Genomics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Genomics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global genomics market size reached US$ 29.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 68.8 Billion by 2028, exhibiting a growth rate (CAGR) of 15% during 2023-2028.

Genomics is the study of the function, mapping, structure, evolution, and genomes (genes) of an individual. It relies on consumables, systems, software, and services for diagnostics, drug discovery, development of precision medicine, and agricultural research. It aids in providing diagnostic and predictive insights that help healthcare professionals in research and finalizing treatment options for diseases, such as Alzheimer's, diabetes, and cancer. As a result, it is utilized around the world in studying biological systems and solving complex genetic problems in hospitals, private clinics, diagnostic, and research centers.

Significant advancements in the genomic field, increasing prevalence of chronic and infectious disorders among the masses, and rising preferences for personalized medicines are major factors bolstering the market growth. It can also be attributed to the growing adoption of non-invasive cancer screening-based research. In addition, the expanding global population, changing climatic conditions, rising food security concerns, and spreading awareness about the harmful effects of chemical-based fertilizers are driving the need for genomics to improve crop yield. This, in confluence with the shifting consumer preferences for organic food products, is contributing to the market growth. Furthermore, expanding investments in research and development (R&D) of biotechnology, coupled with extensive improvements in medical infrastructure and diagnostic technologies, are creating a positive outlook for the market. Apart from this, the integration of genomics-based apps and tests to identify DNA alterations is offering lucrative growth opportunities to industry investors.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global genomics market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, application, technology, and end-user.

Breakup by Component:

Products
Instruments and Software
Consumables and Reagents
Services
Core Genomics Services
NGS-Based Services
Biomarker Translation Services
Computational Services
Others

Consumables and reagents hold the biggest market share as they aid in performing single-molecule and real-time (SMRT) sequencing.

Breakup by Application:

Functional Genomics
Epigenomics
Biomarkers Discovery
Pathway Analysis
Others

Functional genomics dominates the application segment as they help improve crop plants, human health, and livestock.

Breakup by Technology:

Sequencing
Microarray
Polymerase Chain Reaction
Nucleic Acid Extraction and Purification
Others

Sequencing exhibits a clear dominance in the market as it provides information on genetic variants that can lead to different diseases.

Breakup by End-User:

Research Centers
Hospitals and Clinics
Pharmaceutical and Biotechnology Companies
Others

Pharmaceutical and biotechnology companies hold the majority of the total market share as they help modify genes and provide a new platform for the high-throughput genetic analysis of forest trees.

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

North America holds the majority of the global genomics market share on account of increasing preferences for personalized medicines.

Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are 23andMe, Inc, Agilent Technologies, Inc., Bayer AG, BGI Group, Bio-Rad Laboratories, Inc., Danaher Corporation, Illumina, Inc., Oxford Nanopore Technologies, PerkinElmer, Inc., Myriad Genetics, Inc., F. Hoffmann-La Roche Ltd, and Thermo Fisher Scientific Inc.

Key Questions Answered in This Report

1. What was the size of the global genomics market in 2022?
2. What is the expected growth rate of the global genomics market during 2023-2028?
3. What are the key factors driving the global genomics market?
4. What has been the impact of COVID-19 on the global genomics market?
5. What is the breakup of the global genomics market based on the component?
6. What is the breakup of the global genomics market based on the application?
7. What is the breakup of the global genomics market based on the technology?
8. What is the breakup of the global genomics market based on the end-user?
9. What are the key regions in the global genomics market?
10. Who are the key players/companies in the global genomics market?