Genomics Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Reagents and Kits, Instruments, Software and Services), By Technology (Next Generation Sequencing, Polymerase Chain Reaction, Nucleic Acid Extraction and Purification, Microarray, Others), By Application (Diagnostics, Drug Discovery and Development, Precision/Personalized Medicine, Others), By End User (Pharmaceutical and Biotechnology Companies, Hospitals and Clinics, Academic and Government Institutes, Clinical Research, Others) and Region  

Genomics Market size was valued at US$ 28,736.5 million in 2023 and is projected to reach US$ 63,131.3 million by 2030, growing at a CAGR of 11.9% from 2024-2030. Market growth is by technology, disease prevalence, influx of investments, and the field of personalized medicine.

Growth is also restricted by high costs, private issues, a complicated regulatory environment, and talent shortages. More opportunities include personalized medicine, bioinformatics, rare disease research, and pharmaceuticals due to direct-to-consumer testing, the usage of AI, collaborations, and population genomics. Government support such as in the case of the U.S. NIH's $3.8 billion funding in genomics in 2022 underscores its strategic importance for health care. Yet, further attention to the well-trodden path of ethical, regulatory, and data security concerns will be critical in fully unlocking the potential of the market while overcoming public trust and access barriers.

Key Players

The Genomics Market size includes several companies such as Illumina, Inc., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Agilent Technologies, Inc, Oxford Nanopore Technologies, Danaher, QIAGEN, BGI, IntegraGen, General Electric Company, and among others.

Key Takeaways

• Reagents and kits hold the highest market share in this category. This is because of the critical functions that reagents and kits perform in genome testing and research.
• Technology-wise, the market is dominated by Next Generation Sequencing. With the ability to make high-throughput, accurate, and cost-effective sequencing of DNA, NGS holds significant relevance to genomics research, clinical diagnostics, and personalized medicine.
• Diagnostics has the highest market share in application due to the high demand for genomic testing in disease diagnostics, such as famous cancer genomics, prenatal testing, and infectious diseases, which fuels the trend; therefore, genomic tools enable precise diagnostic advice.
• The pharmaceutical and biotechnology firms represent the largest share of the end-users, due to the high investment involved in drug discovery, development, and personalized medicine.

Facts and Figure

• The Chinese government reportedly invested nearly $10 billion in the genomic sector in the last ten years.
• In Asia-Pacific healthcare spending in the region is also rising strongly to reach $3.5 trillion by 2025.
• China initiated the China Precision Medicine Initiative in 2015 which commits an investment of $9.2 billion for 15 years in researching the genome and health.
• National Institutes of Health (NIH) budgeted $3.8 billion in 2022 for genomics, aiming to advance research and treatment.
• In 2019, the EU committed €600 million to the "1+ Million Genomes" project, which will interlink genomic data across member states by 2025. This cross-country project would help in the use of genomics-based healthcare and research throughout Europe.
• In 2020, £200 million was allocated to Genomics England to expand sequencing efforts into rare diseases and cancer genomics, further entrenching the country in genomics research.
• The UK government has heavily invested in genomics through initiatives like Genomics England and the 100,000 Genomes Project. The latter, completed in 2018, provided critical data to support personalized treatment approaches.
• In India, the government has recently allocated $1 billion towards genomics-based research under the Biotechnology Industry Research Assistance Council (BIRAC).

Key Developments

• In Jan 2024, QIAGEN Digital Insights announced the latest version of its software application for QIAGEN CLC Genomics Workbench Premium with LightSpeed technology, which supports somatic cancer secondary analysis using next-generation sequencing. This accelerator for software transforms raw sequencing data from FASTQ files into easily readable lists of genetic variants in VCF files at unprecedented low cost and at unprecedented speeds.
• In March 2023, Illumina, Inc. launched an advanced cloud-based solution called Connected Insights designed to support tertiary analysis of clinical next-generation sequencing data. The software will enable genomic profiling for more advanced tumors, and whole-genome sequencing for rare diseases and other applications.
• In February 2023, Thermo Fisher Scientific, Inc. released a new PCR test called TrueMark STI Select Panel, detecting Chlamydia trachomatis, Neisseria gonorrhoeae, Trichomonas vaginalis, and Mycoplasma genitalium for research use only.
• In February 2023, Eppendorf AG (Germany) expanded its Chinese production site by commissioning a new production facility in Shanghai.  
• In October 2022, Oxford Nanopore Technologies partnered with US-based 10x Genomics in order to assist scientists in streamlined workflows to allow for the direct sequencing of full-length transcripts from a single read using accessibly available, highly sensitive Oxford Nanopore devices.

Genomics Market Segmentation

By Product Type: Reagents and kits hold the highest market share in this category. This is because of the critical functions that reagents and kits perform in genome testing and research. These commodities are used in genomic practices such as NGS and PCR. With the increasing use of genomic technologies in diagnosis and drug discovery, so does the demand for quality reagents and kits.

By Technology: Technology-wise, the market is dominated by Next Generation Sequencing. With the ability to make high-throughput, accurate, and cost-effective sequencing of DNA, NGS holds significant relevance to genomics research, clinical diagnostics, and personalized medicine. Acceptance of NGS in both clinical and research environments and its capacity to generate large-scale genomic data guarantee NGS market leadership.

By Application: In the application segment, diagnostics has the highest market share. High demand for genomic testing in disease diagnostics, such as famous cancer genomics, prenatal testing, and infectious diseases, fuels the trend; therefore, genomic tools enable precise diagnostic advice, which forms the majority of this growth in diagnostics that is required for individualized treatment plans.

By End User: The pharmaceutical and biotechnology firms represent the largest share of the final users. Because of the high investment involved in the application of genomics in drug discovery, development, and personalized medicine, these companies are engaging heavily in it. NGS technologies, among others, are used widely to identify genetic variations that explain diseases, thus leading to the development of targeted therapies. Biotechnology companies are applying genomics for genomic research and innovations.