Genomics refers to the study of genomes, which encompasses the genetic composition and DNA sequencing of organisms. Genomics involves the study and mapping of genes, chromosomes, and genomes in order to help understand biological function and discover relationships between genetic variation and phenotype. The genomics market includes technology, products and services used to study genomes including technologies such as next generation sequencing, microarrays and PCR as well as genomics services including targeted resequencing, whole genome sequencing and RNA sequencing.

The Genomics Market Growthis primarily driven by increasing genetic testing for cancer screening and growth in genetic testing services. Rapid progress in next-generation sequencing technologies and decreasing prices have enabled the sequencing of whole genomes quicker and cheaper, thus supporting the growth of genomics research activities worldwide. Genomic profiles are increasingly being used for cancer screening to improve treatment decisions, enable targeted therapies for patients and aid pharmaceutical companies in drug development.

The Global Genomics Market is estimated to be valued at US$ 53.23 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the genomics market include Signify Holding (PHILIPS), Aerofarms, Sky Greens, IGS limited, Everlight Electronics Co., Ltd., Freight Farms, Agrilution, American Hydroponics, Urban Crops Solutions, Vertical Farm System, Gronska stadsodling ab, V-Farm, GrowUp Farms Ltd, Vertical Future Ltd, SweGreen, Jones Food Company, InFarm, Agricool, Future Crops, GrowY, and Intelligent Growth Solutions Limited. These players are focusing on developing and commercializing new genomics technologies and services to drive market revenue growth.

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