The genomics market plays a pivotal role in enabling precision medicine and healthcare through genomic profiling, sequencing, and other technologies. Genomics involves analyzing DNA and genetic material to understand health risks, discover new disease biomarkers, develop targeted therapies, and move towards more personalized treatment approaches.
The global genomics market is estimated to be valued at US$ 53.23 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period between 2024 to 2031.
Key Takeaways
Key players operating in the genomics market: Signify Holding (PHILIPS), Aerofarms, Sky Greens, IGS limited, Everlight Electronics Co., Ltd., Freight Farms, Agrilution, American Hydroponics, Urban Crops Solutions, Vertical Farm System, Gronska stadsodling ab, V-Farm, GrowUp Farms Ltd, Vertical Future Ltd, SweGreen, Jones Food Company, InFarm, Agricool, Future Crops, GrowY, and Intelligent Growth Solutions Limited. The growing demand for genomics technologies is due to increasing government funding for genomics research and development of advanced technologies. Further, increasing incidence of cancers and chronic diseases is also fueling market growth. The global genomics market is expected to witness high growth owing to expansion in emerging economies of Asia Pacific and Latin America.
Market Key Trends
One of the key trends in the Genomics Market Demand is declining costs of sequencing. Next-generation sequencing technologies have led to a massive decline in the cost of whole human genome sequencing from $100 million in 2001 to just around $1,000 in recent years. This has increased accessibility and utilization of genomics technologies. Moreover, the advancement of single-cell genomics technologies is enabling researchers to analyze individual cells and understand complexity at single-cell level. This has wide applications in biomedical research, disease modeling, drug discovery, and precision medicine. Further, genomics is playing a vital role in the development of cell and gene therapies through identification of disease-causing genes and developing personalized treatment approaches.
Porter’s Analysis
Threat of new entrants: Low startup costs and intellectual property protection for new entrants in genomics technology.
Bargaining power of buyers: Buyers have high bargaining power in genomics market due to availability of substitutes and undifferentiated products.
Bargaining power of suppliers: Suppliers have moderate bargaining power owing to differentiated inputs and technologies required for genomics.
Threat of new substitutes: Threat of new substitutes is low as genomics offers unique technological solutions for healthcare and agriculture.
Competitive rivalry: Intense competition among key global players to gain higher market share through new product innovations and strategic collaborations.
Geographical Regions
In terms of value, North America accounted for the largest share in the global genomics market in 2024 owing to availability of research funding and presence of key market players in the US.
The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to increasing healthcare expenditures, rising awareness about genomic medicine, and growing population in countries such as China and India. Countries like China and South Korea are also actively investing in genomic research which is contributing to market growth in the region.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it