Genomics Market

The report "Genomics Market by Product (Kits, Consumables, Instruments), Services (Bioinformatics), Technology (Sequencing, PCR, ISH), Study Type (Epigenomics, Functional Genomics), Application (Drug Discovery, Diagnostic, Agriculture) - Global Forecast to 2029", is expected to reach USD 66.85 billion by 2029 from USD 42.64 billion in 2024, at a CAGR of 9.4% during the forecast period. Growing investment in genomics mainly drives growth in the market; other factors include the expansion of the population genomics initiative and rising focus on rare and genetic diseases. However, the cost constraints related to genomics testing will likely hamper market growth.

Browse 671 market data Tables and 68 Figures spread through 562 Pages and in-depth TOC on "Genomics Market by Product (Kits, Consumables, Instruments), Services (Bioinformatics), Technology (Sequencing, PCR, ISH), Study Type (Epigenomics, Functional Genomics), Application (Drug Discovery, Diagnostic, Agriculture) - Global Forecast to 2029"
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The products segment accounted for the largest share by offerings segment in the genomics market in 2023.

By offerings, the genomics market is segmented into products and services. The products segment accounted for the largest share of the genomics market in 2023. The large share of the product segment can be attributed to innovations in genomics technology like long-read sequencing (LRS), single-cell genomics, and CRISPR technology that have expanded product offerings and applications boosting demand for specialized products and technologies. However, the services segment accounted for the second largest share in the segment.

The sequencing technology segment accounted for the largest share by technology segment in the genomics market in 2023.

By technology, the genomics products market is segmented into sequencing, PCR, gene editing, flow cytometry, microarrays, in situ hybridization, and other technologies. The sequencing segment accounted for the largest share of the genomics market in 2023. Continuous innovations in sequencing platforms, such as increased accuracy, speed, and reduced costs, have made sequencing technologies more accessible and efficient, driving their market share. The PCR technology accounted for the second largest share in the segment.

The genomics profiling and sequencing service segment accounted for the largest share by service type segment in the genomics market in 2023.

By service type, the genomics market is segmented into genomics profiling and sequencing service, sample preparation and library preparation service, and bioinformatics service. The genomics profiling and sequencing service segment accounted for the largest share in 2023. The large share of the segment is due to increasing awareness and availability of genetic testing for various diseases has led to a surge in demand for sequencing services to provide detailed genomic insights for diagnosis, prognosis, and treatment planning. However, the sample preparation and library preparation service accounted for the second largest share in the market.

The drug discovery & development segment accounted for the largest share of the application segment in the genomics market in 2023.

By Application, the genomics market is segmented into drug discovery & development, diagnostics, agriculture and animal research, and other applications. In 2023, the drug discovery & development segment accounted for the largest share of the genomics market. This can be attributed to initiatives like the population genomics projects such as the Human Genome Project, the 1000 Genomes Project, and national precision medicine programs. The understanding of population-wide genetic diversity has boosted demand for research in drug discovery & development.

The hospitals and clinics segment accounted for the largest share of the end user by service segment in the genomics market in 2023.

By service end user, the genomics market is segmented into hospitals and clinics, academics and research institutes, pharmaceutical & biotechnology companies, and other end users. The hospitals and clinics segment accounted for the largest share of the genomics market in 2023. This can be attributed to the increasing incorporation of genomic testing into routine diagnostics, especially for cancer, rare diseases, and genetic disorders. This widespread clinical adoption boosts demand for genomics solutions in healthcare settings. Also, the use of genomics for public health purposes increases their share in the genomics market.

The North American region accounted for the largest share of the genomics market in 2023.

The genomics market is segmented into six major regions, namely, North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America is the largest regional market for genomics in 2023, while Europe is the second-largest market. The large share of North America can be attributed to high awareness of genomic testing across healthcare providers, the presence of key genomics players in the region, and the presence of strong academic & research institutions. However, The Asia Pacific is estimated to be the fastest-growing segment of the market owing to the expanding pharma & biotech companies' collaborations for genomics testings and analysis, development of infrastructure in developing countries, and large-scale population genomics projects.

Key players in the genomics market are Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), F. Hoffmann-LA Roche Ltd. (Switzerland), Danaher Corporation (US), QIAGEN (Germany), Agilent Technologies, Inc. (US), Revvity, Inc. (US), Laboratory Corporation of America Holdings (US), IQVIA Inc. (US), Charles River Laboratories (US), Bio-Rad Laboratories, Inc. (US), Eurofins Scientific (Luxembourg), PacBio (US), Oxford Nanopore Technologies plc. (UK), Takara Bio Inc. (Japan), BGI Group (China), Eppendorf SE (Germany), Merck KGaA (Germany), BD (US), Abbott (US), 10X Genomics, Inc. (US), New England Biolabs (US), Promega Corporation (US), Creative Biogene (US), Novogene Co., Ltd. (China), Helix, Inc. (US), Phalanx Biotech Group (US), Polaris Genomics (US).

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