Dublin, March 13, 2024 (GLOBE NEWSWIRE) -- The "Global Genomics Market by Technology (Sequencing, Microarray, PCR, Nucleic Acid Extraction), Application (Drug Discovery, Diagnostic, Research), End User (Pharmaceutical, Hospital, Academic), Offering (Instrument, Consumables, Software) - Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.
The global genomics market is projected to reach $70.52 billion by 2031, at a CAGR of 11.1% from 2024 to 2031
The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in the industry over four years (2020-2024).
The growth of the genomics market is driven by the rising prevalence of genetic diseases, the increasing incorporation of genomic data in clinical workflows, increasing funding and investments in genomics projects, the growing applications of genomics in the healthcare sector, rising pharmaceutical R&D expenditures, decreasing cost of sequencing, and increasing healthcare spending. However, the lack of standardized approaches in genomics and concerns over the security & privacy of genomic data restrain the growth of this market.
Moreover, the rising adoption of personalized medicines and gene therapies is expected to generate market growth opportunities. However, the shortage of skilled bioinformatics and genomics personnel and the commercialization and scaling of genomic technologies are major challenges for market stakeholders.
In 2024, North America is expected to account for the largest share of the genomics market. North America is home to numerous renowned research institutions, universities, and organizations dedicated to genomics research; the region has made significant contributions to cancer genomics, with rising pharmaceutical R&D expenditure and the presence of key players.
Among all the offerings studied in this report, the consumables segment is projected to register the highest CAGR during the forecast period. The highest CAGR of this segment is attributed to the increasing prevalence of genetic diseases, growing adoption of genetic testing, and recurring purchase of consumables over instruments. An increase in the prevalence of genetic disease cases has triggered the demand for genetic tests, which is driving the adoption of consumables.
Among all the technologies studied in this report, in 2024, the polymerase chain reaction (PCR) segment is expected to account for the largest share of the genomics market. The increasing use of PCR in clinical diagnostics, technological advancements in PCR, collaborations for genomic research, and the use of PCR in these research studies are some of the factors contributing to the segment's largest share. Product launches further boost this segment's large market share.
Among all the applications studied in this report, in 2024, the diagnostics segment is expected to account for the largest share of the genomics market. The use of genomics in oncology, newborn screening, and hepatitis testing is contributing to the largest share of the segment. Genomics is used in newborn screening, which are laboratory tests performed on newborn babies to identify known genetic diseases. Government agencies support newborn screening to reduce the incidence of genetic disorders among newborns through early detection, diagnosis, and intervention.
Among all the end users studied in this report, the pharmaceutical & biotechnology companies' segment is expected to record the highest CAGR during the forecast period. The highest CAGR of the segment is attributed to the increasing research & development by pharmaceutical & biotechnology companies, the rising utilization of genomics for research processes, and an increasing number of biotechnology companies. Moreover, the rising incidence of chronic diseases has accelerated the need to expedite drug development processes, further propelling the adoption of genomics among pharmaceutical companies.
Key Questions Answered in the Report
- Which are the high-growth market segments in terms of offering, technology, application, end user, and country/region?
- What was the historical market for genomics across the globe?
- What are the market forecasts and estimates for the period 2024-2031?
- What are the major drivers, restraints, challenges, opportunities, and trends in the global genomics market?
- Who are the major players in the global genomics market?
- What is the competitive landscape like, and who are the market leaders in the global genomics market?
- What are the recent developments in the genomics market?
- What are the different strategies adopted by the major players in the genomics market?
- What are the geographical trends and high-growth regions/countries?
Market Insights
- Rising Prevalence of Genetic Diseases and the Incorporation of Genomic Data in Clinical Workflows Driving Market Growth
- Concerns Over the Security & Privacy of Genomic Data Limiting the Adoption of Genomics Products
- Rising Adoption of Personalized Medicines and Gene Therapies
- Commercializing and Scaling Genomic Technologies Remain Major Challenges for Market Stakeholders
Genomics Market: Regulatory Analysis
- North America
- U.S.
- Canada
- Europe
- Shift From Pre-Approval to A Lifecycle Approach
- Classification Changes
- Stronger Supervision
- Clearer Rights and Responsibilities for Economic Operators
- Traceability/EUDAMED
- General Safety and Performance Requirements
- Performance Evaluation and Clinical Evidence
- Guidelines and Regulations for Gene Therapy and Genome Editing
Company Profiles
- 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.)
- BGI Genomics Co. Ltd (China)
Scope of the Report:
Genomics Market Assessment - by Offering
- Systems
- Consumables
- Software
- Services
Genomics Market Assessment - by Technology
- Polymerase Chain Reaction (PCR)
- Sequencing
- Nucleic Acid Extraction and Purification
- Microarray
- Other Technologies
Note: Other sequencing technologies include pyrosequencing, degradome sequencing, sanger sequencing, chromatin immunoprecipitation (ChIP) sequencing, and methylation sequencing.
Note: Other technologies include cell counting, transfection, and gene editing.
Genomics Market Assessment - by Application
- Diagnostics
- Drug Discovery & Development
- Life Sciences Research
- Other Applications
Note: Other life sciences research applications include cardiovascular research, osteoporosis, immunology, neurobiology, cellular and molecular biology, and diabetes
Note: Other applications include agriculture, forensics, and environmental.
Genomics Market Assessment - by End User
- Pharmaceutical & Biotechnology Companies
- Hospitals & Clinics
- Diagnostics Laboratories
- Contract Research Organizations (CROs)
- Academic & Research Institutes
- Other End Users
Note: Other end users include food & beverage companies, agriculture companies, and forensics.
Genomics Market Assessment - by Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/1stf7g
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