Genomics Market to Grow by USD 5.21 Billion (2024-2028), Boosted by Rising Investments in R&D, with AI Driving Market Transformation - Technavio

NEW YORK, Jan. 30, 2025 /PRNewswire/ -- Report with the AI impact on market trends - The global genomics market size is estimated to grow by USD 5.21 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 3.16%  during the forecast period. Rising investments in genomics research and development is driving market growth, with a trend towards advances in sequencing technologies. However, varying regulations in genomics research and testing  poses a challenge. Key market players include 10X Genomics Inc., Abcam plc, Agilent Technologies Inc., Becton Dickinson and Co., BGI Group, Bio Rad Laboratories Inc., Danaher Corp., Eppendorf SE, F. Hoffmann La Roche Ltd., Hamilton Bonaduz AG, Illumina Inc., Myriad Genetics Inc., New England Biolabs Inc., Oxford Nanopore Technologies plc, Pacific Biosciences of California Inc., Promega Corp., QIAGEN NV, Standard BioTools Inc., Thermo Fisher Scientific Inc., and PerkinElmer Inc.

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Genomics Market Scope
Report Coverage	Details
Base year	2023
Historic period	2018 - 2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 3.16%
Market growth 2024-2028	USD 5.21 billion
Market structure	Fragmented
YoY growth 2022-2023 (%)	2.5
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 33%
Key countries	US, UK, Germany, France, and China
Key companies profiled	10X Genomics Inc., Abcam plc, Agilent Technologies Inc., Becton Dickinson and Co., BGI Group, Bio Rad Laboratories Inc., Danaher Corp., Eppendorf SE, F. Hoffmann La Roche Ltd., Hamilton Bonaduz AG, Illumina Inc., Myriad Genetics Inc., New England Biolabs Inc., Oxford Nanopore Technologies plc, Pacific Biosciences of California Inc., Promega Corp., QIAGEN NV, Standard BioTools Inc., Thermo Fisher Scientific Inc., and PerkinElmer Inc

Market Driver

The global genomics market is experiencing significant growth, driven by trends in artificial intelligence (AI) and bioengineering. Companies like Complete Genomics, Illumina, and Singular Genomics Systems lead the way in next-generation sequencing (NGS), while Eurofins Scientific and PCR Biosystems focus on diagnostics. Cancer, chronic diseases, and rare disorder diagnosis are key applications. Ethical issues and trade regulations are important considerations. Bioengineering and synthetic biology are revolutionizing gene therapy and personalized medicine. Sensitive instruments, such as flow cytometry and microarrays, are essential tools. Janssen, Life Sciences Vision, Front Line Genomics, and Trivitron Healthcare are also significant players. Raw material suppliers and trained professionals are crucial for market expansion. Multi-omic-based approaches and the diagnosis of viral diseases are emerging trends. Geographic expansion and the integration of AI in genomics are future growth opportunities. 

The Human Genome Project (HGP) has played a pivotal role in advancing our understanding of the human genome structure. Next-generation genetic testing technologies, born from the HGP, offer vendors valuable tools for managing comprehensive human genome sets and deciphering genetic functions. These advancements have revolutionized medical research, enabling the detection of disease-causing mutations and gene variants. Additionally, next-generation sequencing (NGS) has significantly reduced the cost of genomics analysis and database management, making it more accessible and affordable for researchers worldwide. NGS technology has revolutionized the genomics market by facilitating large-scale sequencing and offering insights into genetic variations that contribute to various disorders. 

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 Market Challenges

• The global genomics market is experiencing significant growth due to advancements in technologies like Next-Generation Sequencing (NGS) and microarrays. Companies like Illumina, Complete Genomics, and Eurofins Scientific lead the market. Challenges include ethical issues, trade regulations, and the need for trained professionals. AI and bioengineering are driving innovation in gene therapy and synthetic biology. Cancer, chronic diseases, and rare disorder diagnoses are major applications. Key players are expanding geographically. Diagnostics, PCR Biosystems, Sensitive Instruments, Front Line Genomics, and Trivitron Healthcare provide solutions. Raw material suppliers and Life Sciences Vision are crucial partners. Multi-omic-based approaches and NGS are revolutionizing personalized medicine. Ethical issues and sensitivity to viral diseases are concerns. Janssen and Singular Genomics Systems are pioneering in cancer and gene therapy. Flow cytometry and bioengineering are essential for cancer research. Bioengineering and AI are crucial in cancer and chronic disease research. Cancer, chronic diseases, and genetic disorders are primary applications. Geographic expansion and regulatory compliance are key challenges.
• The global genomics market presents both opportunities and challenges for vendors due to varying regulatory standards and compliances. With products used in highly regulated applications like diagnostics, research, therapeutics, and drug discovery, vendors face stringent requirements for accuracy, quality, safety, and performance. Operating globally necessitates standardizing products to meet the regulatory requirements of authorities such as the US FDA, EMA, EAEMP, and ATGA. Ensuring compliance with these agencies' guidelines is crucial for market success.

