Genomics Market Analysis

Application (Functional Genomics, Epigenomics, Pathway Analysis, Biomarker Discovery, Drug Discovery & Development, Diagnostics, Agriculture & Animal Research)

Functional genomics segment is anticipated to dominate over 32.1% genomics market share by 2036. The segment growth is augmented by the increasing usage of gene therapies for cancer which are designed for functional genomic technology. A report by IQVIA in 2024 estimated that the spending on gene and cell therapies increased by 38% as compared to 2022 and surpassed USD 5.9 billion in 2023. Additionally, the growth of the diagnostics segment is being driven by the growing number of nutrigenomics service providers who offer diet plans for disease conditions based on the unique genes of the patients.

Deliverables (Products, Services)

The products segment in genomics market is estimated to be the fastest-growing, with a CAGR of about 3.3% in 2023. The segment growth is attributed to the boosting demand for consumables such as centrifuges, assay kits, PCR plates, channel pipettes, assay tubes, and many more.

Moreover, there is a decline in the cost of DNA sequencing along with personalized medicine led by the launch of NGS technology which will develop new systems and products. A report by Research Nester in 2022 projected that the human genome sequence cost showed a decline from USD 1000 to USD 600 between 2007 to 2014, whereas NGS technology dominated this landscape by 35.4% of sales shares in 2021.

End-user (Pharmaceutical & Biotechnology Companies, Clinical Research, Academic & Government Institutes, Hospitals & Clinics)

In genomics market, clinical research segment is expected to reach USD 56.3 Billion by the end of 2036. It is propelled by the increased government funding for research.   A 2022-2023 report on Research Funding Statistics by the University of British Columbia (UBC) states that UBC receives more than USD 700 million yearly in research funding from government, industry, and non-profit partners.

The quick application of genome analysis to treat illness and early detection is expected to support the growth of the healthcare facilities & diagnostic centers sector, owing to which clinical trials will witness a lucrative growth rate during the forecasted period.

According to the National Center for Science and Engineering Statistics (NCSES), in 2022 federal funding for research and development at universities across United States came to over USD 54 billion or 55% of total spending. Additionally, the pharmaceutical and biotechnological industries, as well as the contract research organization segment, are expected to benefit from the pharmaceutical giants' increased R&D investment in the development of novel gene therapies to treat cancer and immune diseases.

Our in-depth analysis of the global genomics market includes the following segments: