Global Genomics Market Report and Forecast 2024-2032

Global Genomics Market Outlook

The global genomics market size was valued at USD 38.1 billion in 2023, driven by increased funding for genomic projects and the prevalence of chronic diseases across the globe. The market is expected to grow at a CAGR of 15.6% during the forecast period of 2024-2032, with the values likely to rise from USD 44 billion in 2024 to USD 140.1 billion by 2032.

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Global Genomics Market Overview

Genomics attempts to understand the genetic makeup of an organism and the downstream biological products. This branch of biology has emerged as the most impactful industry trend to treat and prevent diseases. The market demand is driven by multiple factors such as the increased demand for personalized medicine, gene therapy, and the prevalence of chronic diseases like cancer. A study published in Nature Medicine in January 2024  revealed that integrating clinical data with whole genome sequence data can pave the way for precision oncology. Consequently, it would help doctors provide customized treatment plans to patients suffering from cancer, leading to better patient outcomes.

The robust research activities have resulted in the development of a genomic data pool. This data can be utilized by physicians and biologists to find the genetic predisposition to certain diseases. It is expected that the clinical implementation of this genetic data pool will fuel the genomics market growth along with the evolution of a healthcare system that is more tailored to the patient’s needs.

Growth of Genome Editing-Based Therapeutics

The clinical application of genomics can improve the diagnostics system as well as provide personalized treatment options. The recent technological advancements in treatments, employing genomic editing holds the potential to improve the lives of many individuals. In January 2023, CAR-T cell therapy,  which works by using genetically modified T cells to identify and destroy specific cancer cells, cured a 13-year-old patient suffering from leukaemia.

The surge in approvals by the regularity authorities has further amplified the genomics market share. In November 2023, the UK Medicines and Health Regulatory Authority (MHRA)  approved a CRISPR-based gene therapy known as Casgevy or Exa-cel. This genome-edited cellular therapy utilizes the CRISPR/Cas9 system to produce healthy red blood cells in people with beta-thalassemia and sickle cell disease.

Increased Research Breakthroughs in Genomics

The growing research and clinical trials in the field of genomics, aided by increased funding and technological advancements have led to major research breakthroughs. In August 2023, a research article published in Nature revealed that scientists completed the sequencing of the human Y chromosome. It led to an addition of 30 million new bases in the human genome reference by end-to-end sequencing. The new research is poised to facilitate a better understanding of variation and associated diseases, offering improved therapeutic solutions to critical ailments.

Strategic Investments to Meet Genomics Market Demand

The rising investments by biotechnology firms to accelerate genomic research is expected to reflect significant implications in reshaping the market. In February 2023, Accenture Ventures  made a strategic investment in Ocean Genomics, a technology and AI company based in the United States to assist biopharma companies by creating computational platforms. The investment is expected to expedite the development of personalized medicines and artificial intelligence driven drug discovery. The incorporation of technological and scientific advancements in the healthcare system is anticipated to result in improved therapeutics and diagnostics fuelling the market growth.

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Global Genomics Market Segmentation

Market Breakup by Deliverables

• Product

• Software and Services

Market Breakup by Technology

• Sequencing

• Microarray

• Polymerase Chain Reaction (PCR)

• Nucleic Acid Extraction

• Purification

• Other

Market Breakup by Process

• Library Preparation

• Data Analysis

• Others

Market Breakup by Application

• Epigenomics

• Functional

• Biomarker Discovery

• Pathway Analysis

• Diagnostics

• Drug Discovery

• Development

• Precision Medicine

• Agriculture

• Animal Research

• Others

Market Breakup by End Users

• Government and Academic Institutes

• Clinical Research

• Healthcare Facilities

• Biotechnology and Pharmaceutical Companies

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Global Genomics Market Regional Analysis

In North America, the robust healthcare system and increased funding for genomic projects are pushing the market growth. The prevalence of health issues in the region such as cancer, fuels the demand for genomic research in diagnostics and personalized medicine further. As a result, several pharmaceutical companies are collaborating or forming strategic alliances to deliver improved products and services to patients.

Europe holds a significant genomics market share which can be attributed to the existence of major research institutes and healthcare companies that play a pivotal role in increasing the market size.

The growing approvals of gene therapy treatments by health authorities and the evolving preference of patients for minimally invasive treatment procedures have further aided the market growth. In January 2024, Qiagen , a multinational provider of molecular testing solutions based in Germany, received the United States Food and Drug Administration (FDA) approval for NeuMoDx CT/NG Assay employing integrated PCR-based clinical molecular testing system, NeuMoDx 96 and 288 Molecular Systems. This assay utilizing fully automated analysers is designed to provide a rapid and precise diagnosis of sexually transmitted infection (STI).

Global Genomics Market: Competitor Landscape

In January 2024, Veracyte,  a global diagnostics company headquartered in the United States, acquired C2i Genomics, a biotechnology company based in Israel known for its minimal residual disease (MRD) tests in a USD 95 million deal. This acquisition aims to employ AI-assisted whole-genome MRD tests to expand the cancer diagnostics range. Thus, the boost in genomic research is supported by major investments in acquisitions, mergers, and expansions by the top biotechnology firms. Consequently, the genomics market value is expected to witness a surge in the forecast period.

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Eppendorf SE

• Eurofins Scientific

• F. Hoffmann-La Roche Ltd

• GE Healthcare

• Freenome Holdings, Inc.

• Myriad Genetics

• Oxford Nanopore Technologies

• PacBio

• QIAGEN

• Thermo Fisher Scientific

• 23andMe

• FOUNDATION MEDICINE

• IntegraGen

• Genome Diagnostics Pvt. Ltd

• Cytiva

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

Genomics Market Report Snapshots

Genomics Market Size

Genomics Analysis

Genomics Companies