Genomics Market Forecast To Grow USD 62.9 Bn By 2028

Posted by rahul nikade on August 10th, 2022

Genomics Industry Overview

The global genomics market size is expected to reach USD 62.9 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.35% from 2021 to 2028. A rise in the demand for the solutions to catalog vast genomic information into a usable form and to utilize it in clinical workflows is expected to drive the market.

Genomics Market Segmentation

Grand View Research has segmented the global genomics market on the basis of application and technology, deliverable, end-use, and region:

Based on the Application & Technology Insights, the market is segmented into Functional Genomics, Pathway Analysis, Biomarker Discovery, Epigenetics, Others.

• Functional genomics held the largest revenue share of 32.0% in 2020. Real-time PCR was the dominant revenue generator within functional genomics. Real-time quantitative PCR has played a major role in the absolute quantification of genetic elements in genomic DNA.
• The use of this technology in combination with reverse transcription PCR enables quantification of low-abundance mRNA, which, in turn, allows researchers to quantify relative gene expression at a particular time. 
• Pathway analysis is expected to register the fastest CAGR from 2021 to 2028. Investigation of how individual targets communicate and respond within the molecular networks has helped elaborate the functioning of biological processes at a cellular level.

Based on the Deliverable Insights, the market is segmented into Products, Services.

• The products segment dominated the market in 2020 with a revenue share of 69.3%. Continuous launch of nucleic acid extraction reagents and kits by key manufacturers is driving the revenue generation in the segment.
• This introduction of a new kit helps overcome the scarcity of RNA purification kits that are used in the testing of COVID-19.
• On the other hand, key players are acquiring smaller companies to advance their products in accordance with the latest technologies. For instance, in June 2020, Illumina, Inc. acquired Bluebee to boost genomic analysis. The cloud capability of Bluebee is expected to help in reducing the costs of sharing, storing, and managing genomic data in new products.

Based on the End-use Insights, the market is segmented into Pharmaceutical and Biotechnology Companies, Hospitals and Clinics, Academic and Government Institutes, Clinical Research, Other End Users.

• Pharmaceutical and biotechnology companies held the largest share of 60.3% in 2020. Genomic technologies are witnessing high demand from pharmaceutical and biotechnology companies owing to the increasing number of genetic research studies.
• As genomics plays a crucial role in drug discovery and development, several drug developers are employing genomic techniques to ease and improve the process.
• For the past few years, direct-to-consumer genomic tests are being offered by companies, resulting in the changing of business models. Personal genomics companies are generating genomics data to offer to pharmaceutical companies. 
• Furthermore, the market is witnessing increased demand for advanced gene-editing tools from biotechnology companies. Biotechnology companies are entering into strategic alliances or licensing partnerships to avail of this technology.

Genomics Regional Outlook 

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Companies are increasingly focusing on the development and launch of new products and collaboration with other entities to increase their market share.

Some prominent players in the global genomics market include

• Thermo Fisher Scientific, Inc.
• Agilent Technologies
• Beijing Genomics Institute (BGI)
• Bio-Rad Laboratories
• Danaher Corporation
• F. Hoffmann-La Roche Ltd.
• GE Healthcare
• Illumina, Inc.
• Oxford Nanopore Technologies
• Pacific Biosciences of California, Inc.
• QIAGEN N.V.
• Quest diagnostics
• Myriad Genetics, Inc.
• Eppendorf AG
• Eurofins Scientific
• Color
• 23andMe, Inc.

Order a free sample PDF of the Genomics Market Intelligence Study, published by Grand View Research. 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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