by The global Genomics Market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 12 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Genomics is a branch of biotechnology focused on developing and applying technologies to sequence and analyze genomes. Genomics help gain insights into how genes function and interact with each other and the environment to cause disease. It also enables identification of unique genomic signatures for disease diagnosis and prognosis. Applications of genomics include development of personalized medicines, genetic testing, studying gene expression patterns, agricultural biotechnology, and studying evolutionary relationships between species.
Market key trends:
One of the key trends in the genomics market is increasing adoption of next-generation sequencing (NGS) technologies. NGS is revolutionizing genomic research due to its ability to sequence genomes and examine gene expression at an enormous scale, speed, and reduced cost. Advancements in sequencing platforms, such as SMRT sequencing by Pacific Biosciences of California and nanopore sequencing by Oxford Nanopore Technologies, are enabling sequencing of long reads at affordable costs. This is further expected to accelerate genomic research activities and clinical applications of genomics.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the genomics market requires huge investments to setup research facilities, hire skilled professionals and brand building. Additionally, the dominance of existing players also poses barriers.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitute technologies and fragmented nature of the industry leading to availability of options. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for tools, instruments and chemicals used in genomics. Switching between suppliers is also convenient.
Threat of new substitutes: The threat of substitutes is low as genomics is highly specialized domain without close substitutes. However, bioinformatics poses potential threat.
Competitive rivalry: The competitive rivalry in the genomics market is high due to presence of major international players leading to intense competition.
Key Takeaways
The global Genomics Market Size is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period, due to increasing applications in precision medicine and agricultural sector. Growing research activities, technological advancements and falling sequencing costs are driving the market growth.
North America dominated the genomics market in 2023, and is expected to maintain its dominance over the forecast period. Presence of leading genomics firms, strong healthcare infrastructure, and increasing genomics adoption are factors attributable to its large market share. However, Asia Pacific is poised to be the fastest growing region owing to rising healthcare expenditure, improving research capabilities and growing population.
Key players operating in the genomics market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), and QIAGEN N.V. (Germany). Illumina dominates the global genomic sequencing market with around 50% of the total global revenue share in 2023. Other major players are expanding their product portfolios and worldwide presence through strategic partnerships and collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
