetics is one of the major driving factors promoting the growth of the genomics market.

Reducing cost of sequencing the human genome further supports the market advancement. As per the NHGRI-funded genome-sequencing groups, the price has fallen from 2015 to 2020 and at present, the cost of generating is below $1,000. It is also seen the average commercial price is much more below than the current prices. Recently, the huge entry of new market players followed by various startups is propelling the growth of the market. For instance, Guardant from the United States of America, Freenom, Allogene Therapeutics, Oxford Nanopore Technologies from the UK are some of the major startups in genomic market.

Technological advancement leads to rising application of the genome and genomic based material. This factor considered as one of the major driving factors to boost the market adoption. Furthermore, emerging biotech companies and genetic-based startups are playing a huge role in the development of next-generation sequencing technologies. COVID- 19 disorders mainly affect the human lungs and responsible for the number of fatalities around the world.  In order to control or protect the patients, the study performed by the University of Minnesota describing the role of genetic for the treatment of the COVID-19 patients. The major founding of the test is to effect of abacavir treatment in HIV patients. Genomic test also helps to determine the adverse effect risk on individual patients.

The unhealthy aging of the individuals following with increasing trend of precision medicine will be the most attractive opportunity for the growth of the market. However, high investment cost is also one of the major restraining factors which affect the growth of the market. Further, limited number of skilled professionals across the world is the major challenge faced by the industry today.

COVID-19 Impact on Global Genomics Market

Developments in genomic competence over the past decade have led to significant enhancements to the speed and dependability of WGS (whole genome sequencing). WGS has the potential to make significant real-time contributions to technical understanding and the public well being response to the COVID-19 pandemic, to an extent that was not achievable during the SARS epidemic in 2003 or H1N1 influenza pandemic in 2009. The COG-UK (COVID-19 Genomics UK Consortium) was revealed on 23 March 2020 to carry out large-scale and quick WGS for SARS-CoV-2 throughout the United Kingdom.

Genomics Market Scope

Market Dynamics

Market Drivers:

Increasing adoption of genomics in drug discovery and development

Researchers analyze the amount of genomics data with the advancement of genomic technologies to identify disease-associated genes, understand disease mechanisms, and develop targeted therapies. Genomics plays a crucial role by helping to accelerate the drug discovery process by enabling researchers to identify and prioritize drug targets based on genomic data, which leads to more efficient and effective drug development. Genomic information is used to identify genetic mutations, gene expression patterns, and other molecular markers associated with diseases, allowing for the identification of novel drug targets and the development of precision therapies tailored to an individual's genomic profile. In addition, genomics is being utilized in clinical trials to stratify patients based on their genomic profile and optimize treatment strategies. Genomic data is used to identify patient populations that are more likely to respond to a particular drug, leading to more targeted and personalized treatment approaches. This has the potential to improve patient outcomes, reduce adverse effects, and increase the success rate of clinical trials.

Moreover, the use of genomics in pharmacogenomics, which involves studying how individuals’ genes affect their response to drugs, is gaining momentum. Pharmacogenomic testing provides insights into an individual's genetic variations that impact drug metabolism, efficacy, and safety, helping to guide personalized medication dosing and selection. This improves patient outcomes by reducing adverse drug reactions, optimizing drug selection, and minimizing trial-and-error approaches in drug prescribing.

Technology Advancement

The field of genomics has witnessed significant advancements in technology in recent years, with notable breakthroughs such as the revolutionary CRISPR technology, which allows for precise editing of DNA by adding, removing, or altering specific sections of the genome. CRISPR employs an enzyme that cuts DNA at targeted locations, guided by a small RNA molecule. In addition to CRISPR, other technological advancements have greatly simplified and facilitated data-related operations critical to genomics research. Cloud technology and composable infrastructure, for instance, have been widely adopted for data storage, analysis, and manipulation, streamlining data interactions and speeding up research results. Rapid research outcomes enable scientists to accelerate the development of new therapeutic approaches.

In addition, Nanotechnology is also a significant advancement in genomics research, with potential applications in the development of genetically modified organisms (GMOs) and overcoming existing constraints. Nanotechnology has the potential to enhance biotransformation processes and improve the production of genetically engineered plants, among other applications. Furthermore, nanotechnology offers opportunities for coordinated management strategies in diverse areas, including agriculture, thereby reducing uncertainties and expanding possibilities in genomics research.

