Genomics Market by Product & Service (Consumables, Instrument, System & Software), Technology (Sequencing, PCR, Microarray), Study Type (Epigenomics, Biomarker Discovery), Application (Drug Discovery, Diagnostic, Agriculture) - Global Forecast to 2028

Genomics Market by Product & Service (Consumables, Instrument, System & Software), Technology (Sequencing, PCR, Microarray), Study Type (Epigenomics, Biomarker Discovery), Application (Drug Discovery, Diagnostic, Agriculture) - Global Forecast to 2028

The global genomics market is projected to reach USD 83.1 billion by 2028 from USD 46.2 billion in 2023, at a CAGR of 12.4% during the forecast period of 2023 to 2028. . Continuous developments in sequencing technologies and a better understanding of genomics have increased the efficiency of biomarkers in disease detection. Since precise diagnosis and personalized medicine increase survival rates as well as reduce the financial burden on national health insurance programs, governments across the globe are making significant investments in genome sciences, and key players in the genomics market are increasingly collaborating with each other as well as with smaller players, biopharmaceutical companies, and other end users to expand their product offerings across the globe which is promoting market growth. However, dearth of skilled players, ethical issues and the issues associated with secure storage of large volume genomics data is hampering market growth.

Consumables & Reagents is expected to account for the largest share for product and services segment.

Based on product and service, the genomics market is segmented into consumables and reagents, services, and instruments, systems, and software. In 2022, the consumables and reagents segment accounted for the largest share of the genomics market. The growing applications of genomics in various fields, such as diagnostics, personalized medicine, and drug discovery, animal research, are expected to boost the market for consumables and reagents during the forecast period.

The microarrays segment accounted for the lowest market growth of the technology segment in the genomics market

On the basis of technology, the genomics market is segmented into sequencing, PCR, microarrays, flow cytometry, and other technologies. In 2022, microarray technology accounted for the lowest market growth. Microarray technology has applications in gene discovery, disease diagnosis, drug discovery, cancer research, and toxicological research. However, the increasing adoption of sequencing technologies will limit the growth of this market to a certain extent.

Europe is the second largest region in the genomics market

The genomics market is segmented into North America, Europe, Asia Pacific, Latin America (LATAM) and Middle East and Africa (MEA). After North America, In Europe, extensive developments in genomics, the launch of NGS-based diagnostic tests, and collaborations among industry players and research institutes for the use of genomics products are projected to drive market growth in the region.

The primary interviews conducted for this report can be categorized as follows:

By Respondent: Supply Side- 80% and Demand Side 20%

By Designation: Managers- 45%, CXOs and Director level - 30%, and Executives - 25%

By Region: North America -30%, Europe -20%, Asia-Pacific -35%, Latin America -10%, and Middle East and Africa – 5%

Prominent Players of the genomics market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US), QIAGEN N.V. (Germany), Agilent Technologies, Inc. (US), PerkinElmer Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland).

Research Coverage:

This report provides a detailed picture of the genomics market. It aims at estimating the size and future growth potential of the market across different segments such as the product, application, technology, study type, end user and region. The report also includes an in-depth competitive analysis of the key market players along with their company profiles recent developments and key market strategies.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall genomics market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, challenges, trends, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Increasing government funding to support genomics projects, Rising incidence and prevalence of viral diseases and genetic disorders, Growing incidence of cancer and increasing applications of next-generation sequencing in cancer research, Robust investments in genomics startups, Growing applications of genomics), opportunities (use of genomics in specialized/personalized medicine), challenges (ethical issues, dearth of trained professionals, secure storage of large volume data), trends (Partnerships and collaborations for technological advancements in genomics, AI in genomics) influencing the growth of genomics market.

Product & Service Development/Innovation: Detailed insights on newly launched product and services, and technological assessment of the genomics market.

Market Development: Comprehensive information about lucrative markets – the report analyses the genomics market across varied regions.

Market Diversification: Exhaustive information about new product and services, untapped geographies, recent developments, and investments in the genomics market.

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US), QIAGEN N.V. (Germany), Agilent Technologies, Inc. (US), PerkinElmer Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), among others in the genomics market. The report also helps stakeholders understand the pulse of genomics market and provides them information on key market drivers, restraints, challenges, and opportunities.