The global genomics market is projected to reach USD 54.4 billion by 2025 from USD 22.7 billion in 2020, at a CAGR of 19.0% during the forecast period. The major factors driving the growth of this market include the increasing government funding to support genomics projects, the growing incidence of cancer and increasing applications of NGS in cancer research, the entry of new players and start-ups in the genomics market, and the growing application areas of genomics.
The prominent players operating in the genomics market are Illumina, Inc. (US), Thermo Fisher Scientific (US), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Bio-Rad Laboratories, Inc. (US), and BGI (China).
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Illumina held the largest share of the genomics market in 2019. The company develops, manufactures, and markets integrated systems for the analysis of genetic variations and biological functions. Its broad portfolio of products includes systems, consumables, and analysis tools designed to simplify genetic analysis. The company also offers software and informatics platforms, including cloud-based computational tools, for its sequencing and array-based systems. Along with significant investments in R&D activities, the company adopts various strategies such as product launches, partnerships, and agreements with leading players in the market to co-develop advanced technologies and strengthen its research and commercialization capabilities.
Genomics Market by Product & Service (System & Software, Consumables, Services), Technology (Sequencing, PCR), Application (Drug Discovery & Development, Diagnostic, Agriculture), End User (Hospital & Clinics, Research Centers) – Global Forecast to 2025
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