Genomics Market Dynamics and Developments by 2031

The Genomics Market size is projected to reach US$ 83.61 billion by 2031 from US$ 31.22 billion in 2023. The market is expected to register a CAGR of 13.1% in 2023–2031. Development of novel technologies in genomics and the use of artificial intelligence are likely to remain key genomics Market trends.

Genomics Market Analysis

Genomics is a field of molecular biology that studies the structure, function, evolution, and mapping of human genomes. It has various applications across fields such as personalized medicine, disease risk prediction, drug interaction studies, environmental microorganism exploration, biofuel generation, genealogical assessments, forensic science, and agriculture. Growing investments & funding in the field of genomics, an increasing number of start-ups is expected to favor the genomics market growth.

Genomics Market Overview

As highlighted by the Genomics Nation Report published in 2022 by the UK Bioindustry Association, companies in the field of genomics have raised a total of £1.85 (US$ 1.98) billion in venture investment, between 2017 and 2021. Out of which 39.2% of the funding was raised in 2021 alone. Specifically, genomic companies raised £718 (US$ 770.23) million in venture investment across 53 deals in 2021, which includes companies that exited during this period. Growing emphasis on research and development activities is contributing to the expansion of the genomics market.

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Genomics Market: Strategic Insights

GENOMICS Market Drivers and Opportunities

Cost Efficacy of Genome Sequencing Procedures to Favor Market

In recent years, next-generation sequencing prices have declined substantially. The rapid costs reduction helps in clinical research with a greater speed and at a lowered price point. This is likely to be enticing to help startups for the health of consumers. According to an article published in Frontiers in January 2022, a study observed a cohort of 6 neonatal intensive care unit (NICU) patients in the US diagnosed by rapid whole genome sequencing (rWGS) and showed a reduction in length of hospital stay by 124 days resulting in a combined inpatient cost savings of US$ 803,200 (~ $19,000 per infant).

Artificial Intelligence – An Opportunity in Personalized Medicine

The field of genomics has been transformed by the use of artificial intelligence. These technologies are assisting researchers and scientists in analyzing and interpreting vast amounts of genomic data. As a result, new discoveries are being made, and personalized medicine is advancing. AI-powered solutions for clinical genomics applications, such as genomic diagnostics, prognostics, and therapeutics, are transforming healthcare. AI and genomics are being utilized to detect genetic mutations and biomarkers linked to particular illnesses, allowing for the creation of personalized treatment strategies for patients.

Genomics Market Report Segmentation Analysis

Key segments that contributed to the derivation of the genomics market analysis are technology, product & service, application, and end user.

• Based on technology, the genomics market is divided into sequencing, microarray, PCR, nucleic acid extraction and purification, and others. The sequencing segment held a larger market share in 2023.

• By product & service, the market is segmented into instruments/systems, consumables, and services. The instruments/systems segment held the largest share of the market in 2023.
• In terms of application, the market is divided into diagnostics, drug discovery and development, precision/personalized medicine, agriculture & animal research, and others. The diagnostics segment dominated the market in 2023.

GENOMICS Market Share Analysis by Geography

The geographic scope of the genomics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the genomics market. Factors such as the increasing incorporation of advanced sequencing methods in healthcare, extensive R&D activities by various academic and research institutes, and growing demand for DNA synthesis techniques from biopharmaceutical and biotechnology companies drive the growth of the genomics market in North America. Moreover, rising initiatives and fundings by the government for genome sequencing in precision medicine is further expected to stimulate market growth and contribute to exceptional revenue generation. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.  

The regional trends and factors influencing the Genomics Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Genomics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Genomics Market Report Scope

Genomics Market Players Density: Understanding Its Impact on Business Dynamics

The Genomics Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Genomics Market News and Recent Developments

The genomics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the Genomics market:

• Illumina, Inc. and Sequoia Capital China partnered to catalyze the startup ecosystem in China with the launch of the Sequoia Capital China Intelligent Healthcare Genomics Incubator. The company creation engine focused on building life sciences startup companies advancing breakthrough applications in genomics. (Source: Illumina, Inc, Company Website, 2021)
• Agilent Technologies introduced the SureSelect DNA Kit which addresses key challenges that laboratories encounter when preparing DNA sequencing libraries for their research. (Source: Agilent Technologies, Press Release, 2020)

Genomics Market Report Coverage and Deliverables

The “Genomics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles