Genomics refers to the study of genomes through genetic sequencing and analysis. Genomics technologies are being extensively used for life sciences research, medical diagnostics, personalized medicines and plant and animal genetics. Advancements in DNA sequencing technologies have made genomic analysis efficient, affordable and scalable. The genomics market is witnessing significant growth due to rising investments, both private and public, for promoting genomics research activities. Additionally, the declining cost of genome sequencing is enabling the adoption of genomics tools across different application areas.
The Global Genomics Market is estimated to be valued at US$ 53.23 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the Genomics are Signify Holding (PHILIPS), Aerofarms, Sky Greens, IGS limited, Everlight Electronics Co., Ltd., Freight Farms, Agrilution, American Hydroponics, Urban Crops Solutions, Vertical Farm System, Gronska stadsodling ab, V-Farm, GrowUp Farms Ltd, Vertical Future Ltd, SweGreen, Jones Food Company, InFarm, Agricool, Future Crops, GrowY, and Intelligent Growth Solutions Limited. These players are investing heavily in R&D to develop advanced Genomics Market Growth.
The declining cost of genomic sequencing is increasing the accessibility of genomics tools and expanding its application scope. This presents significant opportunities for genomics companies to commercialize their technologies across diverse areas. The usage of genomics is also growing in precision medicine to develop personalized treatment options for various diseases.
Globally, Asia Pacific region is expected to offer major growth opportunities for genomics market players due to increasing government funding for genomics research, growing healthcare expenditure, and rising focus on agriculture biotechnology in countries like China and India. North America and Europe are also anticipated to sustain their leading positions in the global genomics market over the forecast period.
Market Drivers
The key drivers fostering the growth of genomics market include rising investments in genomic research, reducing cost of genome sequencing, technological advancements in sequencing platforms and bioinformatics tools, increasing prevalence of chronic diseases and growing demand for personalized medicines. Furthermore, expansion of application areas of genomics across sectors like agriculture is also boosting the market growth.
PEST Analysis
Political: Genomics research is heavily regulated by governments and oversight agencies due to the sensitive nature of genetic data. Regulations surrounding data privacy and ethical standards will impact market growth.
Economic: The genomics market is driven by increasing R&D investments from pharmaceutical and biotech companies seeking new drug targets and precision medicines. Government funding for genomic research also supports market revenue.
Social: Public awareness and acceptance of genomics applications is increasing for uses in health screening and ancestry mapping. However, social concerns remain regarding privacy rights and potential for misuse of genetic data.
Technological: Advancements in genome sequencing technologies, data analytics, and CRISPR genome editing are improving genomic tools and making them more affordable. This is supporting expanded clinical and research adoption to unlock more genomic insights.
Europe and North America are currently the largest genomics markets globally in terms of value, driven by strong government research funding, developed biotech sectors, and high healthcare spending on precision medicine applications. Asia Pacific is poised to become the fastest growing regional market due to increasing R&D investments by biopharma companies establishing facilities there and growing biotech startup activity across countries like China and India.
Geographic regions with developed biomedical research hubs and cluster of genomic companies have the highest market concentration currently. For example, locations like Boston, San Francisco, London, Zurich and Munich have attracted significant portions of the genomics value chain, fueling localized market growth above the global rates. The fast adoption of clinical genomics in Asia is driving above average market expansion in regional hubs across South Korea, Singapore, Shanghai and Guangzhou.