Genomics Market Analysis, Growth Trends, and Forecast (2024–2032)
The global genomics market is witnessing robust growth, driven by advancements in gene sequencing technologies, increasing demand for personalized medicine, and the expanding applications of genomics in diagnostics, drug discovery, and agriculture. As of 2023, the market was valued at USD 27.75 billion and is expected to grow significantly, reaching USD 30.75 billion in 2024 and surging to USD 80.17 billion by 2032, growing at a compound annual growth rate (CAGR) of 12.7% during the forecast period.
North America led the global genomics market in 2023 with a dominant market share of 43.71%, owing to strong R&D infrastructure, government funding, and the presence of leading biotech firms.
Genomics refers to the study of the complete set of DNA (including all of its genes) in a person or other organism. It has transformed healthcare, enabling earlier diagnoses, more effective treatments, and breakthroughs in fields such as cancer research, infectious diseases, and agriculture. As next-generation sequencing (NGS) and CRISPR technologies mature, the genomics market is becoming more accessible and scalable for various industries.
Personalized or precision medicine leverages genomic insights to tailor therapies to individual patients. This trend is especially prominent in oncology, where genomic profiling helps identify mutations and select targeted therapies.
Next-generation sequencing (NGS) has revolutionized genomic analysis by enabling faster, cheaper, and more accurate sequencing. Companies are continuously innovating to reduce costs and improve data analytics.
Government initiatives like the All of Us Research Program (U.S.) and Genome Canada significantly support genomics research. Additionally, venture capital investments in biotech startups are contributing to rapid commercialization.
AI and machine learning are transforming genomic data analysis by identifying complex patterns in vast datasets, improving diagnostic accuracy, and accelerating drug discovery.