The genomics market is projected to reach USD 83.1 billion by 2028 from USD 46.2 billion in 2023, at a CAGR of 12.4% during the forecast period of 2023 to 2028. Governments in various countries have made significant investments in the field of genomics, also rising prevalence of diseases globally, coupled with the proven efficacy of PCR analysis in diagnosing and estimating disease-causing microbes, is likely to boost the use of clinical diagnostic tests and support market growth.
The global genomics market is competitive, with Illumina (US), Thermo Fisher Scientific (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), and QIAGEN N.V. (Germany) together major share of the global market.
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Thermo Fisher Scientific, Inc. (US) is a leading player in the genomics market, with the highest market share. The company has a broad sales force and a global network of resellers and distributors. In the last three years, the company has mainly focused on product innovations and has launched several innovative products to sustain its leading position in the genomics market. Some of these products include Ion AmpliSeq SARS-CoV-2 Research Panel, Oncomine Dx Target Test, CE-IVD (IVDD) Oncomine Dx Express Test, Oncomine Reporter Dx software, Ion Torrent Oncomine Myeloid MRD Assays (RUO), Ion Torrent Oncomine immune repertoire assays, and Ion Torrent Genexus System.
Illumina, Inc. (US) is among the leading players in the genomics market due to its technologically advanced and innovative platforms and associated products. The company offers a range of highly interconnected products related to sequencing, genotyping, gene expression, and molecular diagnostics. The company has an extensive portfolio of technologically advanced and innovative platforms, consumables, and services. It 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. In 2022, Illumina invested ~28.8% of its revenue in R&D. Such strategic efforts by Illumina make it a leading player in the genomics market.
Danaher Corporation (US) offers genomics products under its Life Sciences segment through its subsidiary, Integrated DNA Technologies, Inc., and offers PCR and other sequencing products through its subsidiary companies, namely, Cepheid, Inc. and Beckman Coulter. In 2022, the company experienced a boost in its revenue due to the increased sales of its infectious disease testing products, such as the Xpert Xpress SARS-CoV-2/Flu/RSV test. Danaher strongly invests in R&D activities to improve its existing product portfolio, as it has a strong pipeline of products for this growing market. To remain competitive in the market, the company focuses on inorganic growth strategies such as agreements and acquisitions. This will further strengthen its presence in the genomics market.
Genomics Market by Product & Service (Consumables, Instrument, System & Software), Technology (Sequencing, PCR, Microarray), Study Type (Epigenomics, Biomarker Discovery), Application (Drug Discovery, Diagnostic, Agriculture) - Global Forecast to 2028
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