Which region accounted for the largest share in Global Genomics Market?

In 2021, the North American genomics market accounted for the largest revenue share of the worldwide market. The availability of money granted by both the government and firms investigating molecular biology are major drivers driving the North American market. Genomic technology is commonly used in pharmaceutical businesses to create high-class medications like IVT (in-vitro transcribed) mRNA. In addition, numerous important companies in the region provide effective genomics solutions. Due to the increased focus on increasing genetic research and development activities and government on encouraging research in the field of genomics and drastically reduced mass-scale genetic testing costs within the region, Asia-Pacific is expected to see significant growth during the forecast period of 2022 to 2028. Active government backing, particularly in the United Kingdom and England, through research funding and genomic analysis, as well as research and academic institutes, is expected to help the business expand in Europe.

Genomics Market Size, Share, Growth Analysis, By Product & Service(Consumables and Reagents, Services, Instruments, Systems), By Technology(Sequencing, PCR, Flow Cytometry, Microarrays), By End Use(Government and Academic Institutes, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Others), By Application(Drug Discovery & Development, Diagnostics, Agriculture & Animal Research, Other Applications), By Study Type(Functional Genomics, Biomarker Discovery, Pathway Analysis, Epigenomics), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Genomics Market?

Genomics Market size was valued at USD 27.81 billion in 2019 and is poised to grow from USD 33.25 billion in 2023 to USD 411.35 billion by 2031, growing at a CAGR of 19.4% in the forecast period (2024-2031).

Q: Who are the key vendors in the Global Genomics Market?

The Global Genomics Market is vast in nature with the presence of major companies in the market using operational strategies to promote their items and develop their market positions. One such strategy is to create new goods in collaboration with other firms in order to broaden their reach to end consumers. In August 2021, Genome Medical Announces the Acquisition of GeneMatters and the Closing of $60 Million Series C Financing. 'Illumina, Inc. (US)', 'Thermo Fisher Scientific (US)', 'Qiagen N.V.', 'BGI Group', 'F. Hoffmann-La Roche AG', 'Danaher Corporation', 'Pacific Biosciences of California, Inc.', 'Oxford Nanopore Technologies, Ltd.', 'Agilent Technologies, Inc.', 'Eurofins Scientific SE', 'Bio-Rad Laboratories, Inc.', 'Genewiz, Inc.', 'Myriad Genetics, Inc.', 'Fluidigm Corporation', 'PerkinElmer, Inc.', 'Twist Bioscience Corporation', 'Natera, Inc.', 'Veracyte, Inc.', 'Personalis, Inc.', '10x Genomics, Inc.'.

Q: What is the key driver of Global Genomics Market?

Global genomics market is being driven by increased application Next-Generation Sequencing (NGS) which is becoming more widely used in cancer research. Whole-genome sequencing, genome diversity inquiry, metagenomics, epigenetics, the discovery of non-coding RNAs and protein-binding sites, and gene-expression profiling by RNA sequencing are all applications of NGS technologies contributing to capturing the genomics market share.

Report ID: SQMIG35H2173 | Region: Global | Published Date: August, 2024
Pages: 165 | Tables: 121 | Figures: 77

Genomics Market News

In May 2024, SOPHiA GENETICS (Nasdaq: SOPH), a cloud-native healthcare technology company renowned for its leadership in data-driven medicine, announced a collaboration with Microsoft and NVIDIA. This partnership aims to utilize their combined expertise in technology and genomics to develop a streamlined and scalable whole genome sequencing (WGS) analytical solution for healthcare institutions, with plans to make the solution available to customers by the end of the year.
In March 2023, Illumina, Inc. (US) introduced Connected Insights, a cloud-based software designed for tertiary analysis of clinical next-generation sequencing data. This innovative tool aids in genomic profiling for advanced tumors and whole-genome sequencing for rare diseases, among other advanced applications.
In February 2023, Thermo Fisher Scientific, Inc. (US) unveiled the TrueMark STI Select Panel, a PCR test intended for the detection of Chlamydia trachomatis, Neisseria gonorrhoeae, Trichomonas vaginalis, and Mycoplasma genitalium, specifically for research purposes.

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Genomics Market size was valued at USD 27.81 Billion in 2022 and is poised to grow from USD 33.25 Billion in 2023 to USD 411.35 Billion by 2031, growing at a CAGR of 19.4% in the forecast period (2024-2031).

The genomics market is vast in nature with the presence of major companies in the market using operational strategies to promote their items and develop their market positions. One such strategy is to create new goods in collaboration with other firms in order to broaden their reach to end consumers. In August 2023, Genome Medical Announces the Acquisition of Gene Matters and the Closing of $60 Million Series C Financing. 'Illumina, Inc. (US) ', 'Thermo Fisher Scientific (US) ', 'Qiagen N.V. (Netherlands) ', 'BGI Group (China) ', 'F. Hoffmann-La Roche AG (Switzerland) ', 'Danaher Corporation (US) ', 'Pacific Biosciences of California, Inc. (US) ', 'Oxford Nanopore Technologies, Ltd. (United Kingdom) ', 'Agilent Technologies, Inc. (US) ', 'Eurofins Scientific SE (Luxembourg) ', 'Bio-Rad Laboratories, Inc. (US) ', 'Myriad Genetics, Inc. (US) ', 'Fluidigm Corporation (US) ', 'PerkinElmer, Inc. (US) ', 'Twist Bioscience Corporation (US) ', 'Natera, Inc. (US) ', 'Veracyte, Inc. (US) ', 'Personalis, Inc. (US) ', '10x Genomics, Inc. (US) ', 'Quest Diagnostics (US)'

Genomics market is being driven by increased application Next-Generation Sequencing (NGS) which is becoming more widely used in cancer research. Whole-genome sequencing, genome diversity inquiry, metagenomics, epigenetics, the discovery of non-coding RNAs and protein-binding sites, and gene-expression profiling by RNA sequencing are all applications of NGS technologies contributing to Genomics market growth.

Switch to a customised Illumina global screening array (GSA) microarray instead of the Illumina OmniExpress chip. The OmniExpress chip from Illumina will be phased out in favour of the GSA chip. As a result, organisations like Ancestry.com will be obliged to convert to the GSA, acquire Thermo Fisher Scientific goods, or implement next-generation sequencing technology if they continue to utilize this equipment.

North America dominated the market in terms of genomics market share in 2023 with a share of 42%. 65%, due mostly to the increased backing from research organizations and pharmaceutical companies. They keep changing the genetics, expression and health and therefore their influence makes genomics important in disease and drugs development. Some examples include the combination project initiated in January 2022 between Illumina, Inc. and Nashville Biosciences, LLC which is affiliated to the Vanderbilt University Medical Center. This collaboration will employ genomics for the purposes of drug discovery and create the best clinico-genomic resource.

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