Genomics Market to Reach $97.1 Billion by 2033 Globally, at 11.5% CAGR: Allied Market Research

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Allied Market Research published a report stating that the genomics market was valued at $33.2 billion in 2023 and is estimated to reach $97.1 billion by 2033, growing at a CAGR of 11.5% from 2024 to 2033. The growth is driven by the rising prevalence of genetic disorders and cancer, along with increasing awareness of early disease detection through genetic testing. The report analyzes the market by product, technology, application, and end-user, and provides a regional outlook.

Why it matters

The expanding applications of genomics in precision medicine and drug discovery are further accelerating market adoption. However, high sequencing costs and concerns related to data privacy and reimbursement policies may restrain growth. Meanwhile, technological advancements and expanding healthcare and research infrastructure in emerging economies present significant opportunities for market expansion in the coming years.

The details

By product, the consumables and reagents segment accounted for the largest market share in 2023, driven by the recurring usage of library preparation kits, sequencing reagents, and PCR consumables in laboratories, diagnostic centers, and pharmaceutical research. By technology, the sequencing segment held the highest revenue in 2023, supported by the widespread adoption of next-generation sequencing (NGS) due to its high accuracy, scalability, and declining cost per genome. By application, biomarker discovery held a substantial share in 2023, driven by the growing focus on precision medicine and targeted therapies. By end-user, pharmaceutical and biotechnology companies accounted for the largest revenue share in 2023, extensively utilizing genomic technologies for drug discovery, target identification, and clinical trial optimization.

• In 2021, the U.S. government announced a $1.7 billion funding initiative to enhance genomic sequencing capabilities across the U.S.
• In May 2023, the U.S. Food and Drug Administration (FDA) granted approval to Illumina, Inc. for its next-generation sequencing (NGS)-based diagnostic platform designed to support comprehensive genomic profiling in oncology.
• In December 2022, BGI Genomics and the University of Pécs launched a joint laboratory to accelerate access to genetic testing applications.
• In January 2024, Agilent announced the release of a new automated parallel capillary electrophoresis system for protein analysis, named The Agilent ProteoAnalyzer system.

What’s next

The report suggests that the growth outlook for the genomics market is positive, with expanding applications in oncology, rare diseases, reproductive health, and drug discovery. Sequencing technology is expected to remain a key revenue contributor, while bioinformatics and data-driven solutions are projected to gain increasing importance. Rising healthcare investments, favorable regulatory developments, and integration of genomics into routine clinical workflows are creating strong growth opportunities, particularly in the Asia-Pacific region.