Genomics Market Analysis

Market Size & CAGR of Genomics Market in 2021

The global genomics market is estimated to have a growth rate of 7.2% CAGR from 2021 to 2025. The market size of the genomics industry was valued at USD 19.3 billion in 2021.

COVID-19 Impact on the Genomics Market

The COVID-19 pandemic has significantly impacted the genomics market, with a surge in demand for genomic testing and research to understand the virus better. This has led to an increase in investments in genomics technologies and advancements in the field.

Genomics Dynamics

The genomics industry is evolving rapidly with technological advancements such as CRISPR gene editing, next-generation sequencing, and personalized medicine. These innovations are driving the growth of the market by enabling precision medicine and targeted therapies.

Segments and Related Analysis

By Technology:

1. Next-Generation Sequencing (NGS) - NGS technology segment dominated the genomics market in 2021, owing to its high accuracy and efficiency in sequencing DNA.

2. Polymerase Chain Reaction (PCR) - PCR technology segment is anticipated to witness significant growth due to its wide applications in genetic testing and diagnostics.

By Application:

1. Diagnostic Applications - Diagnostic applications segment held the largest market share in 2021, driven by the increasing demand for genetic testing for disease diagnosis.

2. Drug Discovery & Development - The drug discovery & development segment is expected to grow with the rise in drug targets identified through genomics research.

By Region Analysis

North America:

North America dominated the genomics market in 2021, led by the presence of key market players, technological advancements, and government initiatives supporting genomics research.

Europe:

Europe is projected to witness substantial growth in the genomics market due to increasing investments in genomics research and collaborations between academic institutions and industry players.

Asia Pacific:

Asia Pacific region is expected to grow at a significant rate in the genomics market, driven by the expanding biotechnology sector, rising healthcare infrastructure, and government initiatives promoting genomics research.

Key Market Players and Competitive Landscape

The key market players in the genomics industry include Illumina, Thermo Fisher Scientific, Qiagen, Eurofins Scientific, and Agilent Technologies. These companies are focused on strategic partnerships, product launches, and acquisitions to strengthen their market position.

Recent Happenings in the Genomics Market

1. Illumina announced the acquisition of Grail, a cancer detection company, in a deal worth USD 8 billion to expand its genomics portfolio.

2. Thermo Fisher Scientific launched a new next-generation sequencing platform, Ion Torrent Genexus System, for clinical research applications.