Meticulous Research®—a global leader in market intelligence—has published a new comprehensive report titled ‘Genomics Market by Technology (Sequencing, Microarray, PCR, Nucleic Acid Extraction), Application (Drug Discovery, Diagnostics, Research), End User (Pharmaceutical, Hospital, Academic), Offering (Instrument, Consumable, Software) – Global Forecast to 2031.’
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According to the latest insights from Meticulous Research®, the global genomics market is expected to reach $70.52 billion by 2031, growing at a robust CAGR of 11.1% during the forecast period. This surge is driven by key factors such as the increasing prevalence of genetic disorders, rising integration of genomic data in clinical workflows, growing funding for genomics research, expanding applications in healthcare, pharmaceutical R&D investments, and decreasing sequencing costs. However, challenges such as data security concerns and lack of standardization in genomics could hinder market growth.
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Market Drivers, Challenges, and Opportunities
The genomics sector is poised to benefit significantly from the rising adoption of personalized medicine and gene therapies, presenting new avenues for growth. However, the market faces critical challenges, including the shortage of skilled bioinformatics professionals and scaling genomic technologies for commercial applications.
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Industry Players Shaping the Future of Genomics
Several prominent companies are actively driving advancements in the genomics market. These key players include:
• Agilent Technologies, Inc. (U.S.)
• Bio-Rad Laboratories, Inc. (U.S.)
• Danaher Corporation (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)
• Illumina, Inc. (U.S.)
• QIAGEN N.V. (Netherlands)
• Pacific Biosciences of California, Inc. (U.S.)
• Oxford Nanopore Technologies Plc. (U.K.)
• Eppendorf SE (Germany)
• Myriad Genetics, Inc. (U.S.)
• Revvity, Inc. (formerly PerkinElmer, Inc.) (U.S.)
• BGI Genomics Co. Ltd. (China)
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Market Segmentation and Future Outlook
The report provides detailed segmentation and market insights across offerings, technologies, applications, end users, and regions.
1. By Offering: The market is categorized into systems, consumables, software, and services. In 2024, consumables are projected to hold the largest market share, attributed to growing demand for next-generation sequencing (NGS) and genetic research.
2. By Technology: Key technologies include sequencing, PCR, microarray, nucleic acid extraction, and purification. The sequencing segment is expected to record the highest CAGR, driven by technological advancements, improved process efficiency, and increased scalability. Industry players are leveraging growth strategies such as acquisitions and new product launches to enhance their market position. For example, in August 2022, Bio-Rad Laboratories acquired Curiosity Diagnostics (Poland) to develop a new generation of rapid PCR systems.
3. By Application: The market is segmented into drug discovery & development, diagnostics, and life science research. The drug discovery & development segment is expected to grow at the highest CAGR, fueled by the need for innovative therapies targeting chronic diseases like cancer and diabetes.
4. By End User: Pharmaceutical & biotechnology companies, hospitals, academic institutions, diagnostic laboratories, and contract research organizations (CROs) represent the primary end users. Pharmaceutical & biotechnology companies are forecasted to dominate the market, leveraging genomics for targeted drug development, biomarker discovery, and personalized medicine.
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Regional Insights: North America to Lead the Genomics Market
Geographically, the North American region is expected to capture the largest share of the genomics market in 2024. This growth is attributed to substantial R&D investments, an advanced healthcare infrastructure, early adoption of new technologies, and the presence of leading market players in the U.S. and Canada.
The report also provides a detailed regional breakdown covering Europe, Asia-Pacific, Latin America, and the Middle East & Africa, offering insights into regional trends and growth dynamics.
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Conclusion
As the genomics landscape continues to evolve, market stakeholders are focusing on personalized healthcare solutions, gene therapy innovations, and targeted drug development to stay ahead of the curve. Despite challenges like workforce shortages and data privacy concerns, the genomics market offers immense opportunities fueled by advancements in technology and increasing healthcare expenditures.
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