Market Restraint:

Cost and Affordability

Despite advancements in DNA sequencing technologies, genomic testing and analysis are expensive, particularly for whole genome sequencing and comprehensive genomic profiling. The high costs associated with genomic testing and interpretation are a restraint on the widespread adoption of genomics in clinical practice, especially in resource-limited settings or for individuals with limited financial resources. Cost considerations also impact the availability and accessibility of genomic products and services, which hinders the growth of the genomics market.

Market Opportunities:

Precision Medicine

Precision medicine involves tailoring medical treatments and interventions based on an individual's genomic information, allowing for personalized and targeted healthcare. As the understanding of the human genome continues to advance, there are increasing opportunities for genomics to play a pivotal role in guiding treatment decisions, optimizing patient outcomes, and reducing healthcare costs. The integration of genomics into precision medicine workflows presents a significant growth opportunity for the genomics market.

Expansion of Genomics in Emerging Markets

While genomics has gained significant traction in developed markets, there is an opportunity for expansion in emerging markets. Emerging markets, such as Asia-Pacific, Latin America, and Middle East & Africa, are witnessing rapid economic growth, improving healthcare infrastructure, and increasing awareness about the benefits of genomics. As a result, there is a growing demand for genomic products and services in these regions, including genetic testing, diagnostics, and personalized medicine. Expanding genomics in emerging markets presents an opportunity for market players to tap into new customer bases and geographical regions and leverage the potential of genomics in diverse populations and healthcare settings.

Component Type Insights

Global genomics market is classified on the basis of aspects such as product and services, technology, application, and end-users. The products and services are further classified into consumables, services, and systems and software. The market is mostly dominated by consumables and consumables items and equipment segment accounted for more than 40% of the market share in the year 2022. The common product includes in the consumables are channel pipette, PCR plates, assay kit, assay tubes, centrifuge, and many more. Further, service segment is predicted to grow at the highest rate within the forecast period. Growing keen interest by the professionals and better service availability is considered as one of the major driving factors which encourage the development of the market.

Technology Type Insight

The technology-based market of the genome is classified into sequencing, PCR, Microarray, and others. PCR is a widely used method in the industry. The test used in the lab to prepare a number of copies for the specific DNA. The same segment only holds the largest market shares in terms of revenue in the year 2022. Reducing the cost of the cell implication is the prime factor for its importance and growth. High incidence of infectious diseases coupled with PCR technology development is one of the major driving factors which promotes the growth of the market.

Application Type Insight

Diagnostics, drug discovery and development, precision medicine, agriculture, and animal research are few major applications assessed in the genomic market. Research study claims that, diagnostics segment is the fasted growing application in the genomic market and it is expected to mirror this trend during years to come. Decreasing cost in the diagnostic segment is the pointing factor to spur the growth of the market. Furthermore, increasing research and development in genomics assist in synergies the sales of the genomic based product and services.

End-Users Type Insight

In terms of end-users, the market is classified into research centers and academic pharmaceutical and biotechnology companies, hospitals & clinics, and other end users. Research centers and government and academic institute hold the maximum shares in the year 2022. The largest end-users hold more than half of the global market shares. Increasing practical applicability in academics is boosting the growth of the market.

Genomics Market Players

Some of the significant players in the genomics market include:

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

Segments Covered in the Report

This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2020 to 2032. This research study analyzes market thoroughly by classifying global genomics market report on the basis of different parameters including product and services, application, technology, end users, and region:

By Product and Services

• Consumables
• Systems and software
• Services Equipment

By Technology

• PCR (polymerase chain reaction)
• Sequencing
• Microarray
• Nucleic acid extraction and purification
• Other technologies (branched DNA analysis, single-cell genomics analysis, and flow cytometry)

By Application

• Drug discovery and development
• Diagnostics
• Precision medicine
• Agriculture and animal research
• Other applications

By End-Users

• Hospitals & clinics
• Research centers and academic & government institutes
• Pharmaceutical & biotechnology companies
• Other end users

By Regional Outlook

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • Southeast Asia
• Middle East and Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of MEA