Genomics refers to the study of genes and their functions. It involves the sequencing and analysis of genomes through the use of technologies such as next-generation sequencing, microarrays, and bioinformatics. Genomics has applications in medicine, biotechnology development, anthropology, and forensic science to better understand, diagnose, and treat health conditions. It helps identify disease-causing genetic mutations and develop targeted therapies based on an individual’s genetic profile. The global genomics market offers a wide range of genomic products such as sequencing instruments, sample preparation workstations, DNA chips, and consumables like reagents and kits used in performing gene sequencing and microarray experiments. The need for genomics is increasing with the growing emphasis on personalized medicine and drug development.
The global Genomics Market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends driving growth in the genomics market is the ongoing technological advances that have made genomic sequencing faster, cheaper, and more accessible. Next-generation sequencing technologies have significantly brought down the cost of whole genome sequencing from around $3 billion in 2001 to around $600 in current times. The introduction of portable and hand-held devices for bedside genomic testing is also fueling market growth. Moreover, growing genomic data analytics capabilities through cloud computing and artificial intelligence are supporting the discovery of new disease-causing variants and drug targets. This is expected to aid precision medicine efforts and new diagnostics/therapeutics development.
Porter’s Analysis
Threat of new entrants: The threat is moderate as the genomics market requires large capital investment for R&D and technological infrastructure. Bargaining power of buyers: The power is high due to availability of alternative technologies and products from various players in the market. Bargaining power of suppliers: The power is moderate as manufacturers rely on few suppliers for raw materials and technologies. Threat of new substitutes: The threat is low as genomics is the most adopted technique for disease profiling and personalized medicine currently. Competitive rivalry: The competition is high among top players to gain higher market share through innovative product launches and strategic collaborations.
Key Takeaways
The Global Genomics Market Growth is expected to witness high over the forecast period driven by rising prevalence of chronic diseases and increasing adoption of genomic techniques for precision medicine. The global Genomics Market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis: North America dominated the market in 2023 owing to advance molecular diagnostic facilities and availability of skilled professionals in the US and Canada. Asia Pacific is expected to be the fastest growing market led by rising healthcare expenditure and increasing focus of regional players on development of affordable sequencing technologies.
Key players: Key players operating in the genomics market are Signify Holding, Thermo Fisher Scientific, Illumina Inc, F. Hoffmann-La Roche Ltd, Eurofins Scientific. Signify Holding offers genetic testing services and tools that help unravel complex disease traits. Thermo Fisher Scientific provides a comprehensive portfolio of sequencing and analysis solutions including DNA sequencing instruments and consumables.
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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