The global genomics market size was valued at USD 32.65 billion in 2023 and is projected to reach USD 94.86 billion by 2030, growing at a CAGR of 16.5% from 2024 to 2030. The growth of the genomics market is primarily driven by the rising demand for gene therapy, personalized medicine, and drug discovery, along with the increasing prevalence of cancer and the rapid rise in consumer genomics adoption over recent years.

Additionally, the growing number of joint ventures and strategic partnerships among major market players is expected to further accelerate market expansion. For example, in June 2022, Illumina, Inc. partnered with Allegheny Health Network to evaluate the impact of in-house Comprehensive Genomic Profiling (CGP) and enhance patient care outcomes.

The COVID-19 pandemic presented both challenges and opportunities for genomics applications in research and therapeutics. While some areas faced disruptions, genomics technologies played a crucial role in addressing urgent healthcare needs during the crisis. They were instrumental in designing rapid diagnostic tools, developing effective therapeutics, and supporting vaccine development. For instance, the monitoring of viral genome mutation rates (~1–2 bases per month) helped assess the validity of PCR cycles, evaluate antiviral treatments, and streamline vaccine development efforts.

Several nations launched genomic surveillance programs to better understand and manage the pandemic. A notable example includes the Indian SARS-CoV-2 Genomics Consortium (INSACOG), established in December 2020 through a collaboration among the Department of Biotechnology (DBT), the Ministry of Health, and ICMR. The initiative aimed to monitor genomic variations in SARS-CoV-2 through sequencing technologies to inform preventive measures.

Moreover, the increasing availability of consumer genomics services at the country level is expected to further drive market growth. Companies such as Mapmygenome, a pioneer in India, are offering direct-to-consumer (DTC) genomics services, empowering individuals to gain personalized health insights and contributing to the overall expansion of the genomics industry.

Key Market Trends & Insights:

• North America accounted for the largest market share of 42.65% in 2023, primarily driven by the presence of leading genomics companies, advanced healthcare infrastructure, and increasing investments in research and development activities across the region. The strong adoption of next-generation sequencing (NGS) technologies, along with growing applications of genomics in personalized medicine and disease diagnosis, further strengthened North America’s dominant position in the global market.

• The Asia Pacific region is projected to emerge as the fastest-growing market over the forecast period. Factors such as the rapid expansion of healthcare infrastructure, increased government funding for genomics research, and a growing focus on precision medicine are contributing to regional growth. In addition, rising awareness about genetic testing, along with the growing presence of local genomics startups, is expected to accelerate market expansion in countries like China, Japan, and India.

• Based on application, the functional genomics segment dominated the market with the largest revenue share of 32.1% in 2023. This dominance can be attributed to the increasing use of functional genomics in identifying gene functions, understanding complex biological processes, and discovering potential therapeutic targets. The integration of technologies such as CRISPR, RNA sequencing, and high-throughput screening has further enhanced the accuracy and efficiency of functional genomics research.

• In terms of deliverables, the product segment led the market in 2023, owing to the growing demand for advanced instruments, consumables, reagents, and sequencing platforms. Continuous technological innovations and the introduction of cost-effective genomic solutions have also supported the segment’s growth.

• By end-user, the pharmaceutical and biotechnology companies segment accounted for the largest market share in 2023. The increasing utilization of genomics in drug discovery, development, and precision medicine has positioned these companies as key contributors to market growth. Their strong focus on developing targeted therapies and leveraging genomics data for personalized treatment approaches continues to drive the demand for genomics products and services.

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Market Size & Forecast:

• 2023 Market Size: USD 32.65 Billion

• 2030 Projected Market Size: USD 94.86 Billion

• CAGR (2024-2030): 16.5%

• North America: Largest market in 2023

• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights:

The market players operating in the genomics industry are increasingly focusing on obtaining product approvals to expand the accessibility and availability of their offerings across diverse geographical regions. This approach not only helps companies reach a wider customer base but also strengthens their presence in emerging markets. Furthermore, organizations are actively pursuing expansion strategies to enhance their production capacity and boost research and development (R&D) activities, allowing them to innovate and introduce advanced genomic solutions.

In addition to these efforts, several major players are engaging in mergers and acquisitions of smaller or specialized companies to reinforce their market position. Such strategic acquisitions enable them to broaden their technological capabilities, diversify their product portfolios, and enhance their operational efficiencies. By integrating the expertise and resources of acquired companies, market leaders can accelerate innovation, improve competitiveness, and cater more effectively to the evolving demands of the global genomics market.

Key Players

• Agilent Technologies

• Bio-Rad Laboratories, Inc.

• BGI Genomics

• Color Genomics, Inc.

• Danaher Corporation

• Eppendorf AG

• Eurofins Scientific

• F. Hoffmann-La Roche Ltd.

• GE Healthcare

• Illumina, Inc.

• Myriad Genetics, Inc.

• Oxford Nanopore Technologies

• Pacific Biosciences of California, Inc.

• QIAGEN N.V.

• Quest Diagnostics Incorporated

• Thermo Fisher Scientific, Inc.

• 23andMe, Inc.

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Conclusion:

The genomics market is poised for strong expansion, driven by increasing demand for gene therapy, personalized medicine, and drug discovery, along with rising cancer incidence and growing consumer genomics uptake. Strategic collaborations, product innovations, and expansion of direct-to-consumer services are further accelerating growth and broadening geographic and application reach.