Meticulous Research®, a trusted global authority in market intelligence, has published its latest report titled “Genomics Market by Technology (Sequencing, Microarray, PCR, Nucleic Acid Extraction), Application (Drug Discovery, Diagnostics, Research), End User (Pharmaceutical, Hospitals, Academia), Offering (Instruments, Consumables, Software) – Global Forecast to 2031.”
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According to the findings, the genomics market is poised to expand significantly, projected to reach $70.52 billion by 2031, exhibiting a robust CAGR of 11.1% over the forecast period. This growth trajectory is underpinned by several factors, including the escalating prevalence of genetic disorders, the growing integration of genomic data into clinical workflows, and increased funding and investments in genomic research. Other key drivers include the expanding applications of genomics within the healthcare sector, rising pharmaceutical R&D investments, declining sequencing costs, and increased healthcare spending globally.
However, despite the promising growth outlook, the genomics industry faces key challenges. The lack of standardized genomic protocols and concerns around data security and privacy are significant barriers to growth.
Opportunities and Challenges The report identifies the rising adoption of personalized medicine and gene therapies as catalysts for future market growth. Nevertheless, the industry grapples with a shortage of skilled bioinformatics professionals and the complexities of scaling and commercializing genomic technologies, posing significant challenges to stakeholders.
Leading Market Players Prominent companies driving innovation and growth within the global genomics market include Agilent Technologies, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Pacific Biosciences of California, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K.), Eppendorf SE (Germany), Myriad Genetics, Inc. (U.S.), Revvity, Inc. (formerly PerkinElmer, Inc.) (U.S.), and BGI Genomics Co. Ltd. (China).
Market Segmentation Highlights
• By Offering: The market is categorized into systems, consumables, software, and services. The consumables segment is expected to dominate in 2024, driven by heightened demand for next-generation sequencing (NGS) consumables and the surge in genetic research activities.
• By Technology: The genomics market encompasses sequencing, microarray, PCR, nucleic acid extraction, and other technologies. Sequencing is anticipated to exhibit the fastest growth, with technological advancements, improved process efficiency, and scalability propelling this segment forward. Major companies are investing in product innovation and strategic acquisitions, as seen in Bio-Rad Laboratories' acquisition of Curiosity Diagnostics in 2022 to enhance rapid PCR technology.
• By Application: Segmentation by application includes drug discovery & development, diagnostics, life sciences research, and other applications. Drug discovery & development is set to register the highest CAGR, supported by the rising prevalence of chronic conditions such as diabetes and cancer, driving demand for advanced therapies.
• By End User: Key end-user categories include pharmaceutical & biotechnology companies, hospitals & clinics, academic research institutes, diagnostic laboratories, and CROs. In 2024, pharmaceutical & biotechnology companies are expected to capture the largest market share, leveraging genomics for targeted drug development, biomarker discovery, personalized medicine, and advanced data analysis. This segment is integral to identifying new drug targets and developing more precise therapies.
Regional Insights Geographically, North America is expected to dominate the global genomics market through 2024, buoyed by substantial R&D investments, cutting-edge healthcare infrastructure, and the presence of key market players. The region's early adoption of innovative genomic technologies further strengthens its leadership position.
Looking Ahead As the genomics landscape evolves, advancements in sequencing technologies and personalized medicine are expected to drive further growth. However, addressing skill shortages in bioinformatics and overcoming commercialization hurdles will be critical for sustained market expansion.
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