Meticulous Research®, a globally recognized leader in market intelligence solutions, has released its latest industry report, titled “Genomics Market by Technology (Sequencing, Microarray, PCR, Nucleic Acid Extraction), Application (Drug Discovery, Diagnostics, Research), End User (Pharmaceuticals, Hospitals, Academics), Offering (Instruments, Consumables, Software) – Global Forecast to 2031.”
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According to the report, the global genomics market is on track to grow significantly, reaching a market size of $70.52 billion by 2031, with an impressive CAGR of 11.1% during the forecast period. This robust growth is attributed to the increasing prevalence of genetic disorders, growing adoption of genomic data in clinical workflows, rising investments in genomic research, and expanding applications in personalized healthcare. The declining costs of sequencing and increasing R&D expenditures in the pharmaceutical sector further propel the demand for genomics technologies.
Despite the positive growth trajectory, challenges such as the lack of standardized genomic protocols and concerns over data security and privacy pose restraints to market expansion.
Opportunities and Challenges
The report highlights that the rising adoption of personalized medicine and gene therapies will unlock new growth opportunities for market stakeholders. However, hurdles related to the shortage of skilled genomics professionals and the complexities involved in scaling genomic technologies for commercial use remain key challenges for industry participants.
Prominent Market Players
The report identifies key players shaping the global genomics market, including:
• 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) (U.S.)
• BGI Genomics Co. Ltd. (China)
These companies are actively adopting strategies such as new product launches, acquisitions, and partnerships to drive innovation and consolidate their market position. For instance, in August 2022, Bio-Rad Laboratories enhanced its PCR capabilities through the acquisition of Curiosity Diagnostics (Poland), aiming to develop advanced rapid PCR systems.
Segment Analysis
• By Offering:
The market is segmented into systems, consumables, software, and services. In 2024, the consumables segment is expected to capture the largest market share, driven by increased demand for next-generation sequencing consumables and ongoing genetic research activities.
• By Technology:
Among various technologies, sequencing is projected to register the highest CAGR during the forecast period, fueled by technological advancements, improved efficiency, and scalability.
• By Application:
The drug discovery & development segment is expected to exhibit the fastest growth, driven by the increasing prevalence of chronic diseases like cancer and the need for more effective therapies.
• By End User:
In 2024, pharmaceutical and biotechnology companies are expected to hold the largest market share. Genomics plays a critical role in targeted drug development, biomarker discovery, and personalized medicine—enabling these companies to develop innovative therapies and improve patient outcomes.
Regional Insights
The report provides an in-depth analysis of regional trends across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to maintain its dominance in the genomics market in 2024, driven by substantial R&D investments, an advanced healthcare infrastructure, and the strong presence of major industry players. Additionally, the rapid adoption of cutting-edge genomic technologies positions the region as a global leader in genomics innovation.
Conclusion
The global genomics market presents unprecedented growth opportunities driven by continuous advancements in technology, the growing integration of genomics in healthcare, and the rising focus on personalized medicine. However, addressing challenges related to data security, talent shortages, and the standardization of genomic workflows will be crucial to unlocking the full potential of this market.
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