Genomics Market Embraces Cloud-Based Analysis Platforms

The global genomics market was valued at USD 32.65 billion in 2023 and is projected to reach USD 94.86 billion by 2030, expanding at a CAGR of 16.5% from 2024 to 2030. This strong growth is driven by the rising adoption of gene therapy, increasing focus on personalized medicine, advancements in drug discovery, growing cancer prevalence, and a significant surge in consumer genomics demand.

Key Market Trends & Insights

• North America held the largest market share at 42.65% in 2023.
• Asia Pacific is expected to grow at the fastest pace during the forecast period.
• Functional genomics dominated the market by application, accounting for 32.1% of total revenue in 2023.
• Based on deliverables, the product segment led the market in 2023.
• By end user, pharmaceutical and biotechnology companies captured the largest share in 2023.

Market Size & Forecast

• 2023 Market Size: USD 32.65 Billion
• 2030 Market Size (Projected): USD 94.86 Billion
• CAGR (2024–2030): 16.5%
• North America: Largest regional market
• Asia Pacific: Fastest-growing region

Collaborations, partnerships, and joint ventures among leading industry players are further accelerating market expansion. For instance, in June 2022, Illumina, Inc. partnered with Allegheny Health Network to evaluate the impact of in-house Comprehensive Genomic Profiling (CGP) to strengthen patient care capabilities.

Although the COVID-19 pandemic initially presented challenges for genomics research and therapeutics, the technology played a crucial role in enabling rapid diagnostic development, tracking viral mutations, and supporting vaccine optimization. For example, monitoring the viral genome mutation rate (~1–2 bases per month) helped validate PCR cycle thresholds and enhance antiviral and vaccine strategies.

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Key Companies & Market Share Insights

Market participants are focusing on product approvals, geographical expansion, and acquisitions to strengthen their portfolios and enhance research and production capabilities. These strategies are enabling companies to broaden their offerings and optimize operational efficiency.

Key Genomics Companies Include:

• Agilent Technologies
• Bio-Rad Laboratories, Inc.
• BGI Genomics
• Color Genomics, Inc.
• Danaher Corporation
• Eppendorf AG
• Eurofins Scientific
• 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.

Conclusion

The genomics market is poised for substantial growth, driven by advancements in genome sequencing technologies, expanding clinical applications, and increasing investments in precision medicine. With strong regional demand, strategic industry collaborations, and rapid adoption across healthcare, research, and biotechnology sectors, the market will continue to evolve as a key pillar of next-generation medical innovation.

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