June 23, 2024
Genomics Market

Genomics Market is Estimated to Witness High Growth Owing to Increasing Application Across Various Industries

The genomics market refers to the large-scale use of genomic information for discovery and development of various applications. With advancements in DNA sequencing technologies and bioinformatics tools, genomics is helping researchers map and edit the genomes of humans and various other species. Genomics tools are finding widespread adoption in clinical diagnostics, agricultural, forensic and other industries for various applications like genetic disease screening, crop improvement, ancestry tracing and more.

The Global Genomics Market is estimated to be valued at US$ 53.23 Billion 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 market include 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. Companies are focusing on expanding product portfolios and developing new innovative genetic screening and sequencing technologies to gain market share.

With decreasing sequencing costs and growing applications, the genomics market offers significant growth opportunities globally. Healthcare providers are increasingly adopting genomics for personalized treatment of diseases. Researchers are exploring genetic screening to improve crop varieties and yields. Companies are looking to establish partnerships with healthcare systems, research organizations and government bodies worldwide to tap growth opportunities.

The adoption of genomics is expanding globally with more countries investing in genomic research and infrastructure. Asia Pacific and Latin America are emerging as lucrative markets driven by growing healthcare needs, large population base and government support. Established markets in North America and Europe are also expected to see substantial demand from clinical diagnostics, agricultural and other industrial applications over the coming years.

Market Drivers

One of the key drivers for the Genomics Market Demand is the declining cost of DNA sequencing. Through advancements in sequencing technologies and economy of scale, the cost of whole genome sequencing has dropped from over $3 billion in 2001 to just around $1000 in 2021, making large scale genomic analysis more feasible. Lower costs are encouraging adoption across various application areas from clinical diagnostics to agricultural research. This is expected to significantly boost the growth of the genomics market over the forecast period.

PEST Analysis

Political: Genomics research and regulation is determined at a political level. Regulations related to privacy and ethical research will impact activities in this field.

Economic: Growing focus on precision medicine and genomic techniques has boosted investment in this area from both private and public sources. As costs decline more applications are becoming economically viable.

Social: Public understanding of and willingness to participate in genomics research is an important social factor. Privacy concerns need addressing to gain trust and participation in studies that can advance healthcare.

Technological: Rapid declines in genome sequencing costs alongside ongoing improvements in computing power and analytic techniques are expanding the scope of applications for genomics. Cloud storage and sharing of genomic data across networks is enhancing collaborative research efforts.

North America region generated the highest revenue in the genomics market in 2024 due to extensive R&D investments by pharmaceutical and biotech companies for drug discovery and development. Asia Pacific is expected to be the fastest growing region between 2024 to 2031 backed by rising healthcare expenditures, increasing genomics awareness and growing geriatric population base. Countries like China and India are expanding genomics infrastructure paired with reducing costs to drive regional market growth over the forecast period.

Many geographical regions are concentrating efforts on agriculture and breeding applications of genomics to improve yields, resistances and adapt crops for varied climate conditions. vertical and indoor farming is leveraging genomic tools to select optimal plant varieties and growth protocols, with regions like Europe and Asia Pacific supporting such controlled environment agriculture projects to ensure sustainable local food production independent of weather variability.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it