Genomics Market

The genomics market is expected to reach USD 66.85 billion in 2029 from USD 42.64 billion in 2024, at a CAGR of 9.4% during the forecast period. The main factors behind the expansion of this market are the increasing government funding for genomics projects, rising applications of NGS in chronic disorders, and growing applications of genomics. The genomics market is competitive with key players such as Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US). These players have implemented organic and inorganic growth strategies to strengthen their position in the genomics market.

Key factors driving the growth of the genomics market are continuous development in bioinformatics and data analytics, which facilitate genomics data processing and interpretation, thus increasing its deployment in research and clinical domains. Declining costs of sequencing technologies, especially next-generation sequencing, have made access possible by a wide range of applications. Government initiatives and funding programs for genomics research and personalized medicine are further accelerating the market growth. Increased interest in population genomics and large-scale sequencing projects is enhancing the understanding of genetic diversity and disease predisposition, which further fuels the demand for genomics solutions. Moreover, the incorporation of AI and ML into genomics workflows is enhancing accuracy and efficiency, thus accelerating innovations in the field.

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The global genomics market is competitive including its key players are Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), F. Hoffmann-LA Roche Ltd. (Switzerland), QIAGEN (Germany), Agilent Technologies, Inc. (US), Revvity (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 (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).

Illumina, Inc. (US)

Illumina is the market leader in commercializing genome sequencing solutions to help address questions about the functions of genetic variants and biological processes. To make the analysis of genetics easier, the company's product line includes consumables, integrated systems, and analytical instrumentation. Genomics products are offered through the equipment and consumables segment of the company. Genomics services are also offered through the Service and Other Revenue segment of the company. Stable investments that the company made in research and development helped the company to refine its portfolio along with the innovation to improve its accuracy and bring new uses. For instance, Illumina's first product from its proprietary Illumina Complete Long Read technology, was launched back in March 2023. Illumina Complete Long Read Prep, Human. Compatible with sequencing systems for high-performance, long-read human whole-genome sequencing on the following systems: NovaSeq X Plus, NovaSeq X, and NovaSeq 6000 Sequencing Systems.

Thermo Fisher Scientific Inc. (US)

Thermo Fisher Scientific Inc. is one of the leading providers of medical equipment, analytical instruments, reagents & consumables, software, and services. Through its Life Science Solutions segment, the firm operates in the genomics market. The company has a strong geographic presence across more than 100 countries. The company offers genomics products and services through the Genetic Sciences and Biosciences business. The company implements organic and inorganic growth strategies to support its business growth. For instance, in July 2043, The company launched the Novel Pre-transplant risk assessment assay, to assess the risk of kidney transplant rejection.

Danaher Corporation (US)

Danaher Corporation manufactures and commercializes medical, industrial, and commercial products and services. The company offers genomics products through its subsidiaries, Integrated DNA Technologies, Inc., Cepheid, Inc., and Beckman Coulter, which operates under the Life Sciences and Diagnostics segments. The company provides products & services to pharmaceutical and biotechnology companies, colleges & universities, research institutes, and government bodies (including government testing & diagnostic centers) through its sales and distribution offices network.

The company spends on innovation and implements strategies such as product launches, partnerships, and collaborations. For instance, In May 2024, Integrated DNA Technologies, a subsidiary of Danaher, partnered with Molecular Health to integrate their NGS capabilities and to extend genomic profiling.

Related Reports:

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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