According to Custom Market Insights (CMI), the Global Genomics Market was valued at approximately USD 24.2 billion in 2021 and is projected to reach around USD 73.4 billion by the end of 2030. This reflects a compound annual growth rate (CAGR) of nearly 16.4% over the forecast period spanning from 2022 to 2030.
The onset of the COVID-19 pandemic had a considerable impact on the genomics market, marked by significant demand and accelerated growth. Recent technological developments have contributed greatly to this expansion. The entry of numerous new startups into the field has also stimulated positive growth momentum, which is expected to continue over the coming years. Government support for genome-related projects has increased, and the rising number of such initiatives will be instrumental in driving market expansion. Continued research in this domain holds the potential to yield highly effective therapies. Various regional governments are launching programs that promote research efforts in the genomics space.
For comprehensive insights into the Genomics Market including trends, data, and forecasts by application (functional genomics, pathway analysis, biomarker discovery, epigenetics, others), deliverables (products, services), end user (pharmaceutical and biotechnology companies, clinics and hospitals, government and academic institutions, clinical research, others), and by region, refer to the complete report at:
https://www.custommarketinsights.com/report/global-genomics-market/
Market Dynamics
Drivers
Government-initiated genomics projects across different regions, along with the accompanying financial support, are contributing substantially to market growth. Public and private investments are expected to play a vital role in advancing the sector. The increased flow of investment is anticipated to foster the development of advanced technologies for genetic research. For example, a genome sequencing initiative in the United States received an investment of USD 224 million in 2019. This project, established through a partnership framework, aimed at enhancing diagnosis and treatment for conditions such as diabetes, heart disease, cancer, dementia, and arthritis.
Restraints
Despite the high growth potential, a shortage of trained technical personnel may hinder the expansion of the genomics market in the coming years. In many developing nations, the lack of skilled technicians is likely to negatively impact the sector. Furthermore, the high cost of instruments required for genomic research serves as a limiting factor. Strict regulatory frameworks governing the development and approval of new genomic technologies also present challenges. While the growing demand for early disease detection creates opportunities, stringent policy constraints may slow market advancement.
Opportunities
The increasing interest in personalized medicine is opening up promising opportunities for growth in the genomics market. Pharmaceutical companies are investing heavily in research to support the development of tailored treatments. Precision in identifying patient-specific needs is expected to be a key growth driver. Genomic data enables more accurate prescriptions and customized therapies. These targeted treatments not only improve patient safety and compliance but also contribute to cost-effectiveness and optimized therapeutic outcomes. The study of an individual's genetic profile allows researchers and healthcare professionals to determine the most suitable course of treatment. As the field of precision medicine continues to evolve, it is expected to significantly contribute to market growth in the years ahead.
Challenges
The vast volume of data generated during genomic research presents a significant challenge in terms of analysis and interpretation. Managing and understanding this data requires specialized expertise, which is currently limited in availability. Recruiting and training skilled professionals globally is both difficult and costly. The complexity of research techniques is increasing, which in turn elevates the need for deeper knowledge and ongoing skill development. As genomic technologies advance, the qualifications and training requirements for technical personnel are also evolving, adding another layer of complexity to workforce development in the sector.
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Report Highlights
Based on application, the functional genomics segment held the largest share of the market and is expected to maintain its dominance over the forecast period. This segment generated the highest revenue historically. Meanwhile, the pathway analysis segment is anticipated to witness the fastest compound annual growth rate in the upcoming years. Researchers widely employ pathway analysis to deepen their understanding of molecular and cellular biology processes.
With regard to deliverables, the products segment is projected to account for a larger share of the total market revenue. This is primarily due to the continuous efforts of manufacturers to introduce new and diverse genomic products. Leading manufacturers are also increasingly acquiring smaller companies to enhance their product portfolios and capabilities.
Key Players
The major companies operating in the global genomics market include:
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Thermo Fisher Scientific Inc.
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Agilent Technologies
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Pacific Biosciences of California Inc.
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QIAGEN N.V.
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Quest Diagnostics
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Myriad Genetics, Inc.
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Eppendorf AG
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Beijing Genomics Institute (BGI)
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Bio-Rad Laboratories
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Danaher Corporation
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F. Hoffmann-La Roche Ltd.
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G.E. Healthcare
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Illumina Inc.
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Oxford Nanopore Technologies
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Eurofins Scientific
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Color
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23andMe Inc.
https://www.custommarketinsights.com/report/global-genomics-market/