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Segment Overview 

This genomics market report extensively covers market segmentation by  

Solution 

• 1.1 Products
• 1.2 Services

Application 

• 2.1 Diagnostic
• 2.2 Drug discovery
• 2.3 Precision medicine and others

Geography 

• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Products-  The Genomics Market encompasses instruments and consumables utilized in genomics research and testing. Instruments include Polymerase chain reaction systems, CRISPR-Cas systems, next-generation sequencers, and microarray instruments, which perform nucleic acid extraction, isolation, purification, gene cloning/amplification, high-throughput sequencing, and gene expression. Vendors focus on advanced products with features like LIMS compatibility, automation, high throughput, and multiple read/run modes. Automation reduces hands-on time, minimizes errors, and ensures high accuracy. Automated systems, such as thermal cyclers, liquid handling systems, and sequencers, are increasingly adopted. Fully automated workflows, like library preparation workflows, are offered through partnerships. Automated instruments ease the workload in genomics labs but have high capital costs. Consumables include buffers, master mixes, kits, primers, probes, reagents, dyes, and chemicals. Advances in targeted sequencing, biomarker identification, and technologies like CRISPR Cas9, NGS, and LCMS fuel market growth. Vendors benefit from cost savings through NGS technology, which simplifies primer and probe production, and the use of LCMS for characterization and quantitation. CRISPR Cas9 offers customized genomic editing solutions. These factors will drive the Global Genomics Market's growth during the forecast period.

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Research Analysis

The Global Genomics Market is experiencing significant growth due to advancements in Artificial Intelligence (AI) and Bioengineering, leading to the development of innovative technologies such as Next-generation Sequencing (NGS) and Microarrays. These technologies are revolutionizing various industries, including Cancer research, Diagnostics, and Personalized Medicine, enabling the identification of genetic markers for Chronic diseases, Rare Disorder Diagnosis, and Viral diseases. Ethical issues surrounding the use of Genomic data and the need for Trained professionals to interpret complex data are key challenges. Geographic Expansion is a major trend, with companies like Eurofins Scientific, Illumina, and Trivitron Healthcare expanding their reach. Multi-omic-based approaches, Gene therapy, Synthetic biology, and Flow cytometry are also driving market growth. Companies like Complete Genomics, Front Line Genomics, Janssen, Life Sciences Vision, PCR Biosystems, Singular Genomics Systems, and others are at the forefront of these developments. The market is expected to continue growing as these technologies are applied to various applications, including Cancer treatment, Chronic disease management, and the diagnosis of Genetic disorders.

Market Research Overview

The Global Genomics Market is experiencing significant growth due to advancements in Artificial Intelligence (AI) and Bioengineering, leading to the development of innovative technologies like Next-Generation Sequencing (NGS) and Microarrays. These technologies are revolutionizing various sectors, including Cancer research, Diagnostics for Chronic diseases, and Rare Disorder Diagnosis. The market encompasses several areas such as Gene therapy, Synthetic biology, and Sensitive Instruments, providing solutions for Genetic disorders and Viral diseases. Geographic Expansion is a key trend, with companies investing in emerging markets to tap into untapped potential. Multi-omic-based approaches are gaining popularity, integrating data from different omics to provide a more comprehensive understanding of complex diseases. Ethical issues surrounding the use of Genomic data and Trade Regulations are areas of concern. Raw material suppliers, PCR Biosystems, and trained professionals play crucial roles in the value chain. Companies like Complete Genomics, Eurofins Scientific, Illumina, Janssen, Life Sciences Vision, Singular Genomics Systems, Trivitron Healthcare, and Front Line Genomics are leading the way in this dynamic industry. Flow cytometry and Science Council are also contributing significantly to the advancements in the field.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Solution
• Products
• Services
• Application
• Diagnostic
• Drug Discovery
• Precision Medicine And Others
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio