Genomics Market to be Worth $70.52 Billion by 2031--Exclusive Report by Meticulous Research

REDDING, Calif., May 8, 2024 /PRNewswire/ -- According to a new market research report titled, 'Genomics Market by Technology (Sequencing, Microarray, PCR, Nucleic Acid Extraction) Application (Drug Discovery, Diagnostic, Research) End User (Pharmaceutical, Hospital, Academic) Offering (Instrument, Consumable, Software) – Global Forecast to 2031,' published by Meticulous Research, the genomics market is expected to register a CAGR of 11.1% from 2024 to 2031 to reach $70.52 billion by 2031.

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Genomics is the study of genes and their function, including genome organization, structure, function, and evolution. It involves analyzing the DNA sequence and studying the interactions between genes, environmental factors, and individual characteristics to gain a comprehensive understanding of the biological systems and processes that regulate life. Genomics plays an essential role in personalized medicine, genetic counseling, biotechnology, and drug development.

Key market players are implementing various market strategies such as acquisitions and collaborations. For instance, in May 2022, Illumina, Inc. (U.S.) collaborated with Allegheny Health Network (U.S.) to enhance patient care by evaluating the impact of in-house comprehensive genomic profiling (CGP).

The report offers a competitive landscape based on an extensive assessment of the offerings, geographic presences, and key growth strategies adopted by leading market players over the past three to four years. 

The key players operating in the global genomics market are Agilent Technologies, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Pacific Biosciences of California, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K.), Eppendorf SE (Germany), Myriad Genetics, Inc. (U.S.), Revvity, Inc. (Formerly PerkinElmer, Inc.) (U.S.), and BGI Genomics Co. Ltd (China).

Decreasing Cost of Sequencing to Drive the Genomics Market's Growth

The cost of sequencing genomics has steadily decreased over the past several years, making it feasible for researchers to sequence the genomes of more individuals and organisms, leading to new discoveries and insights. Since the first human genome was sequenced in 2001 at the cost of several billion dollars, the price of sequencing a genome has decreased dramatically. Today, it is possible to sequence a human genome for under USD 1,000. The decrease in cost has been driven by advances in sequencing technology and improvements in the efficiency of the sequencing process.